- Cash Position of $8.3 Million at End of Q2 FY 2013 with EBITDAS Loss of $235,000 for First Six Months of FY 2013
- Revenues of $8.6 Million for First Half FY 2013 with Product Revenue Growth of 32%
- Reduction of $2.8 Million in Annual SG&A Costs as Result of Partnership with More Pharma
- EBITDAS Profitability Anticipated During FY 2014
- NASDAQ Net Worth Achieved
- Scar Study Top-Line Data Expected Before End of FY 2013
- New Dermatology Product to be Introduced in Q4 FY 2013
- Additional International Regulatory Approvals and Commercialization in China and India Expected Q4 FY 2013
- Potential Partnerships in Europe
PETALUMA, Calif., Dec. 11, 2012 (GLOBE NEWSWIRE) -- Oculus Innovative Sciences, Inc. (Nasdaq:OCLS) a healthcare company that designs, produces and markets innovative, safe and effective anti-infective medical devices while also developing multiple drug candidates, today provided a market update for the second half of 2012.
Financial Update/EBITDAS Profitability Expected During FY 2014
Total revenue was $8.6 million in the six months ended September 30, 2012, compared to $6.6 million in the same period last year with product revenue growing at 32% over the same period last year. Operating loss minus non-cash expenses (EBITDAS) for these six months was $235,000 compared to $1.2 million in the same period last year. If adjusted for one-time severance costs of $410,000 relating to the transaction with Oculus partner, More Pharma, Oculus would have been EBITDAS profitable for the first half of FY 2013. The company's cash position as of September 30, 2012 was $8.3 million.Oculus management believes the combination of the growing revenue, especially in the United States, and reduced operating expenses in Mexico, should result in consistent EBITDAS profitability sometime in fiscal year 2014, excluding expenses directly related to clinical drug trials. Once realized, Oculus will then target cash flow breakeven, which will be facilitated by continued revenue growth and maintenance of reduced cash operating expenses. Management provided product revenue growth guidance of up to 25% for the full fiscal year 2013, compared to the same period last year.