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Escalon(R) Reports Second Quarter Fiscal 2009 Results
Date:2/17/2009

WAYNE, Pa., Feb. 17 /PRNewswire-FirstCall/ -- Escalon Medical Corp. (Nasdaq Capital Market: ESMC) today announced results for its fiscal second quarter ended December 31, 2008.

For the second quarter of fiscal 2009, the Company reported increased net revenue of $8,099,000, compared with $7,495,000 in the second quarter of fiscal 2008. This included product revenue of $8,061,000 for the second quarter of fiscal 2009, an 8.2% increase, compared with $7,450,000 in the prior year's second quarter.

The Company continued to experience strong customer demand across most of its core businesses, reporting 2009 second quarter product revenue growth at its Drew, Sonomed and Vascular business units of approximately 19%, 1.2% and 2.5%, respectively, compared with the same period last fiscal year. This growth was slightly offset by decreased 2009 second quarter sales in the Medical/Trek and EMI business units of 6.3% and 3.6%, respectively.

For the six-month period ended December 31, 2008, the Company reported net revenue of $16,796,000 compared with $14,388,000 in the prior year comparable period. Product revenue increased approximately 17.1% during the six-month period ended December 31, 2008, compared with $14,284,000 in the same period last fiscal year. The growth was driven by increased product revenue within four of its business units highlighted by 29% at Drew primarily related to the acquisition of JAS Diagnostics in May 2008, 13.8% at EMI, 12.9% at Vascular and a 7.8% increase at Sonomed.

For the second quarter of fiscal 2009, the Company reported a net loss of $(696,995), or $(0.10) per diluted share, compared with net loss of $(639,346), or $(0.10) per diluted share, in the second quarter of fiscal 2008. Operating results were impacted by higher cost of goods sold, which totaled approximately $4,637,000, or 57.5% of product revenue, for the three-month period ended December 31, 2008,
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SOURCE Escalon Medical Corp.
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