Navigation Links
Encision Reports First Quarter Fiscal Year 2014 Results
Date:7/31/2013

BOULDER, Colo., July 31, 2013 /PRNewswire/ -- Encision Inc. (ECIA:PK), a medical device company owning patented surgical technology that  prevents stray electrosurgical burns in minimally invasive surgery, today announced financial results for its fiscal 2014 first quarter ended June 30, 2013.

The Company posted quarterly product revenue of $2.619 million and quarterly service revenue of $63 thousand for a quarterly net loss of $241 thousand, or $(0.03) per share. These results compare to product revenue of $2.805 million and service revenue of $296 thousand for net income of $10 thousand, or $0.00 per share, in the year-ago quarter. Product revenue for the current quarter included $60 thousand of revenue from the distribution of Virtual Ports Ltd. ("Virtual Ports") products, which began in the current quarter. Gross margin on product revenue was 58 percent compared to 57 percent in the year-ago quarter. Interest and other expense, net, included $61 thousand for the medical device excise tax that started January 1, 2013.

"As with our fourth quarter of fiscal year 2013, which ended March 31, 2013, our product revenue decreased for our first quarter versus last year's first quarter," said Fred Perner, President and CEO. "As previously announced, in April and May, we made material expense reductions across all departments within our Company, in order to align expenses with revenues. On an annualized basis, the expense reductions exceeded $1.5 million and included a significant reduction of our workforce. We expect that our operating expenses will realize those expense reductions starting at the beginning of our second quarter that ends September 30, 2013.  The key for us is to get revenues back on track, and we continue to take definitive steps to do so. During our first quarter, we announced an agreement with Virtual Ports for exclusive distribution rights to their laparoscopic organ retraction products in the United States.  Additionally, we continue to pursue our hand-activation strategy with recent product introductions that should improve our penetration of our AEM® Technology.  We have reported that 116,000 procedures used AEM Technology last year and, for our first quarter, we are reporting that 27,000 procedures used AEM Technology, based upon usage of our disposable cords. Importantly, we continue to focus on larger system conversions.  Our ability to convert these systems will play a large role in improving our performance for the remainder of the year." 

Encision Inc. designs, develops, manufactures and markets innovative surgical devices that allow surgeons to optimize technique and patient safety during a broad range of surgical procedures. Based in Boulder, Colorado, the Company pioneered the development of patented AEM® Laparoscopic Instruments to improve electrosurgery and reduce the chance for patient injury in minimally invasive surgery.

In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the Company notes that statements in this press release and elsewhere that look forward in time, which include everything other than historical information, involve risks and uncertainties that may cause actual results to differ materially from those indicated by the forward-looking statements. Factors that could cause the Company's actual results to differ materially include, among others, its ability to increase net sales through the Company's distribution channels, its ability to compete successfully against other manufacturers of surgical instruments, insufficient quantity of new account conversions, insufficient cash to fund operations, delay in developing new products and receiving FDA approval for such new products and other factors discussed in the Company's filings with the Securities and Exchange Commission. Readers are encouraged to review the risk factors and other disclosures appearing in the Company's Annual Report on Form 10-K for the year ended March 31, 2013 and subsequent filings with the Securities and Exchange Commission. We do not undertake any obligation to update publicly any forward-looking statements, whether as a result of the receipt of new information, future events, or otherwise.

