PETALUMA -- Oculus Innovative Sciences, Inc. (Nasdaq: OCLS) today reported total revenues of $4.1 million for the first quarter ended June 30, 2012, compared to $2.9 million in the prior 12-month period, with product revenue increasing by 41 percent to $1.1 million.
The company saw increased sales in the United States, Middle East and Singapore, but those were partly offset by declines in Europe , India and China, the company said.
"This is perhaps one of the most vital and active quarters in the history of Oculus," said Hoji Alimi, chief executive officer and founder. "In addition to generating quarterly record revenues of over four million dollars—which brings us close to EBITDAS breakeven for the quarter—our dermatology partners have successfully introduced three new Microcyn-based products into the U.S. dermatology market for management of atopic dermatitis and other dermatoses. And looking forward, we also announced finalization of our acne drug agreement with AmDerma; concluded site selection and initiated patient recruitment for our FDA-reviewed clinical trial for management of scars and now have our team busy preparing for the development and regulatory approval of Microcyn-based surgical products. We believe future product developments can be funded via partner milestone payments thereby reducing the need for additional capital raises."
Product revenue in the U.S. for the quarter ended June 30, 2012, increased $1.2 million, or 142 percent, compared to the same period in the prior year. The company attributed the increase to higher royalty fees received from its partner Innovacyn, Inc., higher unit growth sales and growth related to new product launches into the U.S. dermatology market by its partners.
Net income for the quarter ended June 30, 2012 was $445,000, an increase of $2.6 million from a net loss of $2.2 million for the same period in the prior year. Stock compensation charges were $400,000 and $812,000 for the quarters ended June 30, 2012 and 2011, respectively.
As of June 30, 2012, Oculus had unrestricted cash and cash equivalents of $4.4 million, compared with $3.4 million as of March 31, 2012. The company's total debt position was $4.2 million as of June 30, 2012, compared with $4.6 million as of March 31, 2012.
Oculus Innovative Sciences is a commercial healthcare company that designs, produces and markets healthcare products. Its markets include dermatology, oral care, surgical, wound care, animal healthcare and others, and has commercialized products in the United States, Europe, India, China and Mexico and select Middle East countries.
Oculus shares closed at 77 per share Thursday and were up to 80 cents per share in after hours trading.