I had been hoping all along to be able to just put this one away and let it slowly grow. Can't do that with this one though. If the patient is in bad shape, he must closely be watched.
Total Revenue of $30.1 million; up 9% Y/Y and 5% over 1Q. Gross margin of $2.6 million, or 9% comopared ot 6% a year ago, and 8% 1q. Positive Gross Margin in eight of the last nine quarters. Revenues, 2012, up 24% Y/Y. Revenues and Gross margins highest point in company history. 5 years of consecutive Y/Y quarterly revenue growth. Cash burn of $2.6 million, compared to $7.4 million a year ago. Cash burn used in operations dropped 66% Y/Y. Strong cash balance of $45.2 million at September 30, 2012. Order flow increase of 21% Y/Y Improved DSO, inventory turns, and healthy cash balance. Continued progress projected in 2nd half of fiscal 2012. Higher sales volume of C-200s and C-1000s. Higher average selling prices. Lower direct material costs. Selling, general and administrative expenses decreased $1 million in 2Q from 1Q. Net loss was $1.6 less than 1Q. Distributor network expanding. Revenue from accessories, parts and service increased $1.3 million over 1Q. SG & A expenses down $1 million, 14% from 1Q. DSO dropped to 46 days from 59 days in 1Q and 77 days 2012 Strong collections of $34 million in cash. Low debt with $12 million in Wells Fargo credit line. Margin improvement projected for both 3Q and 4Q.
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