Oculus Announces 1:7 Reverse Stock Split
Oculus Innovative Sciences (NASDAQ: OCLS) announced today that a 1-for-7 reverse split of its common stock will be effective at the open of business on Monday, April 1, 2013. The reverse stock split was previously approved by the company's stockholders at the company's special meeting held on March 22, 2013. The company's board of directors approved the implementation of a reverse stock split and determined the appropriate reverse stock split ratio to be a ratio of 1-for-7 on March 22, 2013.
Oculus has demonstrated strong fundamentals and growth as the company targets profitability. Operating losses, minus non-cash expenses (EBITDAS), for the nine months ended December 31, 2012, was $398,000, a significant reduction from $2.4 million in the same period in the prior year. Over the past four years, product revenues increased an average of 39% annually and current product gross margins are averaging greater than 70%. The company has a strong cash position, which is expected to be greater than $7.5 million at the end of the fourth quarter ending March 31, 2013.
Jim Schutz, Oculus