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Synergetics reports quarterly net loss of $1.38 million

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Synergetics reported a net loss of $1.38 million in the second quarter ended Jan. 31, compared with a net income of $1.87 million in the same quarter last year, according to a company news release.

Quarterly net sales dropped to $14.1 million from $15.1 million a year ago, while cost of sales increased to $8.9 million from $6.1 million. As a result, gross profit dropped to $5.2 million from $9 million.

Ophthalmic sales accounted for $8.7 million in the quarter, down from $8.9 million, although the decline partially was countered by new sales related to VersaVIT, the release said.

For the first two quarters of the fiscal year, Synergetics reported a net loss of $30,000. During the same period a year ago, the company reported a net income of $2.6 million.