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Encision Reports Third Quarter Fiscal Year 2015 Results


News provided by

Encision Inc.

Jan 30, 2015, 07:00 ET

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BOULDER, Colo., Jan. 30, 2015 /PRNewswire/ -- Encision Inc. (OTCQB:ECIA), a medical device company owning patented surgical technology that prevents dangerous stray electrosurgical burns in minimally invasive surgery, today announced financial results for its fiscal 2015 third quarter ended December 31, 2014.

The Company posted quarterly net revenue of $2.608 million for a quarterly net loss of $417 thousand, or $(0.04) per share. These results compare to net revenue of $2.716 million for net income of $33 thousand, or $0.00 per share, in the year-ago quarter. Gross margin on net revenue was 46.6 percent in the fiscal 2015 third quarter and 52.4 percent in the fiscal 2014 third quarter. Gross margin on net revenue was lower in the fiscal 2015 third quarter as a result of higher material costs, scrap costs, higher reserve for obsolescence, and mix of product sold. The medical device excise tax is included in other expense.

The Company posted nine months net revenue of $7.364 million for a nine months net loss of $1.034 million, or $(0.10) per share. These results compare to net revenue of $8.043 million for a net loss of $329 thousand, or $(0.04) per share, in the year-ago nine months. Gross margin on net revenue was 47.8 percent in the fiscal 2015 nine months and 53.3 percent in the fiscal 2014 nine months. Gross margin on net revenue was lower in the fiscal 2015 nine months as a result of higher material costs, scrap costs, higher reserve for obsolescence, and higher unit overhead costs on lower sales volume. The medical device excise tax is included in other expense.

"Although our revenue for the third quarter decreased four percent compared to last year's third quarter, we were pleased with our 14 percent sequential growth from this year's second quarter," said Greg Trudel, President and CEO. "During the third quarter we launched our new AEM EndoShield™ Burn Protection System and are happy to see its enthusiastic reception by the market. Since our first quarter of this fiscal year we have increased our channel presence and expect additional revenue to be gained from that focus and increase. Encision is executing to our plan of increasing market awareness of the devastating clinical and economic risk potential of stray energy and of driving customer demand through education and awareness. The recent implementation of CMS HAC (Hospital Acquired Condition) penalties is driving increased awareness and momentum as more and more hospitals turn to AEM® Technology as a solution to stray energy incidents."

Encision Inc. designs and markets a portfolio of high performance surgical instrumentation that delivers advances in patient safety with AEM technology, surgical performance, and value to hospitals across a broad range of minimally invasive surgical procedures. Based in Boulder, CO, the company pioneered the development and deployment of Active Electrode Monitoring, AEM technology, to eliminate dangerous stray energy burns during minimally invasive procedures.

In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the Company notes that statements in this press release and elsewhere that look forward in time, which include everything other than historical information, involve risks and uncertainties that may cause actual results to differ materially from those indicated by the forward-looking statements. Factors that could cause the Company's actual results to differ materially include, among others, its ability to increase net sales through the Company's distribution channels, its ability to compete successfully against other manufacturers of surgical instruments, insufficient quantity of new account conversions, insufficient cash to fund operations, delay in developing new products and receiving FDA approval for such new products and other factors discussed in the Company's filings with the Securities and Exchange Commission. Readers are encouraged to review the risk factors and other disclosures appearing in the Company's Annual Report on Form 10-K for the year ended March 31, 2014 and subsequent filings with the Securities and Exchange Commission. We do not undertake any obligation to update publicly any forward-looking statements, whether as a result of the receipt of new information, future events, or otherwise.

CONTACT:            Mala Ray, Encision Inc., 303-444-2600, [email protected]
www.encision.com

Encision Inc.

Condensed Balance Sheets

(Amounts in thousands)

(Unaudited)




December 31, 2014


March 31, 2014

ASSETS





Cash and cash equivalents


$   688


$    1,690

Accounts receivable, net


1,014


863

Inventories, net


2,088


2,224

Prepaid expenses


212


65

    Total current assets


4,002


4,842

Equipment, net


853


1,106

Patents, net


257


249

Other assets


18


14

    Total assets


$ 5,130


$ 6,211

LIABILITIES AND SHAREHOLDERS' EQUITY





Accounts payable


581


666

Accrued compensation


305


265

Other accrued liabilities


420


409

Lease and deferred rent payable – short term


30


97

Line of credit


84


--

    Total current liabilities


1,420


1,437

Lease and deferred rent payable – long term


109


186

    Total liabilities


1,529


1,623

Common stock and additional paid-in capital


23,592


23,545

Accumulated (deficit)


(19,991)


(18,957)

    Total shareholders' equity


3,601


4,588

    Total liabilities and shareholders' equity


$ 5,130


$  6,211

Encision Inc.

Condensed Statements of Operations

(Amounts in thousands, except per share information)

(Unaudited)




Three Months Ended


Nine Months Ended



December 31, 2014


December 31, 2013


December 31, 2014


December 31, 2013

Net revenue


2,608


2,716


7,364


8,043

Cost of revenue


1,392


1,292


3,851


3,754

Gross profit


1,216


1,424


3,513


4,289

Operating expenses:









    Sales and marketing


791


601


2,175


2,266

    General and administrative


434


361


1,185


1,069

    Research and development


354


364


1,026


1,068

        Total operating expenses


1,579


1,326


4,386


4,403

Operating income (loss)


(363)


98


(873)


(114)

Interest and other expense, net


(54)


(65)


(161)


(215)

Income (loss) before provision for income taxes


(417)


33


(1,034)


(329)

Provision for income taxes


––


––


––


––

Net income (loss)


$(417)


$ 33


$   (1,034)


$ (329)

Net income (loss) per share—basic and diluted


$(0.04)


$ 0.00


$   (0.10)


$ (0.04)

Basic weighted average number of shares


10,673


8,616


10,673


8,346

Diluted weighted average number of shares


10,673


8,620


10,673


8,346











SOURCE Encision Inc.

Related Links

http://www.encision.com

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