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VisionSciences Inc. Reports Operating Results (10-Q)

August 11, 2010 | About:
10qk

10qk

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VisionSciences Inc. (VSCI) filed Quarterly Report for the period ended 2010-06-30.

Visionsciences Inc. has a market cap of $45.3 million; its shares were traded at around $1.23 with and P/S ratio of 4.2. Visionsciences Inc. had an annual average earning growth of 40.2% over the past 5 years.VSCI is in the portfolios of Jim Simons of Renaissance Technologies LLC.

Highlight of Business Operations:

Net sales decreased $0.7 million, or 21%, in the first quarter of fiscal 2011 to $2.6 million compared to $3.3 million in the first quarter of fiscal 2010. During the first quarter of fiscal 2011, our medical segment s net sales of $2.1 million decreased by $0.5 million, or 19%, primarily attributable to lower sales to Medtronic of our fiberscopes ($0.6 million). Our industrial segment s net sales of $0.5 million decreased by $0.2 million, or 28%, primarily attributable to lower sales of our borescopes ($0.2 million) compared to the same period last year.

Net sales to the urology market increased $0.2 million, or 28%, in the first quarter of fiscal 2011 to $0.9 million compared to $0.7 million in the first quarter of fiscal 2010. The increase in net sales was primarily attributable to higher sales of our fiberscopes ($0.1 million) and EndoSheath disposables ($0.1 million).

Net sales to the bronchoscopy market increased $0.2 million, or 113%, in the first quarter of fiscal 2011 to $0.4 million compared to $0.2 million in the first quarter of fiscal 2010. The increase in net sales was primarily attributable to higher sales of our videoscopes ($0.1 million) and digital processing units, a component of our videoscope product line ($0.1 million).

Gross profit decreased $0.1 million, or 13%, in the first quarter of fiscal 2011 to $0.7 million from $0.8 million in the first quarter of fiscal 2010, primarily attributable to lower sales ($0.7 million). Gross margin percentage increased 2% in the first quarter of fiscal 2011 to 26% of net sales from 24% of net sales in the first quarter of fiscal 2010. The higher gross margin percentage was primarily attributable to lower scrap inventory in the first quarter of fiscal 2011 compared to the same period last year ($0.1 million, or 2% gross margin percentage impact).

Gross profit in our medical segment increased $0.1 million, or 19%, in the first quarter of fiscal 2011 to $0.5 million from $0.4 million in the first quarter of fiscal 2010, primarily attributable to a higher gross margin percentage (up 8%). Gross margin percentage increased 8% in the first quarter of fiscal 2011 to 25% of net sales from 17% of net sales in the first quarter of fiscal 2010. The higher gross margin percentage was primarily attributable to lower scrap inventory in the first quarter of fiscal 2011 compared to the same period last year ($0.1 million, or 3% gross margin percentage impact on our medical segment gross profit).

Gross profit in our industrial segment decreased $0.2 million, or 52%, in the first quarter of fiscal 2011 to $0.2 million from $0.3 million in the first quarter of fiscal 2010, primarily attributable to lower sales ($0.2 million) and a lower gross margin percentage (down 16%). Gross margin percentage decreased 16% in the first quarter of fiscal 2011 to 33% of net sales from 49% of net sales in the first quarter of fiscal 2010. The lower gross margin percentage was primarily attributable to higher manufacturing supplies expense and unfavorable purchase price variance ($0.1 million, or 12% gross margin percentage impact on our industrial segment gross profit).

Read the The complete Report

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