TerraVia (TVIA) saw its loss narrow to $27.11 million, or $0.30 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $34.69 million, or $0.43 a share. On the other hand, adjusted net loss for the quarter narrowed to $18.28 million, or $0.20 a share from a loss of $24.71 million or $0.31 a share, a year ago. Revenue during the quarter dropped 10.33 percent to $4.84 million from $5.39 million in the previous year period. Gross margin for the quarter expanded 583 basis points over the previous year period to 54.14 percent.
Operating loss for the quarter was $14.34 million, compared with an operating loss of $25.64 million in the previous year period.
"2016 proved to be a defining year for TerraVia in streamlining around food, nutrition and specialty ingredients," said Apu Mody, chief executive officer of TerraVia. "The unique ability of our proprietary ingredients to address the growing demand for healthier and more sustainable products is gaining momentum in food, aquaculture, animal nutrition and specialty personal care. We have sharpened our focus around commercialization of several high-potential products that we expect will position TerraVia and the SB Oils JV to achieve accelerated growth and profitability. The AlgaPrime™ DHA expansion announced with BioMar and Bunge today is a key step in that direction."
Working capital drops significantly
TerraVia has witnessed a decline in the working capital over the last year. It stood at $51.71 million as at Dec. 31, 2016, down 44.76 percent or $41.90 million from $93.61 million on Dec. 31, 2015. Current ratio was at 4.18 as on Dec. 31, 2016, down from 4.70 on Dec. 31, 2015.
Debt comes down
TerraVia has recorded a decline in total debt over the last one year. It stood at $174.62 million as on Dec. 31, 2016, down 13.56 percent or $27.39 million from $202.02 million on Dec. 31, 2015. TerraVia Holdings has recorded a decline in long-term debt over the last one year. It stood at $174.62 million as on Dec. 31, 2016, down 13.56 percent or $27.39 million from $202.02 million on Dec. 31, 2015. Total debt was 128.67 percent of total assets as on Dec. 31, 2016, compared with 110.74 percent on Dec. 31, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
