Precision Optics reports 3% revenue slip
Optical instruments maker Precision Optics of Gardner reported a 3-percent year-over-year drop in revenue for its most recently competed quarter, but cited increased interest in the company’s products.
For the second quarter of its 2015 fiscal year, Precision said it brought in just under $977,000 in revenue. That’s down from $1 million in the same quarter in the last fiscal cycle. However, the company’s net loss of $321,223 is deeper than the $252,453 shortfall it declared last year.
The company’s second quarter ended Dec. 31.
For the first six months of the fiscal cycle, Precision took in $1.81 million in revenue, down from $1.92 in the previous year. Its net loss is $617,662, deeper than the $463,174 during the same span in fiscal 2014.
Despite the numbers, the company’s chief executive said the quarter “marked further progress” in the company’s growth and development.
“Demand for smaller and smaller medical devices continues to grow and our organization is engaged in development projects with several existing and new customers,” CEO Joseph Forkey said in a statement. “Minimally invasive surgical procedures will continue to expand and our design and optics capabilities can improve existing procedures and help facilitate new ones.”
More specifically, Forkey cited a jump in gross margin to 16.6 percent during the quarter, up from 13.5 percent in the first quarter.
"Improving gross margins and driving the business to profitability are near-term goals,” he added. “We are balancing those needs with continued investment to develop and improve technologies, expand our sales efforts, and broaden customer reach.”
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