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Encision Reports 10% Product Revenue Increase in Third Quarter of Fiscal Year 2013 Results
Date:1/28/2013

BOULDER, Colo., Jan. 28, 2013 /PRNewswire/ -- Encision Inc. (ECIA:PK), a medical device company owning patented surgical technology that is emerging as a standard of care in minimally-invasive surgery, today announced financial results for its fiscal 2013 third quarter ended December 31, 2012. 

The Company posted quarterly product revenue of $2.955 million and quarterly service revenue of $100 thousand for a quarterly net loss of $82 thousand, or $(0.01) per share. These results compare to product revenue of $2.689 million and service revenue of $479 thousand for a net loss of $81 thousand, or $(0.01) per share, in the year-ago quarter. Gross margin was 54.5 percent compared to 55 percent in the year-ago quarter.

The Company posted nine months product revenue of $8.566 million and nine months service revenue of $464 thousand for a nine months net loss of $337 thousand, or $(0.04) per share. These results compare to product revenue of $8.352 million and service revenue of $1.266 million for a net loss of $570 thousand, or $(0.09) per share, in the year-ago nine months. Gross margin was 56 percent compared to 53 percent in the year-ago nine months. In the year-ago nine months, our margin was lower due to a one-time charge of $430 thousand for a voluntary recall of a certain electrode product.

"We were pleased that our product revenue grew ten percent for the third quarter over last year's third quarter and five percent over this year's second quarter," said Fred Perner , President and CEO. "As we previously announced, our service revenue continues to lag last year's pace due to a project that was phased out by a strategic partner at the beginning of this fiscal year. Additionally, we continued to make investments in our quality platform and product development initiatives. In the third quarter, our inventory levels increased as we expect to introduce new products in our fourth
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SOURCE Encision Inc.
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