BOULDER, Colo., July 28, 2011 /PRNewswire/ — Encision Inc.
(Pink Sheets:
ECIA), a medical device company owning patented surgical
technology that is emerging as a standard of care in
minimally-invasive surgery, reported its financial results for its
first fiscal quarter ended June 30, 2011.
The Company recorded total revenue of $3.184 million, consisting
of net product revenue of $2.833 million and net service revenue of
$351 thousand, and had a net loss of $21,000 or $0.00 per share for
the first quarter of fiscal year 2012. Total revenue represented a
9.3% increase from total revenue of $2.913 million for the first
quarter of fiscal year 2011. The Company’s net loss compared
favorably to the $119,000 net loss, or $(0.02) per share for the
first quarter of fiscal year 2011.
Gross profit margin, on total revenue, for the first quarter of
fiscal year 2012 was 56% as compared to 63% for the first quarter
of fiscal year 2011. The gross profit margin decrease from the
first quarter of fiscal year 2011 was due to a planned
manufacturing slowdown that resulted in higher product unit costs,
principally of our disposable scissor inserts, and a slight
increase, as a percentage of sales, of lower gross margin
sales.
“We are pleased that our relationship with our strategic
partners generated increased service revenue for us and enabled our
total revenue to grow by 9.3% over our prior year’s first quarter
revenue,” said Jack Serino, President and CEO of Encision Inc. “Our
past efforts at expanding revenue opportunities through strategic
partnerships has started to impact positively our revenue, as shown
in our first quarter’s revenue increase. These strategic
partnership revenues complement our initiatives to regrow our
AEM® business that was negatively impacted during the economic
downturn and the resulting loss of business that we suffered.”
Encision Inc. des
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