BOULDER — Surgical-instrumentation company Encision Inc. (OTC: ECIA) reported a net loss of $216,000 for the third quarter ended Dec. 31, compared with a loss of $16,000 for the same period a year ago.
Third-quarter revenue totaled $1.68 million, down from $1.94 million for the same period a year ago.
“The third quarter challenged us,” Gregory Trudel, president and CEO of Encision, said in a prepared statement. “A number of factors are contributing to a decrease in surgical procedures that take away from top line results. COVID resurgences continued to negatively impact surgical procedure volumes.”
Trudel said that material costs “continue to increase at record rates and we have taken measures to protect our company viability. On October 1, 2022, we enacted price increases on all of our products. The price adjustment increased our net product revenue and gross profit margins. We have also made strategic capital investments in our manufacturing capabilities that will help to offset the increasing cost of labor.”
Encision designs and markets high-performance surgical instrumentation.