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Escalon reports net loss despite increased revenue

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WAYNE, Pa. — Escalon Medical Corp. experienced a net loss of $1.986 million for its 2006 fiscal year despite a 10.6% increase in revenue over 2005, the company announced.

Company officials attribute the increased revenue to strong sales in the company's Drew, Sonomed, Vascular and Medical/Trek/EMI business units. Specifically, its Sonomed unit increased year-over-year revenue by 1%, and the Medical/Trek/EMI unit increased revenue by 10.8%, according to the press release.

Escalon attributes the net loss to losses incurred in its Drew business unit and an IntraLase royalty dispute. To return to profitability, the company plans to streamline the Drew unit's operations by merging two manufacturing plants and reducing costs at a third plant, according to the release.