Encision reports loss for fiscal third quarter

BOULDER —  Medical-device company Encision Inc. (OTC:ECIA) recorded revenue of $2.12 million for the third quarter of its fiscal year, down from $2.19 million for the same period a year ago.

The company posted a loss of $84,000 for the quarter that ended Dec. 31, compared with a profit of $56,000 a year ago.

Encision’s Active Electrode Monitoring technology prevents dangerous stray electrosurgical burns in minimally invasive surgery.

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Revenue for the first three quarters of its fiscal year was flat, at $6.72 million, the same as the prior year. But the company’s loss of $53,000 in the first three quarters of its fiscal year represented a negative turn from a $354,000 profit a year ago.

The company said in a press release that the year-ago period included revenue of $424,000 for a non-AEM product.

Margin in the current year has been lower “as a result of higher material costs and product mix,” the company said.

“For this fiscal year’s nine months, net revenue on AEM product resulted in a 7% rate of growth,” Greg Trudel, president and CEO, said in a prepared statement.

Encision in the third quarter issued 875,000 shares of common stock to CMED Partners LLLP in exchange for $350,000.

“We appreciate the continued confidence that CMED has placed in us,” Trudel said. “Net proceeds from the sale of the shares will be used for general business purposes and, in particular, for greater sales, marketing, and research and development presence. While never satisfied with a loss of any magnitude, our confidence in our strategy to drive top line growth through new product introductions and channel expansion is unwavering. We look forward to both a solid close for our FY2019 and to driving top line growth in FY2020.”