Increased costs widen loss for Encision
BOULDER — Officials for Boulder-based medical device company Encision Inc. (OTC PK: ECIA) said Monday that increasing material costs led to reduced gross margin in its latest fiscal period.
Encision reported financial results for its first quarter of fiscal year 2016, which ended June 30.
The company posted a net loss of $213,000, or 2 cents per share, versus a loss of $202,000, or 2 cents per share a year ago.
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Revenue dipped $22,000 from a year ago to $2.45 million. However, revenue was up six percent from the fourth quarter of fiscal year 2015.
Encision president and CEO Greg Trudel said the company plans to initiate a price increase on its products in the second quarter to help mitigate the increased material costs.
“Therefore, we expect to see a higher gross profit margin starting in the second quarter,” Trudel said an a prepared statement. “We continue to be vigilant in monitoring our operations to drive further cost reductions and efficiencies.”
Encision makes devices that help prevent stray electrosurgical burns during minimally invasive surgeries.
BOULDER — Officials for Boulder-based medical device company Encision Inc. (OTC PK: ECIA) said Monday that increasing material costs led to reduced gross margin in its latest fiscal period.
Encision reported financial results for its first quarter of fiscal year 2016, which ended June 30.
The company posted a net loss of $213,000, or 2 cents per share, versus a loss of $202,000, or 2 cents per share a year ago.
Revenue dipped $22,000 from a year ago to $2.45 million. However, revenue was up six percent from the fourth quarter of fiscal year 2015.
Encision president…
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