BOULDER — Encision Inc. (OTC: ECIA), a Boulder-based medical-device company, reported a net loss of $274,000 for its third quarter ended Dec. 31. That loss compared with a net loss of $200,000 for the same period a year ago.
Net revenue dropped to $2.23 million, compared with $2.29 million in the prior-year third quarter, but the most-recent quarter was higher than second-quarter revenue of $2.15 million.
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For the nine months ended Dec. 31, Encision reported net revenue of $6.66 million, down from $7.05 million for the prior-year nine months. The company posted a nine-month net loss of $612,000, up slightly from a net loss of $598,000 a year ago.
“We are pleased that our sequential quarterly revenue grew by 4 percent,” Greg Trudel, president and CEO, said in a prepared statement. “Our gross margin was negatively impacted by the earlier recognition of inventory costs, but that decrease should reach equilibrium by the end of the March 31, 2017 quarter. The earlier recognition of inventory costs does not affect cash because the overhead change reduces inventories by the amount of the earlier recognition of inventory costs.”
Encision designs and markets a portfolio of high-performance surgical instrumentation.