PETALUMA -- Oculus Innovative Sciences (Nasdaq:OCLS) said it has increased its total revenue to $2.9 million for the first quarter of its fiscal year ended June 30 compared to $2.3 million for the same quarter a year ago.
Product revenue was $2.7 million, up 33 percent, from $2.0 million in the prior year's first quarter with revenue increases in the United States, Mexico, Europe, India and Singapore, partially offset by a decline in the Middle East and China, according to Oculus, which designs, produces and markets tissue care products across dermatology, oral care, wound care and other markets.
"We believe the combination of the planned increase in animal healthcare royalties to approximately 30 percent, effective July 1, and the continued sales ramp in these animal healthcare products, will generate larger revenue growth for Oculus in fiscal year 2012," said Hoji Alimi, founder and CEO of Oculus. "At the same time, we look forward to the launch of Microcyn-based prescription products in the dermatology and podiatry markets during the year by our U.S. partners, which will present robust revenue opportunities that further support our growth."
Product revenue in the United States increased by 61 percent compared to the same quarter last year, with growth in animal health care revenues as well as growth in professional human wound care and dermatology.
Revenue in Mexico increased 38 percent from the prior year period. Much of the growth in Mexico was attributed to price increases and a strengthening of the peso, according to Oculus.
Oculus reported gross profit from its Microcyn products business of $1.9 million, or 71 percent of product revenues, during the three months ended June 30, 2011, compared to a gross profit of $1.3 million, or 66 percent, in the prior year period.
As of June 30, 2011, Oculus had unrestricted cash and cash equivalents of $5 million, compared with $4.4 million as of March 31, 2011. The company's total debt was $4.4 million as of June 30, 2011, compared with $3.1 million as of March 31, 2011.