For the six-month period ended December 31, 2007, the Company reported net revenue of $14,388,351 compared with $14,804,900 in the prior period. This decline was primarily due to decreased royalties received from the IntraLase License Agreement as a result of the settlement agreement between the Company and IntraLase dated February 27, 2007. Product revenue increased approximately 5% during the six-month period ended December 31, 2007 as compared with the same period last fiscal year. The increase was primarily related to increases in the Drew and EMI business units.
The Company reported a net loss for the six months ended December 31, 2007 of $(1,468,137), or $(0.23) per diluted share, compared with a net loss of $(1,184,220), or $(0.19) per diluted share, in the prior year period. Cost of goods sold totaled approximately $7,874,000, or 55% of product revenue, for the six-month period ended December 31, 2007, compared with $7,509,000, or 55% of product revenue, for the same period last fiscal year.
Operating expenses decreased approximately 5% during the six-month period ended December 31, 2007 as compared with the same period in the prior fiscal year. This was due to a significant decrease in legal fees related to the IntraLase litigation and to the Company's realizing the effect of the cost reduction plan implemented in the prior fiscal year.
Recap of Fiscal Second Quarter 2008
Richard J. DePiano, Chairman and Chief Executive Officer, commented,
"During the second quarter, we continued to see the benefits of the
restructuring plans implemented in fiscal 2007, as evidenced by our lower
operating expenses for the six-month period. Further, we extended our
product portfolio during the second quarter. In January, we received our
third FDA market clearance since December for our VascuView(TM) Visual
Ultrasound System. This follows earlier clearances to market of our
MASTER-VU(R) and D3 Hematology Systems. We are very pl
|SOURCE Escalon Medical Corp.|
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