Escalon Medical Corp (NASDAQ: ESMC) is a healthcare medical device company that develops, manufactures, markets, and distributes devices for ophthalmic applications. Revenue comes from transactional product sales of ophthalmic diagnostic and surgical equipment. The company operates under FDA jurisdiction, which governs product safety, efficacy, manufacture, labeling, and marketing. Products include the A-Scan, which uses ultrasound to measure internal eye structures and calculate intraocular lens power for implants, and the B-Scan, a diagnostic tool that images internal eye structures when ocular media are cloudy or opaque. As of June 30, 2025, Escalon held approximately $546,000 in cash on hand and $256,000 in restricted cash, with working capital of $1.927 million and a current ratio of 1.72 to 1. The company has not historically generated sufficient revenues to achieve profitability and has disclosed going-concern risk. Richard J. DePiano, Jr. controls approximately 59.9% of outstanding shares as of the filing date. The fiscal year ends June 30.

Revenue model

Transactional product sales of ophthalmic medical devices, including diagnostic ultrasound equipment. No subscription or recurring revenue streams are described in the filing excerpts.

Products and services

A-Scan ultrasound device for measuring internal eye structures and calculating intraocular lens implant power. B-Scan ultrasound diagnostic tool for imaging internal eye structures through opaque or cloudy ocular media.

Customers and end markets

Ophthalmology healthcare market. End customers are physicians and medical facilities using diagnostic and surgical ophthalmic equipment. No customer concentration percentages are disclosed in the filing excerpts.

Value-chain role

Vertically integrated developer, manufacturer, and distributor of ophthalmic medical devices. Subject to FDA regulation on product safety, efficacy, manufacture, labeling, and marketing.

Geographic exposure

United States, with FDA regulatory oversight. No international revenue breakdown is disclosed in the filing excerpts.

Source: SEC 10-K, filed 2025-09-29

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