Encision reports $1.4M loss for FY 2015

BOULDER — Medical-device company Encision Inc. (OTCQB: ECIA) on Wednesday reported a loss of $1.4 million, or 13 cents per share, on revenue of $9.7 million for its fiscal year 2015, which ended March 31.

A year ago, the Boulder-based company reported revenue of $10.5 million with a net loss of $1.8 million, or 20 cents per share.

Encision reported fourth-quarter revenue of $2.3 million and a loss of $349,000, or 3 cents per share.

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Encision makes surgical devices that prevent dangerous stray energy burns during minimally invasive procedures.

“We are not satisfied that our revenue for the fourth quarter and fiscal year decreased by 8 percent as compared to last year’s fourth quarter,” Greg Trudel, president and CEO, said in a prepared statement. “Our rebuilding program began with customer messaging, culture building and new leadership. We recruited new talent for some executive positions and believe that we have reinforced the effectiveness of those positions.”

Trudel said the company has expanded its sales force and has begun discussions with potential international partners.

“We are improving our manufacturing process and expect to see a higher gross profit margin beginning in the second quarter of our current fiscal year,” he said.