Viveve Medical Inc. (VIVE) saw its loss widen to $6.70 million, or $0.57 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $4.11 million, or $0.55 a share. Revenue during the quarter surged 136.84 percent to $3.04 million from $1.28 million in the previous year period. Gross margin for the quarter expanded 1966 basis points over the previous year period to 46.76 percent.
Operating loss for the quarter was $6.42 million, compared with an operating loss of $4 million in the previous year period.
"During the first quarter, we continued to exceed commercial expectations and achieved our seventh consecutive quarter of double digit revenue growth. Further, we recorded a number of significant milestones across several key areas that support our global commercialization strategy and set the course for our continued success," said Patricia Scheller, chief executive officer and director of Viveve.
Working capital increases sharply
Viveve Medical Inc. has recorded an increase in the working capital over the last year. It stood at $30.72 million as at Mar. 31, 2017, up 85,222.22 percent or $30.68 million from $0.04 million on Mar. 31, 2016. Current ratio was at 4.69 as on Mar. 31, 2017, up from 1 on Mar. 31, 2016. Cash conversion cycle (CCC) has decreased to 1 days for the quarter from 21 days for the last year period. Days sales outstanding went up to 68 days for the quarter compared with 49 days for the same period last year.
Days inventory outstanding has decreased to 66 days for the quarter compared with 120 days for the previous year period. At the same time, days payable outstanding went down to 133 days for the quarter from 149 for the same period last year.
Debt increases substantially
Viveve Medical Inc. has witnessed an increase in total debt over the last one year. It stood at $9.66 million as on Mar. 31, 2017, up 130.53 percent or $5.47 million from $4.19 million on Mar. 31, 2016. Long-term debt stood at $6.79 million as on Mar. 31, 2017. Total debt was 24.18 percent of total assets as on Mar. 31, 2017, compared with 48.38 percent on Mar. 31, 2016. Debt to equity ratio was at 0.39 as on Mar. 31, 2017, down from 9.61 as on Mar. 31, 2016.
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