Escalon Medical Corp. (ESMC, Financial) filed Quarterly Report for the period ended 2010-03-31.
Escalon Medical Corp. has a market cap of $12.8 million; its shares were traded at around $1.71 with and P/S ratio of 0.4. ESMC is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Product revenue increased $47,000, or 4.6%, to $1,059,000 in the Vascular business segment during the three-month period ended March 31, 2010, as compared to the same period last fiscal year. The increase in product revenue in the Vascular business segment was primarily related to an increase in sales of Vasculars core needle business during the three month period ended March 31, 2010. Certain assets of the Vascular business were sold on April 30, 2010 (see footnote 10) for $5,750,000. Concurrent with the sale of these assets Vascular entered into a supply agreement with the buyer, Vascular Solutions, Inc. The supply agreement is anticipated to last for four months or until Vascular Solutions, Inc. is able to produce
In the Vascular business segment, product revenue decreased $20,000, or 0.7%, to $2,888,000 during the nine-month period ended March 31, 2010 as compared to the same period last fiscal year. The modest decrease in product revenue in the Vascular business segment was primarily related to a decrease in sales of Vasculars core needle products during the nine-month period ended March 31, 2010. Certain assets of the Vascular business were sold on April 30, 2010 (see footnote 10) for $5,750,000. Concurrent with the sale of these assets Vascular entered into a supply agreement with the buyer Vascular Solutions, Inc. The supply agreement is anticipated to last for four months or until Vascular Solutions, Inc. is able to produce the products independently. Periods subsequent to the completion of the supply agreement will be materially effected by the sale of certain assets of Vascular.
Other revenue increased by approximately $212,000, or 683.9%, to $243,000 during the three-month period ended March 31, 2010 as compared to the same period last fiscal year. Other revenue increased by approximately $437,000, or 450.5%, to $534,000 during the nine-month period ended March 31, 2010 as compared to the same period last fiscal year. These increases are related to the licensing agreement entered into in June 2009 with TECOM (see footnote 9). The increase related to the TECOM agreement was offset by lower royalties earned from Bio-Rad related to an OEM agreement between Bio-Rad and Drew as a result of lower sales of Drews products in covered areas. While this agreement terminated as of May 15, 2006, the parties have continued to operate under the terms of the expired agreement pending negotiation of a potential extension and/or revision.
Cost of goods sold totaled approximately $4,914,000, or 56.6% of product revenue, for the three-month period ended March 31, 2010, as compared to $4,727,000 or 51.5%, of product revenue for the same period last fiscal year.
Cost of goods sold totaled approximately $14,225,000, or 54.8% of product revenue, for the nine-month period ended March 31, 2010, as compared to $14,208,000, or 54.9% of product revenue, for the same period last fiscal year.
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Escalon Medical Corp. has a market cap of $12.8 million; its shares were traded at around $1.71 with and P/S ratio of 0.4. ESMC is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Product revenue decreased approximately $491,000, or 5.4% , to $8,683,000 for the three-month period ended March 31, 2010 as compared to the same period last fiscal year.Product revenue increased $47,000, or 4.6%, to $1,059,000 in the Vascular business segment during the three-month period ended March 31, 2010, as compared to the same period last fiscal year. The increase in product revenue in the Vascular business segment was primarily related to an increase in sales of Vasculars core needle business during the three month period ended March 31, 2010. Certain assets of the Vascular business were sold on April 30, 2010 (see footnote 10) for $5,750,000. Concurrent with the sale of these assets Vascular entered into a supply agreement with the buyer, Vascular Solutions, Inc. The supply agreement is anticipated to last for four months or until Vascular Solutions, Inc. is able to produce
In the Vascular business segment, product revenue decreased $20,000, or 0.7%, to $2,888,000 during the nine-month period ended March 31, 2010 as compared to the same period last fiscal year. The modest decrease in product revenue in the Vascular business segment was primarily related to a decrease in sales of Vasculars core needle products during the nine-month period ended March 31, 2010. Certain assets of the Vascular business were sold on April 30, 2010 (see footnote 10) for $5,750,000. Concurrent with the sale of these assets Vascular entered into a supply agreement with the buyer Vascular Solutions, Inc. The supply agreement is anticipated to last for four months or until Vascular Solutions, Inc. is able to produce the products independently. Periods subsequent to the completion of the supply agreement will be materially effected by the sale of certain assets of Vascular.
Other revenue increased by approximately $212,000, or 683.9%, to $243,000 during the three-month period ended March 31, 2010 as compared to the same period last fiscal year. Other revenue increased by approximately $437,000, or 450.5%, to $534,000 during the nine-month period ended March 31, 2010 as compared to the same period last fiscal year. These increases are related to the licensing agreement entered into in June 2009 with TECOM (see footnote 9). The increase related to the TECOM agreement was offset by lower royalties earned from Bio-Rad related to an OEM agreement between Bio-Rad and Drew as a result of lower sales of Drews products in covered areas. While this agreement terminated as of May 15, 2006, the parties have continued to operate under the terms of the expired agreement pending negotiation of a potential extension and/or revision.
Cost of goods sold totaled approximately $4,914,000, or 56.6% of product revenue, for the three-month period ended March 31, 2010, as compared to $4,727,000 or 51.5%, of product revenue for the same period last fiscal year.
Cost of goods sold totaled approximately $14,225,000, or 54.8% of product revenue, for the nine-month period ended March 31, 2010, as compared to $14,208,000, or 54.9% of product revenue, for the same period last fiscal year.
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