Medical-device maker Envision reports first-quarter loss

BOULDER — Encision Inc. (PK: ECIA), a Boulder-based medical device company, reported a net loss for its first fiscal quarter ended June 30.

The company, which produces Active Electrode Monitoring technology that prevents stray electrosurgical burns in minimally invasive surgery, attributed the loss in part to the COVID-19 pandemic and a resulting decline in surgical procedures.

Envision reported a net loss of $139,000, or 1 cent per diluted share, on net revenue of $1.35 million. That compares with a net loss of $182,000, or 2 cents per diluted share, on revenue of $1.93 million for the same period a year ago.

SPONSORED CONTENT

Federal District Court Rules Corporate Transparency Act Unconstitutional . . . But Most Small Businesses Must Still Comply

Lyons Gaddis Real Estate and Business Attorney Cameron Grant shares important details of the Corporate Transparency Act (CTA).

“As a result of COVID-19 limiting surgical procedures, revenue for April, May and June of 2020 decreased 50%, 33% and 8%, respectively, from those months of last year,” Gregory Trudel, president and CEO of Encision, said in a prepared statement  “As of the beginning of May, we were starting to see the flow of non-essential procedures recommence and a corresponding uptick in sales revenue. With the current increases of Covid-19 cases, like everyone else, we remain watchful of the state of surgery and we will do all we can to support our customers.”

Envision on Aug. 4 launched its AEM 2X enTouch Scissors, a new disposable scissors that double as a multi-use device. The device includes thermochromic technology that tracks their use and lets the hospital know when to replace the scissors.

Trudel said the scissors provide those benefits “at half the cost per use and reduce hospital waste and the impact on the environment as well.”

Encision also revealed that it had received a loan of $598,567 under the federal Paycheck Protection Program and intends to apply for forgiveness of the loan in August. The company also has received a $150,000 Economic Injury Disaster Loan from the U.S. Small Business Administration.