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VisionSciences Inc. Reports Operating Results (10-Q)

February 11, 2010 | About:
10qk

10qk

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VisionSciences Inc. (VSCI) filed Quarterly Report for the period ended 2009-12-31.

Visionsciences Inc. has a market cap of $42 million; its shares were traded at around $1.14 with and P/S ratio of 3.3. Visionsciences Inc. had an annual average earning growth of 27.5% over the past 5 years.

Highlight of Business Operations:

Net sales decreased $1.0 million, or 28%, in the third quarter of fiscal 2010 to $2.6 million compared to $3.6 million in the third quarter of fiscal 2009. During the third quarter of fiscal 2010, our medical segment s net sales of $1.8 million decreased by $0.9 million, or 34%, primarily attributable to lower sales in the ENT and TNE market ($1.3 million) and our industrial segment s net sales of $0.8 million decreased by $0.1 million, or 9%, primarily attributable to lower sales of our borescopes ($0.1 million) compared to the same period last year.

Net sales to the ENT and TNE markets decreased $1.3 million, or 71%, in the third quarter of fiscal 2010 to $0.6 million compared to $1.9 million in the third quarter of fiscal 2009. The decrease in net sales was primarily attributable to lower sales to Medtronic of our fiberscopes and videoscopes ($0.8 million) and digital processing units, a component of our videoscope product line ($0.2 million).

Net sales to the urology market increased $0.2 million, or 87%, in the third quarter of fiscal 2010 to $0.4 million compared to $0.2 million in the third quarter of fiscal 2009. 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 of repairs, peripherals, and accessories decreased $0.1 million, or 18%, in the third quarter of fiscal 2010 to $0.5 million compared to $0.6 million in the third quarter of fiscal 2009. The decrease was primarily attributable to lower sales volume of peripherals and accessories for our ENT endoscopes ($0.1 million).

Gross profit decreased $0.4 million, or 54%, in the third quarter of fiscal 2010 to $0.4 million, or 13% of net sales, compared to $0.8 million, or 21% of net sales, in the third quarter of fiscal 2009. In the medical segment, gross profit decreased $0.4 million, or 98%, in the third quarter of fiscal 2010 compared to the same period last year. The decrease was primarily due to unfavorable overhead absorption as result of the lower sales volume ($0.3 million). In the industrial segment, gross profit increased by a marginal 2% in the third quarter of fiscal 2010 to $0.3 million compared to the same period last year. The increase was primarily attributable to manufacturing efficiencies.

Total operating expenses decreased $0.3 million, or 8%, in the third quarter of fiscal 2010 to $3.6 million compared to $3.9 million in the third quarter of fiscal 2009. Selling, general, and administrative (“SG&A”) expenses increased $0.5 million, or 20%, and research and development (“R&D”) expenses decreased $0.8 million, or 55%, compared to the same period last year.

Read the The complete Report

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