Surgical-device maker Encision reports profit
Boulder-based Encision (ECIA: PK) also posted net profit of $10,000 for the period, compared with revenue of $3.2 million and a net loss of $21,000 in the same quarter in 2011.
The company's profit increases from the previous quarter and year came from a return to normal production of its disposable scissor insert product, among other things, the company said in the earnings statement. Encision makes laparoscopic instruments used in a variety of different types of surgeries.
At the same time, Encision experienced a decrease in revenue for the quarter after a project was phased out by a strategic partner to the company, Fred Perner, president and chief executive, said in the statement. Perner said he was "disappointed" in revenue for the quarter.
"Unless we obtain another strategic partner or further commitments from existing partners, we anticipate that future service revenue will be significantly reduced as compared to last fiscal year's service revenue," Perner said in the press statement.
In April, the company said it had raised about $1.5 million through a private-placement stock sale to finance product development, quality programs, sales and marketing.
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