Encision Reports Second Quarter Fiscal Year 2023 Results
Encision Reports Second Quarter Fiscal Year 2023 Results
BOULDER, CO / ACCESSWIRE / November 14, 2022 / Encision Inc. (OTC PINK:ECIA), a medical device company owning patented Active Electrode Monitoring (AEM®) Technology that prevents dangerous radiant energy burns in minimally invasive surgery, today announced financial results for its fiscal year 2023 second quarter that ended September 30, 2022.
科罗拉多州博尔德/ACCESSWIRE/2022年11月14日/Encision Inc.(场外交易代码:ECIA)是一家医疗设备公司,拥有获得专利的主动电极监测(AEM®)技术,可防止微创手术中危险的辐射能量烧伤。该公司今天公布了截至2022年9月30日的2023财年第二季度财务业绩。
The Company posted quarterly net revenue of $1.70 million for a quarterly net loss of $279 thousand, or $(0.02) per diluted share. These results compare to net revenue of $2.11 million for a quarterly net income of $360 thousand, or $0.03 per diluted share, in the year-ago quarter. Gross margin on net revenue was 49% in the fiscal 2023 second quarter and 45% in the fiscal 2022 second quarter. Gross margin increased in the current year's second quarter compared to last year's second quarter due principally to higher operating efficiencies.
该公司公布季度净收入为170万美元,季度净亏损27.9万美元,或稀释后每股亏损0.02美元。相比之下,去年同期的季度净收益为36万美元,或每股稀释后收益为0.03美元,净收入为211万美元。2023财年第二季度的毛利率为49%,2022财年第二季度的毛利率为45%。与去年第二季度相比,本年度第二季度的毛利率有所增加,这主要是由于运营效率提高。
The Company posted six months net revenue of $3.86 million for a six months net loss of $15 thousand, or $0.00 per diluted share. These results compare to six months net revenue of $4.12 million for a six months net income of $353 thousand, or $0.03 per diluted share, in the year-ago six months. Net income in the same six months a year ago included extinguishment of debt income of $533 thousand. Gross margin on net revenue was 55% in the fiscal 2023 six months and 48% in the fiscal 2022 six months. Gross margin in the fiscal 2022 six months was higher due to higher margined service revenue.
该公司公布六个月净收入为386万美元,六个月净亏损1.5万美元,或每股稀释后亏损0.00美元。相比之下,去年同期的6个月净收入为35.3万美元,或每股稀释后收益为0.03美元,6个月的净收入为412万美元。去年同期的净收入包括清偿债务收入53.3万美元。2023财年6个月的毛利率为55%,2022财年6个月的毛利率为48%。由于保证金服务收入增加,2022财年六个月的毛利率较高。
"The second quarter provided significant challenges for us," said Gregory Trudel, President and CEO of Encision Inc. "Through the first and second quarters of fiscal year 2023, and fiscal year 2022, COVID resurgences continued to negatively impact procedure volumes. In addition, we encountered serious supply chain issues that curtailed our short-term ability to meet customer demand. We reacted quickly to resolve the issues and have put long-term mitigation in place to minimize potential supply chain turmoil."
Encision Inc.首席执行官兼首席执行官格雷戈里·特鲁德尔表示:“第二季度给我们带来了巨大的挑战。”在2023财年第一季度和第二季度以及2022财年,COVID回流继续对程序量产生负面影响。此外,我们遇到了严重的供应链问题,削弱了我们满足客户需求的短期能力。我们迅速做出反应,解决了这些问题,并采取了长期缓解措施,将潜在的供应链动荡降至最低。
"Material costs continue to increase at record rates and we have taken measures to protect our company viability. On October 1, 2022, we enacted price increases on all of our products. The price adjustment will increase our net product revenue and gross profit margins. We have also made strategic capital investments in our manufacturing capabilities that will help to offset the increasing cost of labor."
