Mon, Sep 30, 8:04 PM (82 days ago)
Escalon Medical Corp. reported a slight decline in consolidated net revenue for the fiscal year ending June 30, 2024, totaling approximately $11,982,000, down 1.6% from the previous year. This decline was primarily due to a decrease in sales of Sonomed's ultrasound products, offset by increased sales from Trek products. Operating expenses rose 9% to $4,562,000, driven by temporary hiring and increased travel costs. Research and development expenses decreased by 16% to $688,000 as the company reduced consulting expenses. The company incurred a net loss of $125,261 compared to a profit of $456,826 in the prior year, contributing to an accumulated deficit of $68.5 million. The independent auditors expressed substantial doubt about the company's ability to continue as a going concern, given its history of operating losses and negative cash flows. The current ratio improved slightly to 1.65, with total debt decreasing to 22.5% of total capital, indicating a modestly stable financial condition. The company is actively seeking strategic partnerships and cost-cutting measures to enhance its future outlook.