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Encision (ECIA)

Encision, Inc. is a medical device company. The firm is engaged in the designing, developing and manufacturing of patented surgical instruments in the United States. Its patented Active Electrode Monitoring technology provides surgeons with the desired tissue effects of cutting and coagulating tissue in laparoscopic procedures while preventing stray electrosurgical energy that can cause complications and even death. The company was founded by Vern D. Kornelsen, David W. Newton, and Roger C. Odell on February 1, 1991 and is headquartered in Boulder, CO.

Company profile

Ticker
ECIA
Exchange
CEO
Gregory J. Trudel
Employees
Incorporated
Location
Fiscal year end
Former names
ELECTROSCOPE INC
SEC CIK
IRS number
841162056

ECIA stock data

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

13 Jul 22
9 Aug 22
31 Mar 23
Quarter (USD) Mar 22 Dec 21 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Mar 22 Mar 21 Mar 20 Mar 19
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 949.65K 949.65K 949.65K 949.65K 949.65K 949.65K
Cash burn (monthly) 158.19K 43.72K 134.32K 49.58K 142.34K 37.04K
Cash used (since last report) 681.05K 188.25K 578.28K 213.45K 612.84K 159.45K
Cash remaining 268.59K 761.4K 371.36K 736.2K 336.81K 790.19K
Runway (months of cash) 1.7 17.4 2.8 14.8 2.4 21.3

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
8 Jul 22 Peter D Geary Common Stock Buy Acquire P No No 0.41 40,000 16.4K 40,000
10 Jan 22 Fries Robert H common stock Buy Acquire P No No 0.35 5,000 1.75K 545,000
10 Jan 22 Brian J Jackman common stock Sale back to company Acquire D No No 1.48 4,678 6.92K 11,172
10 Jan 22 Brian J Jackman common stock Grant Acquire A No No 0.35 10,000 3.5K 15,850
10 Jan 22 Gregory J. Trudel common stock Sale back to company Acquire D No No 1.48 39,813 58.92K 94,522
10 Jan 22 Gregory J. Trudel common stock Grant Acquire A No No 0.3 70,000 21K 134,335
13 Oct 21 Kornelsen Vern D Common Stock Option to Buy common stock Grant Acquire A No No 1.4 25,000 35K 25,000
8.4% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 1 1
Opened positions 0 1 EXIT
Closed positions 0 0
Increased positions 0 0
Reduced positions 0 0
13F shares Current Prev Q Change
Total value 424K 424K
Total shares 985K 985K
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
DAFNA Capital Management 985K $424K 0.0%
Largest transactions Shares Bought/sold Change
DAFNA Capital Management 985K 0 0.0%

Financial report summary

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Competition
MedtronicMedtronic
Management Discussion
  • Net Product revenue. Net product revenue for the fiscal year ended March 31, 2022 (“FY 22”) was $6,914,678, and for the fiscal year ended March 31, 2021 (“FY 21”), net revenue was $7,010,657, a decrease of 1%. The decrease of AEM product net revenue is attributable to business lost from hospitals that used AEM technology during the year. Product revenue for the fiscal year ended March 31, 2022 decreased primarily as a result of the decrease in non-essential surgical procedures performed during this period due to the COVID-19 pandemic. At March 31, 2022, we had approximately $136,000 of backorders due to a constraint by our product vendors in supplying us with product materials.
  • Net Service revenue. Net service revenue for FY 22 was $753,958, and for FY 21 net service revenue was $527,177. Net service revenue was for engineering services performed under a Master Services Agreement with Auris Health, Inc. (“Auris Health”). Auris Health is a part of the Johnson & Johnson family of companies. Under the agreement, we collaborated on the integration of AEM technology into monopolar instrumentation produced by Auris Health for advanced surgical applications. On August 23, 2021, we entered into a Supply Agreement with Auris Health, Inc. On May 5, 2022, the parties mutually agreed to terminate all of our agreements.
  • Gross profit. Gross profit in FY 22 was $3,788,418, which represented a decrease of $116,685, or 3%, from gross profit in FY 21 of $3,905,103. Gross profit margin was 49% of net revenue for FY 22 and 52% of net revenue for FY 21. Gross profit decreased in FY 22 from FY 21 due principally to higher material costs. Our supplier agreements with GPOs include fixed pricing, with no allowance for inflationary pricing. Our product revenue from GPOs in FY 22 was approximately 82% of our total product revenue. In FY 22, we had increased product vendor costs that were not allowed to be passed on to our GPO customers and resulted in a compressed gross profit margin.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
8th grade Avg
New words: attention, Bailly, book, booked, brought, compressed, Consent, constraint, count, covid, CPA, earlier, Edie, expend, formatted, geographical, GPO, ID, identification, implement, implementation, implementing, inflationary, Inline, invoice, iv, labor, month, newly, overhead, Page, physical, prototype, raw, repurchase, sample, senior, September, seventeen, suitable, usability, vendor, verification, XBRL
Removed: abatement, bid, condensed, landlord, laparascopic, represent, retail