材料成本继续以创纪录的速度增长,我们已经采取措施保护我们公司的生存能力。2022年10月1日,我们对我们所有的产品进行了提价。价格调整将增加我们的净产品收入和毛利率。我们还对我们的制造能力进行了战略资本投资,这将有助于抵消不断增加的劳动力成本。
"Encision continues to be positive as we navigate the ups and downs of the pandemic market and the new-normal supply chain turmoil. We continuously look for opportunities to serve our customers with new products, to work smarter, and to drive increased efficiencies. In spite of limited customer access, our sales and marketing efforts are yielding new customers for our new EnTouchâ 2X Scissors and our recently released AEM® Shield Disposable Electrodes. We look forward to the contributions that these new products will make as the market bounces back."
随着我们在大流行市场的起伏和新常态的供应链动荡中穿行,Encision继续保持积极态度。我们不断寻找机会,以新产品服务于我们的客户,更智能地工作,并提高效率。尽管客户接触有限,但我们的销售和营销努力正在为我们的新款EnTouch-2X剪刀和我们最近发布的®屏蔽式一次性电极带来新的客户。我们期待着随着市场的反弹,这些新产品将做出的贡献。
"Service revenue for the six months of fiscal year 2023 resulted from services performed under a Supply Agreement with Auris Health, Inc. ("Auris Health"), a part of the Johnson & Johnson family of companies. Under the agreement, Encision collaborated on the integration of AEM® Technology into monopolar instrumentation produced by Auris Health for advanced surgical applications. On August 23, 2021, we entered into a Supply Agreement with Auris Health. During the first quarter business needs took a different direction and, on May 5, 2022, the parties mutually agreed to terminate all the agreements. We enjoyed collaborating with the team at J&J and we look forward to future opportunities to work together."
2023年财政年度前6个月的服务收入来自与强生家族公司的一部分奥里斯健康公司(“奥里斯健康”)签订的供应协议所提供的服务。根据协议,Encision合作将AEM®技术整合到奥里斯健康公司生产的单极仪器中,用于先进的外科应用。2021年8月23日,我们与Auris Health签订了供应协议。在第一季度,业务需求采取了不同的方向,2022年5月5日,双方共同同意终止所有协议。我们很高兴与强生的团队合作,我们期待着未来的合作机会。“
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, Colorado, the company pioneered the development and deployment of Active Electrode Monitoring, AEM technology, to eliminate dangerous stray energy burns during minimally invasive procedures. For additional information about all our products, please visit .
Encision Inc.设计和营销一系列高性能手术器械,通过AEM技术为医院提供先进的AEM技术、手术性能和价值,通过各种微创手术程序为医院提供安全保障。该公司总部设在科罗拉多州博尔德市,率先开发和部署了主动电极监测(AEM)技术,以消除微创手术中危险的杂散能量烧伤。有关我们所有产品的更多信息,请访问。
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 develop new or enhanced products and have such products accepted in the market, 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, 2022 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.
根据1995年《私人证券诉讼改革法》的安全港条款,该公司指出,本新闻稿和其他前瞻性陈述中的前瞻性陈述,包括历史信息以外的所有内容,涉及风险和不确定因素,可能会导致实际结果与前瞻性陈述中显示的大不相同。可能导致该公司实际结果大不相同的因素包括,它开发新的或增强的产品并使这些产品在市场上被接受的能力,它通过该公司的分销渠道增加净销售额的能力,它与其他外科器械制造商成功竞争的能力,新账户转换的数量不足,为运营提供资金的现金不足,新产品的开发和获得FDA批准这些新产品的延迟,以及该公司提交给证券交易委员会的文件中讨论的其他因素。鼓励读者查阅该公司截至2022年3月31日的10-K表格年度报告以及随后提交给证券交易委员会的文件中出现的风险因素和其他披露。我们不承担任何公开更新任何前瞻性陈述的义务,无论是由于收到新信息、未来事件或其他原因。
CONTACT: Mala Ray, Encision Inc., 303-444-2600, mray@encision.com
联系人:Encision公司玛拉·雷,电话:303-444-2600电子邮件:mray@encision.com
Encision Inc.
