Escalon(R) Reports Third Quarter Fiscal 20... (51.5% of product revenue for the three-m...)

Escalon(R) Reports Third Quarter Fiscal 2009 Results

Date:5/19/2009

51.5% of product revenue, for the three-month period ended March 31, 2009, as compared to $4,913,000, or 60.4% of product revenue, for the same period last fiscal year.

The Company reported a net loss for the nine months ended March 31, 2009 of $(1,861,000), or $(0.27) per diluted share, compared with a net loss of $(3,410,759), or $(0.53) per diluted share, in the prior year period. Cost of goods sold as a percentage of product revenue decreased to approximately 54.8% during the nine-month period ended March 31, 2009, as compared to approximately 57.0% for the same period last fiscal year. Additionally, operating expenses increased approximately 2.7% during the nine-month period ended March 31, 2009, compared to the same period in the prior fiscal year. The increase is related to the acquisition of JAS Diagnostics in May 2008 and Biocode Hycel in December 2008.

Richard J. DePiano, Chairman and Chief Executive Officer, commented, "We produced solid revenue growth through the first nine months of fiscal 2009 and, despite increasing operating and research and development expenses, lowered our net loss. While we are still disappointed with our net loss, we are encouraged by the trend our clinical diagnostics division has been experiencing. Mr. DePiano concluded, "Overall, we continue to take steps to diversify our product portfolio, enhance our market position and seek potential growth opportunities we see ahead in our niche markets."

Non-GAAP Measures

To supplement the Company's consolidated financial statements presented in accordance with GAAP, the Company provides certain non-GAAP measures of financial performance. These non-GAAP measures include non-GAAP net loss and non-GAAP loss per fully diluted share.

The Company's reference to these non-GAAP measures should be considered in addition to results prepared under current accounting standards, but are not a substitute for, nor super
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SOURCE Escalon Medical Corp.
Copyright©2009 PR Newswire.
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