Encision continues to trim losses
BOULDER — Encision Inc. (PK: ECIA), a Boulder-based medical device company that owns patented surgical technology designed to prevent stray electrosurgical burns during minimally invasive surgery, on Monday posted net revenue of $2.289 million and a net loss of $282,000 for its fourth quarter that ended March 31.
That loss, which amounted to 3 cents per share, compares with revenue of $2.307 million and a net loss of $349,000, or 3 cents a share, in the same quarter a year ago.
Gross margin on net revenue was 45.8 percent in the fiscal 2016 fourth quarter and 51.2 percent in the fiscal 2015 fourth quarter.
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For the just-ended fiscal year, the company posted net revenue of $9.336 million and a net loss of $880,000 or 8 cents per share. These results compare with net revenue of $9.671 million and a net loss of $1.383 million, or $ 13 cents per share, in the same quarter a year ago.
“Continued improvements by our manufacturing operations are narrowing the gap on losses as we drive to profitability,” said Greg Trudel, Encision’s president and chief executive, in a statement that accompanied the earnings report. “Our gross margins progressively improved throughout FY16 despite reduced volumes. We have eliminated legacy inventories of obsolete and slow moving products and are in a position for a promising FY17.”
