Costs related to both a voluntary recall and the departure of a chief executive officer resulted in Encision Inc. posting a net loss for its fiscal second quarter, officials for the Boulder-based maker of electrosurgery devices announced today.
In the three-month period that ended Sept. 30, Encision notched a net loss of $469,000, or 7 cents per share, on revenues of $3.3 million.
During the quarter, Encision incurred about $500,000 in one-time charges that included $430,000 in costs related to a voluntary recall of one of its products and the remainder coming from a separation expense for John R. Serino, who resigned on Sept. 16 to “pursue other interests.”
Encision officials announced the voluntary recall last week and announced the executive change — including the appointment of Fred Perner to CEO — in mid-August.
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