Encision Inc.
Unaudited Condensed Statements of Operations
未经审计的经营简明报表
(in thousands, except per share information)
(单位为千,每股信息除外)
Three Months Ended | Six Months Ended | |||||||||||||||
September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||
Product revenue |
$ | 1,704 | $ | 1,895 | $ | 3,400 | $ | 3,613 | ||||||||
Service revenue |
-- | 218 | 459 | 508 | ||||||||||||
Total revenue |
1,704 | 2,113 | 3,859 | 4,121 | ||||||||||||
Product cost of revenue |
872 | 1,062 | 1,743 | 1,900 | ||||||||||||
Service cost of revenue |
-- | 106 | -- | 250 | ||||||||||||
Total cost of revenue |
872 | 1,168 | 1,743 | 2,150 | ||||||||||||
Gross profit |
832 | 945 | 2,116 | 1,971 | ||||||||||||
Operating expenses: |
||||||||||||||||
Sales and marketing |
490 | 562 | 993 | 1,090 | ||||||||||||
General and administrative |
397 | 340 | 742 | 667 | ||||||||||||
Research and development |
223 | 213 | 393 | 390 | ||||||||||||
Total operating expenses |
1,110 | 1,115 | 2,128 | 2,147 | ||||||||||||
Operating (loss) |
(278 | ) | (170 | ) | (12 | ) | (176 | ) | ||||||||
Interest expense, extinguishment of debt income and other income, net |
(1 | ) | 530 | (3 | ) | 529 | ||||||||||
Income (loss) before provision for income taxes |
(279 | ) | 360 | (15 | ) | 353 | ||||||||||
Provision for income taxes |
-- | -- | -- | -- | ||||||||||||
Net income (loss) |
$ | (279 | ) | $ | 360 | $ | (15 | ) | $ | 353 | ||||||
Net income (loss) per share-basic and diluted |
$ | (0.02 | ) | $ | 0.03 | $ | 0.00 | $ | 0.03 | |||||||
Weighted average number of basic shares |
11,752 | 11,611 | 11,735 | 11,595 | ||||||||||||
Weighted average number of diluted shares |
11,752 | 11,820 | 11,735 | 11,776 |
截至三个月 | 截至六个月 | |||||||||||||||
2022年9月30日 | 2021年9月30日 | 2022年9月30日 | 2021年9月30日 | |||||||||||||
产品收入 |
$ | 1,704 | $ | 1,895 | $ | 3,400 | $ | 3,613 | ||||||||
服务收入 |
-- | 218 | 459 | 508 | ||||||||||||
总收入 |
1,704 | 2,113 | 3,859 | 4,121 | ||||||||||||
收入的产品成本 |
872 | 1,062 | 1,743 | 1,900 | ||||||||||||
收入的服务成本 |
-- | 106 | -- | 250 | ||||||||||||
收入总成本 |
872 | 1,168 | 1,743 | 2,150 | ||||||||||||
毛利 |
832 | 945 | 2,116 | 1,971 | ||||||||||||
运营费用: |
||||||||||||||||
销售和市场营销 |
490 | 562 | 993 | 1,090 | ||||||||||||
一般和行政 |
397 | 340 | 742 | 667 | ||||||||||||
研发 |
223 | 213 | 393 | 390 | ||||||||||||
总运营费用 |
1,110 | 1,115 | 2,128 | 2,147 | ||||||||||||
营业(亏损) |
(278 | ) | (170 | ) | (12 | ) | (176 | ) | ||||||||
利息支出、清偿债务收入和其他收入、净额 |
(1 | ) | 530 | (3 | ) | 529 | ||||||||||
未计提所得税准备的收入(亏损) |
(279 | ) | 360 | (15 | ) | 353 | ||||||||||
所得税拨备 |
-- | -- | -- | -- | ||||||||||||
净收益(亏损) |
$ | (279 | ) | $ | 360 | $ | (15 | ) | $ | 353 | ||||||
每股净收益(亏损)-基本和摊薄 |
$ | (0.02 | ) | $ | 0.03 | $ | 0.00 | $ | 0.03 | |||||||
基本股数加权平均数 |
11,752 | 11,611 | 11,735 | 11,595 | ||||||||||||
加权平均稀释股数 |
11,752 | 11,820 | 11,735 | 11,776 |
Encision Inc.
