Medica device firm Encisione says Q3 sales hit by robot competition, to restructure to cut costs
Overview
Medical device company's fiscal Q3 revenue fell 7.5% due to competition from surgical robots
Gross profit margin decreased significantly due to a large increase to the inventory reserve
Company is restructuring to reduce operating expenses, impact expected in Q4
Outlook
Encision expects revenue decrease to continue due to robotic surgeries replacing its procedures
Company restructuring to reduce operating expenses will impact fourth-quarter results
Result Drivers
SURGICAL ROBOTS - Revenue decline attributed to procedures performed by surgical robots replacing company procedures, per CEO Robert Fries
INVENTORY RESERVE - Gross profit margin decreased significantly due to a large increase to the inventory reserve
RESTRUCTURING - Company is restructuring and has reduced operating expenses substantially, impact expected in Q4
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Product Revenue |
| $1.41 mln |
|
Q3 Gross Profit |
| $543,000 |
|
Q3 Operating Expenses |
| $842,000 |
|
Q3 Operating Income |
| -$299,000 |
|
Press Release: ID:nACSJZSpza
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