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Encision Reports Fourth Quarter and Fiscal Year 2013 Results
Date:5/14/2013

BOULDER, Colo., May 14, 2013 /PRNewswire/ -- Encision Inc. (ECIA:PK), a medical device company owning patented surgical technology that is emerging as a standard of care in minimally-invasive surgery, today announced financial results for its fiscal 2013 fourth quarter and fiscal year ended March 31, 2013.

The Company posted quarterly product revenue of $2.650 million and quarterly service revenue of $87 thousand for a quarterly net loss of $279 thousand, or $(0.03) per share. These results compare to product revenue of $2.873 million and service revenue of $497 thousand for net income of $40 thousand, or $0.01 per share, in the year-ago quarter. Gross margin on product revenue was 59.4 percent in both quarters. Interest and other expense, net includes $64 thousand for the medical device excise tax that started January 1, 2013.

The Company posted fiscal year product revenue of $11.216 million and fiscal year service revenue of $551 thousand for a fiscal year net loss of $616 thousand, or $(0.08) per share. These results compare to product revenue of $11.226 million and service revenue of $1.763 million for a net loss of $531 thousand, or $(0.08) per share, in the year-ago fiscal year. Product gross margin was 57.5 percent compared to 54 percent in the year-ago fiscal year. In the year-ago fiscal year, our margin was lower due to a one-time charge of $430 thousand for a voluntary recall of certain electrode product.

"Overall, we were disappointed that our product revenue for the fourth quarter decreased on a year over year basis," said Fred Perner , President and CEO. "While we continue to be excited about several recent product introductions, the deliberate nature of our launch efforts prevented those products from making an impact on our fourth quarter product revenues. We are addressing the issues that caused our core product revenues to decline and are making the appropriate adj
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SOURCE Encision Inc.
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