Encision Inc.
Unaudited Condensed Balance Sheets
未经审计的简明资产负债表
(in thousands)
(单位:千)
September 30, 2022 |
March 31, 2022 |
|||||||
ASSETS |
||||||||
Cash |
$ | 537 | $ | 950 | ||||
Accounts receivable, net |
915 | 948 | ||||||
Inventories, net |
1,858 | 1,584 | ||||||
Prepaid expenses and other assets |
60 | 120 | ||||||
Total current assets |
3,370 | 3,602 | ||||||
Equipment, net |
354 | 189 | ||||||
Right of use asset |
643 | 786 | ||||||
Patents, net |
176 | 181 | ||||||
Other assets |
44 | 34 | ||||||
Total assets |
$ | 4,587 | $ | 4,792 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY |
||||||||
Accounts payable |
$ | 433 | $ | 576 | ||||
Secured notes |
44 | 22 | ||||||
Accrued compensation |
177 | 191 | ||||||
Other accrued liabilities |
103 | 125 | ||||||
Accrued lease liability |
371 | 362 | ||||||
Total current liabilities |
1,128 | 1,276 | ||||||
Secured notes |
292 | 206 | ||||||
Accrued lease liability |
394 | 564 | ||||||
Unsecured promissory note |
-- | -- | ||||||
Total liabilities |
1,814 | 2,046 | ||||||
Common stock and additional paid-in capital |
24,317 | 24,275 | ||||||
Accumulated (deficit) |
(21,544 | ) | (21,529 | ) | ||||
Total shareholders' equity |
2,773 | 2,746 | ||||||
Total liabilities and shareholders' equity |
$ | 4,587 | $ | 4,792 |
2022年9月30日 |
3月31日, 2022 |
|||||||
资产 |
||||||||
现金 |
$ | 537 | $ | 950 | ||||
应收账款净额 |
915 | 948 | ||||||
库存,净额 |
1,858 | 1,584 | ||||||
预付费用和其他资产 |
60 | 120 | ||||||
流动资产总额 |
3,370 | 3,602 | ||||||
设备,网络 |
354 | 189 | ||||||
使用权资产 |
643 | 786 | ||||||
专利,净额 |
176 | 181 | ||||||
其他资产 |
44 | 34 | ||||||
总资产 |
$ | 4,587 | $ | 4,792 | ||||
负债和股东权益 |
||||||||
应付帐款 |
$ | 433 | $ | 576 | ||||
担保票据 |
44 | 22 | ||||||
应计补偿 |
177 | 191 | ||||||
其他应计负债 |
103 | 125 | ||||||
应计租赁负债 |
371 | 362 | ||||||
流动负债总额 |
1,128 | 1,276 | ||||||
担保票据 |
292 | 206 | ||||||
应计租赁负债 |
394 | 564 | ||||||
无担保本票 |
-- | -- | ||||||
总负债 |
1,814 | 2,046 | ||||||
普通股和额外实收资本 |
24,317 | 24,275 | ||||||
累计(赤字) |
(21,544 | ) | (21,529 | ) | ||||
股东权益总额 |
2,773 | 2,746 | ||||||
总负债和股东权益 |
$ | 4,587 | $ | 4,792 |
Encision Inc.
Encision Inc.
