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Escalon(R) Reports Third Quarter Fiscal 2009 Results
Date:5/19/2009

WAYNE, Pa., May 19 /PRNewswire-FirstCall/ -- Escalon Medical Corp. (Nasdaq: ESMC) today announced results for its fiscal third quarter ended March 31, 2009.

For the third quarter of fiscal 2009, the Company reported increased net revenue of $9,205,000, compared with $8,188,000 in the third quarter of fiscal 2008. This included product revenue of $9,174,000 for the third quarter of fiscal 2009, a 12.7% increase, compared with $8,139,000 in the prior year's third quarter.

The Company experienced continued customer demand at its Drew and EMI business units, which reported 2009 third quarter product revenue growth of 41.4% and 88.5%, respectively, compared with the same period last fiscal year. This growth was offset by decreased 2009 third quarter sales in the Sonomed, Vascular and Medical/Trek business units of 11.9%, 30% and 4%, respectively.

For the nine-month period ended March 31, 2009, the Company reported net revenue of $26,001,000, compared with $22,576,000 in the prior year comparable period. Product revenue increased approximately 15.5% to $25,904,000 during the nine-month period ended March 31, 2009, compared with $22,422,000 in the same period last fiscal year. The growth was driven by increased product revenue within three of the Company's business units, highlighted by 33.8% at Drew, primarily related to the acquisition of JAS Diagnostics in May 2008 and Biocode Hycel in December 2008. Sonomed and EMI product revenue increased 1.1% and 32.5%, respectively.

For the third quarter of fiscal 2009, the Company reported a net loss of $(683,173), or $(0.09) per diluted share, compared with net loss of $(1,942,622), or $(0.30) per diluted share, in the third quarter of fiscal 2008. Operating results were impacted by lower cost of goods sold, which totaled approximately $4,729,000, or
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SOURCE Escalon Medical Corp.
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