TransEnterix, Inc. (TXRC) saw its loss widen to $13.99 million, or $0.12 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $13.58 million, or $0.13 a share.
Revenues for the quarter were $0.05 million. The company has not recorded any revenues for the previous year period. Gross margin for the quarter was at 28.30 percent.
Operating loss for the quarter was $14.39 million, compared with an operating loss of $13.90 million in the previous year period.
"We are pleased with the significant progress we made during the year in establishing a strong foundation for Senhance commercialization," said Todd M. Pope, President and Chief Executive Officer of TransEnterix. "We are excited about the opportunity to leverage that foundation to drive growth in Europe and other regions, and look forward to the submission of our Senhance 510(k) and anticipated approval in 2017."
Operating cash flow remains negative
TransEnterix, Inc. has spent $52.39 million cash to meet operating activities during the year as against cash outgo of $38.76 million in the last year.
The company has spent $1.36 million cash to meet investing activities during the year as against cash outgo of $26.23 million in the last year.
Cash flow from financing activities was $49.94 million for the year, down 26.99 percent or $18.46 million, when compared with the last year.
Cash and cash equivalents stood at $24.16 million as on Dec. 31, 2016, down 37.15 percent or $14.28 million from $38.45 million on Dec. 31, 2015.
Working capital drops significantly
TransEnterix, Inc. has witnessed a decline in the working capital over the last year. It stood at $7.33 million as at Dec. 31, 2016, down 59.45 percent or $10.74 million from $18.07 million on Dec. 31, 2015. Current ratio was at 1.24 as on Dec. 31, 2016, down from 1.58 on Dec. 31, 2015.
Debt comes down significantly
TransEnterix, Inc. has recorded a decline in total debt over the last one year. It stood at $12.99 million as on Dec. 31, 2016, down 34.11 percent or $6.72 million from $19.72 million on Dec. 31, 2015. Total debt was 7.37 percent of total assets as on Dec. 31, 2016, compared with 7.93 percent on Dec. 31, 2015. Debt to equity ratio was almost stable at 0.11 as on Dec. 31, 2016, when compared with the last year.
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