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Encision Inc. (ECIA-0.21%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in net product revenue to $1,653,820 from $1,752,413 in the same quarter the previous year. The decrease is attributed to a reduction in sales of disposable products.
Net service revenue increased to $101,568 from $73,978, due to services performed under a Master Services Agreement with Vicarious Surgical Inc. (RBOT+11.15%)
Gross profit for the quarter was $828,482, down from $862,609 in the previous year, with the decline attributed to a non-cash cost increase to inventory reserves.
Sales and marketing expenses increased to $458,480 from $389,342, primarily due to trade shows and commissions.
General and administrative expenses rose slightly to $373,405 from $366,377, due to additional staffing needs.
Research and development expenses increased to $155,515 from $100,854, due to an increase in allocated resources for product development.
The company reported a net loss of $170,262 for the quarter, compared to a net loss of $7,529 in the previous year, primarily due to increased inventory reserves and operating expenses.
Cash provided by operating activities was $192,699, while cash used in investing activities was $42,559.
Encision had a working capital of $1,142,362 as of September 30, 2024, a decrease from $1,206,252 as of March 31, 2024.
The filing also details various financial agreements, including a line of credit with Pathward, N.A. (CASH+1.14%), and notes with U.S. Bank (USB+0.69%).
The company continues to focus on expanding the market for its AEM technology and improving sales efficiency.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Encision Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.