Unaudited Condensed Statements of Cash Flows
未经审计的现金流量表简明表
(in thousands)
(单位:千)
Six Months Ended | ||||||||
September 30, 2022 |
September 30, 2021 |
|||||||
Operating activities: |
||||||||
Net income (loss) |
$ | (15 | ) | $ | 353 | |||
Adjustments to reconcile net income (loss) to cash
provided by (used in) operating activities:
|
||||||||
Extinguishment of debt income |
-- | (533 | ) | |||||
Depreciation and amortization |
41 | 53 | ||||||
Share-based compensation expense |
25 | 16 | ||||||
Other income from release of accounts payable |
-- | -- | ||||||
(Recovery from) provision for doubtful accounts, net |
-- | (35 | ) | |||||
Provision for (recovery from) inventory obsolescence, net |
29 | (31 | ) | |||||
Changes in operating assets and liabilities: |
||||||||
Right of use asset, net |
(19 | ) | (12 | ) | ||||
Accounts receivable |
33 | 7 | ||||||
Inventories |
(303 | ) | (45 | ) | ||||
Prepaid expenses and other assets |
50 | 53 | ||||||
Accounts payable |
(143 | ) | 139 | |||||
Accrued compensation and other accrued liabilities |
(36 | ) | 183 | |||||
Net cash provided by (used in) operating activities |
(338 | ) | 148 | |||||
Investing activities: |
||||||||
Acquisition of property and equipment |
(191 | ) | (11 | ) | ||||
Patent costs |
(10 | ) | (8 | ) | ||||
Net cash (used in) investing activities |
(201 | ) | (19 | ) | ||||
Financing activities: |
||||||||
Net proceeds from options exercised |
16 | 9 | ||||||
Borrowings from credit facility, net change |
-- | -- | ||||||
(Paydown of) secured notes |
110 | (7 | ) | |||||
Net cash generated by financing activities |
126 | 2 | ||||||
Net (decrease) increase in cash |
(413 | ) | 131 | |||||
Cash, beginning of period |
950 | 1,474 | ||||||
Cash, end of period |
$ | 537 | $ | 1,605 |
截至六个月 | ||||||||
2022年9月30日 |
九月 30, 2021 |
|||||||
经营活动: |
||||||||
净收益(亏损) |
$ | (15 | ) | $ | 353 | |||
对净收益(亏损)与现金进行核对的调整
由经营活动提供(用于):
|
||||||||
清偿债务收入 |
-- | (533 | ) | |||||
折旧及摊销 |
41 | 53 | ||||||
基于股份的薪酬费用 |
25 | 16 | ||||||
释放应付账款的其他收入 |
-- | -- | ||||||
(收回)坏账准备,净额 |
-- | (35 | ) | |||||
库存报废(回收)准备,净额 |
29 | (31 | ) | |||||
经营性资产和负债变动情况: |
||||||||
使用权资产净额 |
(19 | ) | (12 | ) | ||||
应收账款 |
33 | 7 | ||||||
盘存 |
(303 | ) | (45 | ) | ||||
预付费用和其他资产 |
50 | 53 | ||||||
应付帐款 |
(143 | ) | 139 | |||||
应计补偿和其他应计负债 |
(36 | ) | 183 | |||||
经营活动提供(用于)的现金净额 |
(338 | ) | 148 | |||||
投资活动: |
||||||||
购置财产和设备 |
(191 | ) | (11 | ) | ||||
专利费用 |
(10 | ) | (8 | ) | ||||
净现金(用于)投资活动 |
(201 | ) | (19 | ) | ||||
融资活动: |
||||||||
行使期权的净收益 |
16 | 9 | ||||||
从信贷安排借款,净变化 |
-- | -- | ||||||
(偿还)担保票据 |
110 | (7 | ) | |||||
融资活动产生的现金净额 |
126 | 2 | ||||||
现金净(减)增 |
(413 | ) | 131 | |||||
期初现金 |
950 | 1,474 | ||||||
期末现金 |
$ | 537 | $ | 1,605 |
SOURCE: Encision, Inc.
资料来源:Encision,Inc.