Escalon(R) Reports Financial Results for 2007 F...( WAYNE Pa. Sept. 28 /- Escalon Med...),Health

WAYNE, Pa., Sept. 28 /PRNewswire-FirstCall/ -- Escalon Medical Corp. (Nasdaq: ESMC) today announced results for its fiscal fourth quarter and twelve months ended June 30, 2007.

For the fiscal year 2007, the Company's reported net revenue increased to $38,837,780 compared with $29,790,698 in fiscal 2006. This increase in net revenue was primarily due to a $9.6 million lump sum settlement payment from IntraLase Corp. to the Company. This increase also included product revenue of $27,892,738 for fiscal 2007, compared with $27,543,785 in the prior year. The product revenue increase was primarily related to strong sales in the Company's Sonomed and Escalon Digital Solutions ("EMI") business units, which increased approximately 27.0% and 241.9%, respectively.

This strong growth was offset by an 18.4% decrease in revenues at the Company's Drew business unit primarily due to the non-renewal of two OEM agreements and a temporary delay in the introduction of Drew's new line of products in fiscal 2007. As previously announced, in July 2007, Drew received 510(k) clearance from the FDA to market the new TRILOGY Analyzer. TRILOGY, a multifunction analyzer used in determination of analytes in body fluids, is an open system intended for clinical use with various chemistry assays in professional settings. Additionally, Drew anticipates receiving approval on its new D3 Analyzer in the second quarter of fiscal 2008, which will provide two new enhanced instruments for sale during the year. Further, Drew anticipates submitting its new DS-360 Analyzer for FDA approval in the second half of fiscal 2008.

The Company reported fiscal 2007 net income of $5,914,603, or $0.92 per diluted share, compared with a net loss of ($1,98
'/>"/>