Encision posts modest profit as virus slowed surgeries

BOULDER — Medical-device company Encision Inc. (PK: ECIA) posted a $9,000 profit on $1.88 million in sales during the company’s 2021 fiscal year second quarter, which ended Sept. 30.

That’s less than a third of the net income the firm, which makes products to prevent electrosurgical burns in minimally invasive surgery, pulled in Q2 of 2020, a result Encision attributes to COVID-19 limiting the number of surgeries performed over the summer. 

“As a result of COVID-19 limiting surgical procedures, product revenue for our second quarter of fiscal 2021 decreased 7% from our second quarter of last year,” Encision CEO Gregory Trudel said in a prepared statement. “In October, we saw an increase in procedures and a corresponding uptick in sales revenue. With the current increases of COVID-19 cases, we remain watchful of the state of surgery and will do all we can to support our customers.”

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In it’s U.S. Securities and Exchange Commission filing, Encision disclosed the receipt of $598,567 from the Paycheck Protection Program and a $150,000 Economic Injury Disaster Loan.

The firm plans to apply for forgiveness of the PPP loan during Q3.

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