Boulder-based Encision (PK: ECIA) reported product revenue of $2.7 million for the quarter, according to results posted by the company on Monday. Service revenue for the quarter was $100,000, down $379,000 from the $479,000 posted for the same quarter a year earlier, according to a company press statement.
A key project was phased out by a strategic partner in the most recent quarter, leading to the service revenue lag, Fred Perner, Encision’s president and chief executive, said in the press statement.
At the same time, the company plans to introduce new products in the current quarter after making investments in product development, Perner said in the press statement.
Encision makes laparoscopic instruments used in a variety of surgeries. Company stock has traded in a range from 73 cents to $1.85 in the past year.