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Oculus Innovative Sciences, Inc. (Nasdaq:OCLS) today announced financial and operating results for the third quarter of fiscal year 2011, ended December 31, 2010. Total revenue was $2.3 million in the third quarter of fiscal 2011, compared to $1.6 million in the third quarter of fiscal 2010. Product revenue was $2.0 million, up 48%, from $1.4 million in the prior third quarter primarily due to higher sales in the United States, Mexico, Europe and the Middle East; while partially offset by a slight decline in India. Operating expenses minus non-cash expenses for the quarter were $2.8 million, up from $2.4 million in the same period last year.
Hoji Alimi, founder and CEO of Oculus said, “We continue to focus on our business strategy of targeting profitability and increased profit margins via collaborative partnerships in multiple markets including dermatology, animal healthcare, oral care and others. As we secure new FDA clearances in the coming quarters, it is our intent to have partnership discussions in place so that commercialization quickly follows.”
Product revenue in the United States increased $170,000, or 55% compared to the same quarter last year, with growth in animal health care, resulting from national advertising programs and sales initiatives sponsored by Oculus’ partner, Innovacyn, as well as an increase in U.S. human wound care sales.
Revenue in Mexico increased 23% from the prior year period with 41% growth in the smaller 120-milliliter and 240-milliliter units, partially offset by 4% decline in the five-liter units. Due to the higher margins of the smaller units, Oculus’ sales force has been focused on promoting the growth of the smaller units sold to the pharmacies and private hospitals. The unit sales of the 120-milliliter and 240-milliliter presentations, which are primarily sold to pharmacies in Mexico, increased 33% from the prior year to a monthly average of 47,000 units compared to 35,000 in the same period last year.