- Net sales increased $3.8 million, or 20%, to $22.8 million in fiscal 2011 due to higher sales of diabetic products, which increased $2.5 million, or 18%, and higher sales of Other Products, which increased $1.2 million, or 26%.
- Gross profit increased $0.8 million, or 20%, to $5.1 million in fiscal 2011 primarily due to the increase in net sales, and to a lesser extent, decreases in certain components of costs of goods sold as a percentage of sales. These improvements to costs of goods sold were offset, in part, by higher materials costs.
- Sales and marketing expenses increased $1.2 million, or 56%, to $3.4 million in fiscal 2011 primarily due to investments we made in personnel and the incurrence of related travel and entertainment costs. To a lesser extent, additional investments made with regard to office and telecommunication, product development, and sampling and promotion also contributed to the increase. Such investments were made in Fiscal 2011 in order to expand our business, the beginnings of which we expect to see in the first quarter of our 2012 fiscal year, with continued growth thereafter.
- General and administrative expenses increased $1.1 million, or 29%, to $4.7 million in fiscal 2011 primarily due to investments we made in personnel including the payment of retention and inducement bonuses and the incurrence of related travel and entertainment costs, which, in part, was related to the relocation of our executive offices. To a lesser extent, additional investments made with regard to telecommunication, general office, and professional services also contributed to the increase. Such investments are related to the anticipated growth referred to in the preceding paragraph.
- Other income (expense) increased to $58 thousand of income in fiscal 2011 from $10 thousand of income in fiscal 2010, due primarily to higher interest income resulting from a note receivable.
- Net loss was $2.9 million, or ($0.36) per share, in 2011 compared to net loss of $1.7 million, or ($0.21) per share, in fiscal 2010. The increase in net loss was due primarily to the investments in operating expenses made in respect of fiscal 2011 and in anticipation of the growth we expect for our fiscal 2012 year (primarily sales and marketing as well as general and administrative expenses), which were offset, in part, by higher gross profit and other income.
Forward Reports Fiscal 2011 Results
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.