Petaluma’s Oculus Innovative Sciences reports quarterly results

Oculus Innovative Sciences, Inc. (NASDAQ: OCLS, warrants OCLSW), reported fiscal first quarter results today. For the period ending June 30, 2016, the Petaluma-based specialty pharmaceutical company that develops and markets dermatological and advanced tissue care products reported total revenue of $3.8 million compared to $3.7 million for the same period in 2015.

Operating expenses minus non-cash expenses during the first quarter of fiscal year 2017 were $4.1 million, up $431,000, as compared to the same period in the prior year. The increase in operating expenses, minus non-cash expenses, was due to mostly higher sales and marketing expenses in the United States related to the costs of Oculus' direct sales force in dermatology,the company stated.

In an annual shareholders report, in preparation for the firm's Sept. 2 shareholders' meeting at its offices located at 1129 N. McDowell Blvd. in Petaluma, Oculus reported: “As of June 30, 2016, our international division, non-core business, animal health and advanced tissue care are all break-even. Our current plan forecasts that our core dermatology business will break-even by the end of fiscal year 2017.”

The shareholders' report identified key target goals of expanding its U.S. Sales Force, increasing the number of prescriptions filled and product margins,launching a new product every quarter and continuing to grow its international business.

“In the near future, we plan to change the company's name to better fit the dermatological market and our new focus. Looking ahead, we believe Oculus is well situated for future growth and long-term success,” the report stated.

Additionally, in an SEC filing, the company reported a new employment agreement with Jim Schutz, president and chief executive officer. Pay was reported at $250,000 a year.