Oculus Innovative Sciences Announces Fiscal Third Quarter 2007 Results.PETALUMA, Calif. -- Oculus oculus (Latin: “eye”) In architecture, any of several elements resembling an eye, such as a round or oval window or the round opening at the top of some domes (see Pantheon). Innovative Sciences, Inc. (Nasdaq:OCLS OCLS Off-Campus Library Services ) today announced financial results for the fiscal third quarter ended December 31, 2006. Revenue for the three months ended December 31, 2006 was $1.05 million, up 81% from $581,000 for the same period a year ago; higher in all segments but primarily attributable to higher sales to Mexican hospitals and pharmacies. Gross margins for the quarter were 28% compared to negative margins in the third quarter of the previous year. The improvement in gross margin resulted from higher revenue and a reduction of manufacturing expenses in Mexico. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. were $5.41 million for the third quarter of fiscal 2007, up from $4.62 million in the same period last year. The stock-based compensation charge for the three months ended December 31, 2006 was $790,000 compared to $224,000 for the same period last year. The third-quarter net loss from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the was $4.83 million, or $(1.17) per share, compared with a net loss from continuing operations of $5.67 million, or $(1.35) per share, in the third quarter of fiscal 2006. Revenue for the nine month period ended December 31, 2006 was $3.38 million, up 103% from $1.66 million for the same period last year. Sales were up in all segments with revenue from India and Mexico contributing the largest increases. Gross margins for the nine months were 34%, up from negative margins in the comparable period last year, as a result of having reduced manufacturing expenses in Mexico and redirecting the efforts in the U.S. from manufacturing to research and development. Operating expenses were $14.87 million for the nine months ended December 31, 2006, up from $13.28 million for the same period last year. The stock-based compensation charge for the nine months ended December 31, 2006 was $1.06 million compared to $491,000 for the same period last year. The net loss from continuing operations for the nine months ended December 31, 2006 was $13.49 million, or $(3.28) per share, down from $15.24 million, or $(3.69) per share, as a result of higher revenues and lower overall expenses. On January 24, 2007, during its fourth fiscal quarter, the Company completed an initial public offering of 3,025,000 shares of common stock providing net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). to the Company of $22.3 million. On February 16, 2007, the Company's underwriters partially exercised their over-allotment option and purchased 328,550 shares of common stock providing net proceeds to the Company of $2.4 million. Cash and cash equivalents at December 31, 2006 on an actual basis was $2.5 million. Cash and cash equivalents at December 31, 2006 on a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma basis, adjusted to reflect the proceeds from the initial public offering and exercise of the over-allotment (after deducting underwriter's discounts, commissions and non-accountable expenses) was $27.2 million. Mr. Hoji Alimi provided highlights from the most recent quarter on Wednesday, February 21, 2007, at 9:30 a.m. Pacific Time, during the Roth Capital Partners Roth Capital Partners, LLC, is a full service Investment Banking firm, specializing in the small and micro cap markets. Roth’s focus, according to its official website, "has been, is, and will continue to be providing the full spectrum of investment banking services, 19th Annual OC Conference in Dana Point, California Dana Point is a city located in southern Orange County, California. The population was 35,110 at the 2000 census. As one of the few harbors along the Orange County coast, and with ready access via California State Route 1, it is a popular local destination for surfing and is home . A replay of the presentation will be available on the Company's web site at http://ir.oculusis.com/events.cfm for approximately 90 days following the presentation. About Oculus Oculus Innovative Sciences, Inc. is a specialty pharmaceutical company focused on the development, manufacture and marketing of a family of products intended to help prevent and treat infection in acute and chronic wounds. Oculus' products based on its Microcyn Technology have received CE Mark, or European Union European Union (EU), name given since the ratification (Nov., 1993) of the Treaty of European Union, or Maastricht Treaty, to the European Community certification, for wound cleaning and reduction of microbial microbial pertaining to or emanating from a microbe. microbial digestion the breakdown of organic material, especially feedstuffs, by microbial organisms. load, three U.S. FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. 510(k) clearances as a medical device in wound cleaning, lubricating, moistening and dressing, and has been granted additional approvals in Canada, India and Mexico. Oculus' principal operations are in Petaluma, California, and it conducts operations in Europe and Latin America through its wholly owned subsidiaries, Oculus Innovative Sciences Netherlands B.V. and Oculus Technologies of Mexico, S.A. de C.V. Our website is www.oculusis.com. Oculus and Microcyn are trademarks or registered trademarks of Oculus Innovative Sciences, Inc. [TABLE OMITTED] |
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