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Escalon net revenue rises in FY2010

Escalon Medical, a company that develops, markets and distributes ophthalmic diagnostic, surgical products and pharmaceuticals, has reported a net revenue of $31.64m for the fiscal year ended 30 June 2010, compared to $30.73m in the prior year.

The company has posted a net loss of $413,864 for the year ended 30 June 2010, or $ 0.06 loss per diluted share, compared to net loss of $12.97m, or $1.81 loss per diluted share, for the comparable period in 2009.

Escalon Medical chairman and CEO Richard DePiano said that given the difficult economic times both domestically and internationally they have been able to maintain level of revenue through fiscal 2010.

“While the resulting loss is still disappointing to us, we are encouraged by the trend our divisions have been experiencing,” DePiano said.

“Product revenue decreased $176,000, or 8.5%, in the EMI business segment when compared to the last fiscal year.

“In the Drew business unit, product revenue increased $1,318,000, or 7.3%, as compared to last fiscal year. The increase in product revenue is primarily due to the acquisition of Biocode in December 2008.”