CONTACT: Mala Ray, Encision Inc., 303-444-2600, mray@encision.com

 Encision Inc.Condensed Balance Sheets(Amounts in thousands)(Unaudited)June 30, 2013March 31, 2013ASSETSCash and cash equivalents$
94$
26Accounts receivable, net1,018986Inventories, net2,9202,929Prepaid expenses18366Total current assets4,2154,107Equipment, net1,7961,629Patents, net244238Other assets109Total assets$ 6,265$ 5,983LIABILITIES AND SHAREHOLDERS' EQUITYAccounts payable$   442$ 824Accrued compensation316319Other accrued liabilities443446Lease payable – short term47––Line of credit725––Total current liabilities1,9731,589Lease payable – long term122––Total liabilities2,0951,589Common stock and additional paid-in capital21,58621,570Accumulated (deficit)(17,416)(17,176)Total shareholders' equity4,1704,394Total liabilities and shareholders' equity$ 6,265$  5,983 Encision Inc.Condensed Statements of Operations(Amounts in thousands, except per share information)(Unaudited)Three Months EndedJune 30, 2013June 30, 2012Net revenue:Product$ 2,619$ 2,805Service63296Total revenue2,6823,101Cost of revenue:Product1,1041,204Service50149Total cost of revenue1,1541,353Gross profit1,5281,748Operating expenses:Sales and marketing951866General and administrative353528Research and development388343Total operating expenses1,6921,737Operating income (loss)(164)11Interest and other expense, net(77)(1)Income (loss) before provision for income taxes(241)10Provision for income taxes––––Net income (loss)$  (241)$Net income (loss) per share—basic and diluted$ (0.03)$  0.00Basic weighted average number of shares8,2108,168Diluted weighted average number of shares8,2108,178


'/>"/>
SOURCE Encision Inc.
Copyright©2012 PR Newswire.
All rights reserved

Related medicine technology :

1. Encision to Release First Quarter 2013 Results on July 31, 2013
2. Encision Reports Fourth Quarter and Fiscal Year 2013 Results
3. Encision Inc. and Virtual Ports Ltd. Announce Exclusive Distribution Agreement for Laparoscopic Surgery Devices
4. Encision Reports 10% Product Revenue Increase in Third Quarter of Fiscal Year 2013 Results
5. Encision Reports Second Quarter of Fiscal Year 2013 Results
6. Encision Reports First Quarter of Fiscal Year 2013 Results
7. Vanda Pharmaceuticals Reports Second Quarter 2013 Results
8. Anthera Pharmaceuticals Reports 2013 Second Quarter Financial Results
9. Covance Reports Second Quarter Net Revenue of $592 Million, Pro Forma EPS of $0.78 and Record Adjusted Net Orders of $776 Million
10. Lexicon Pharmaceuticals Provides Clinical Pipeline Update And Reports 2013 Second Quarter Financial Results
11. Luminex Corporation Reports Second Quarter 2013 Results
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/5/2016)... May 5, 2016 , First quarter ... revenues of $964 million , First quarter ... $0.40 , Company revises 2016 financial guidance; ... $4.03 billion and 2016 adjusted diluted non-GAAP earnings per share ... Company provides updates regarding Generics business and manufacturing facility restructuring ...
(Date:5/5/2016)... May 5, 2016  Diagnostic imaging has been ... to concerns that these tests cause health care costs to ... imaging, as well as the adoption of new ... medical peripherals that help health care providers cut costs, while ... medical imaging is a renowned authorized reseller of the ...
(Date:5/5/2016)... 2016 Research and Markets has announced the ... 5 EU Markets"  report to their offering.  ,     (Logo: ... on the current Positron Emission Tomography (PET) scanner and cyclotron ... which includes France , Germany ... and the United Kingdom . ...
Breaking Medicine Technology:
(Date:5/6/2016)... ... 2016 , ... Bluvault ( Bluvault Inc. ) today announced ... clients of Coupa ( Coupa Software ) and other Cloud software, powered by ... component in the suite of innovative implementation services offered by Bluvault. , "Our ...
(Date:5/6/2016)... ... May 06, 2016 , ... Online HR/benefits platforms offer a range of benefits ... traditional brokers and health plans. “ The Rapid Emergence of Online Benefits Firms: Strategies ... Services, Inc. (AIS), will offer an accurate picture of online benefits today, and the ...
(Date:5/6/2016)... ... May 06, 2016 , ... The International Yoga Teacher Training schoo ... the island close to the town famous for its sunsets, Oia. This all inclusive ... continue to have an amazing experience in Greece, we just can’t stay away” says ...
(Date:5/6/2016)... ... May 06, 2016 , ... Few events in healthcare ... mostly for its cost despite its potential to wipe out a silent killer, ... of a class called direct-acting antivirals (DAAs)—have created fallout in the courts and ...
(Date:5/6/2016)... (PRWEB) , ... May 06, 2016 , ... “ Crossing ... Press) shares accounts of dying patients who have allowed those holding vigil to glimpse ... Kuykendall, RN, BSN, CHPN, hopes to help readers spiritually and practically gain insight into ...
Breaking Medicine News(10 mins):