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Escalon(R) Reports Third Quarter Fiscal 2008 Results
Date:5/15/2008

of $22,576,000 compared with $31,364,000 in the prior period. Product revenue increased approximately $1,944,000, or 10%, to $22,422,000 during the nine-month period ended March 31, 2008 as compared with the same period last fiscal year. The increase was related to increases in the Vascular, Drew, Sonomed, and EMI business units.

The Company reported a net loss for the nine months ended March 31, 2008 of $(3,411,000), or $(0.53) per diluted share, compared with net income of $7,087,000, or $1.14 per diluted share, in the prior year period. Cost of goods sold totaled approximately $12,787,000, or 57% of product revenue, for the nine-month period ended March 31, 2008 as compared with $11,545,000, or 56% of product revenue, for the same period last fiscal year. Operating expenses increased approximately 3% during the nine-month period ended March 31, 2008 as compared with the same period last fiscal year.

Recap of Fiscal Third Quarter 2008

Richard J. DePiano, Chairman and Chief Executive Officer, commented, "We continue to see increased product revenue from our expanded product portfolio, as well as the benefits of plans we implemented during fiscal 2007. During the current fiscal year, we have received four FDA market clearances for new product offerings including our new VascuView(TM) Visual Ultrasound System in January 2008. These products have been well received by our customers and we expect to realize further success as we continue broadening our portfolio and bringing new products to the marketplace."

Mr. DePiano added, "Turning to our third quarter financial performance, product revenue increased by approximately $1,240,000, or 18%, compared with the same period last fiscal year. In the Drew business unit, product revenue increased $390,000, or 12%, primarily due to sales of the new D3 instrument, and increased reagent revenues generated from Drew's United Kingdom facility."

"At our Sonomed business unit, we delivered an incre
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SOURCE Escalon Medical Corp.
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