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10 December, 2023 19:58 IST
Oxford Immunotec Global first-quarter loss widens on a YOY basis
Source: IRIS | 15 Jun, 2017, 05.06PM

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Oxford Immunotec Global PLC (OXFD) saw its loss widen to $8.07 million, or $0.36 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $7.05 million, or $0.32 a share.      

Revenue during the quarter grew 25.69 percent to $21.50 million from $17.11 million in the previous year period. Gross margin for the quarter contracted 109 basis points over the previous year period to 51.19 percent. Operating margin for the quarter stood at negative 32.35 percent as compared to a negative 42.05 percent for the previous year period.

Operating loss for the quarter was $6.96 million, compared with an operating loss of $7.19 million in the previous year period.

Adjusted EBITDA for the quarter stood at negative $7.12 million compared to negative $5.78 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at negative 33.10 percent for the quarter compared to negative 33.78 percent in the last year period.

"We are very pleased with our performance during the first quarter as we continued our evolution from a single-product company to a multi-product company," said Dr. Peter Wrighton-Smith, chief executive officer of Oxford Immunotec. "Our core tuberculosis (TB) business grew in line with our expectations, with strong growth in the U.S. and Europe ROW markets during the first quarter, and we saw a strong contribution from our newly acquired tick-borne disease franchise. As we move forward through the year, we will continue to focus on driving revenue growth and progressing the company towards profitability."

For the second-quarter, Oxford Immunotec Global projects revenue to be in the range of $24.90 million to $25.70 million.

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