Fiscal-year loss expands slightly
PETALUMA — Wound treatment developer Oculus Innovative Sciences, Inc. (Nasdaq: OCLS) today reported fiscal fourth-quarter revenue increased nearly 26 percent and full-year revenue rose more than 30 percent.
Revenue in the fourth quarter, ended March 31, was $3.4 million, compared with $2.7 million a year before. Quarterly product revenue increased $660,000, or 26 percent.
Increased sales in the U.S., Mexico, India and Singapore partly offset declines in Europe and China, according to the company
Full fiscal year revenue was $12.7 million, compared with $9.8 million the prior year. Product revenues increased 34 percent over the fiscal year to $3 million.
Increases in the United States, Mexico, Europe, China and India were offset by a slight decline in the Middle East, the company said.
Net loss for the quarter was $1.8 million, or 6 cents a share, an increase of $74,000 from $1.7 million for the same period in the prior year. Yet, fiscal 2012 net loss shrank to $7.33 million, or 27 cents a share, from $7.95 million, or 30 cents a share, in fiscal 2011.
“We continue to grow product revenues for this fiscal year at 34 percent compared to the prior year,” said Hoji Alimi, chief executive officer and founder. “We also expect U.S. revenues to increase in fiscal 2013 as our partners in the acute care and dermatology markets have recently launched multiple new Microcyn-based products.”
Oculus is seeking the FDA go-ahead to start human clinical trials that would approve the company’s Microcyn technology for hypertrophic and keloid scars. Oculus would conduct the trials in partnership with Quinnova Pharmaceuticals, Inc. and its parent company, AmDerma Pharmaceuticals, Inc.
Cash and other liquid assets decreased to $3.4 million at fiscal year end, down from $4.4 million at the end of fiscal 2011. Total debt increased to $4.6 million from $3.1 million in that timeframe.
The price of Oculus stock was 74 cents a share and the close of trading Thursday, unchanged from the Wednesday closing price.
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