ESMC on OTC
ESCALON MEDICAL CORP
American electromedical and electrotherapeutic apparatus company1
In its 2026 annual report the company says: “The Company operates in the healthcare market, specializing in the development, manufacture, marketing and distribution of medical devices for ophthalmic applications. The Company and its products are subject to regulation and inspection by the United States Food and Drug Administration.”4 It is headquartered in Wayne, Pennsylvania.1 Its shares trade on OTC under the symbol ESMC.1
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Last updated Oct 20, 2026.
Overview
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- TickerESMC on OTC1
- IndustryElectromedical & Electrotherapeutic Apparatus1
- HeadquartersWayne, Pennsylvania1
- Incorporated inPA3
- Business address435 Devon Park Road, Suite 824, Wayne, Pa 190873
- Filer categoryNon-accelerated filer, Smaller reporting company3
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Escalon Medical Corp. ("Escalon" or "Company") is a Pennsylvania corporation initially incorporated in California in 1987, and reincorporated in Pennsylvania in November 2001. Within this document, the “Company” collectively shall mean Escalon, which includes its division called "Trek" and its wholly owned subsidiaries: Sonomed, Inc. (“Sonomed”), Escalon Digital Solutions, Inc. (“EMI”), and Sonomed IP Holdings, Inc. All intercompany accounts and transactions have been eliminated.4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2026
Where the money goes
Where each dollar of revenue went, fiscal 2026
- Cost of revenue40¢$7.2M
- Research and development3¢$501.5K
- Selling, general and admin28¢$5.0M
- Income tax6¢$1.1M
- Profit22¢$4.0M
Out of $12.7M in revenue.2
Financial statements
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $9.6M5 | $9.4M5 | $10.5M6 | $10.7M7 | $12.2M8 | $12.0M9 | $12.0M2 | $12.7M2 |
| Cost of revenue | $5.0M5 | $5.2M10 | $6.0M6 | $6.1M7 | $6.7M8 | $6.8M9 | $6.5M2 | $7.2M2 |
| Research and development | $739.8K5 | $1.1M10 | $890.5K6 | $991.0K7 | $818.8K8 | $688.2K9 | $753.1K2 | $501.5K2 |
| Selling, general and admin | $4.1M5 | $3.9M10 | $3.6M6 | $4.1M7 | $4.2M8 | $4.6M9 | $4.6M2 | $5.0M2 |
| Operating expenses | $11.2M7 | $11.7M8 | $12.1M9 | $11.9M2 | $12.7M2 | |||
| Operating income | -$253.0K5 | -$1.4M10 | -$33.7K6 | -$470.1K7 | $478.5K8 | -$104.5K9 | $133.2K2 | $45.2K2 |
| Interest | $17.4K5 | $13.6K10 | $21.8K6 | $18.4K7 | $21.7K8 | $20.8K8 | ||
| Income before tax | $105.5K2 | $2.9M2 | ||||||
| Income tax | $07 | $08 | $09 | $02 | -$1.1M2 | |||
| Net income | -$250.0K5 | -$650.3K10 | -$52.0K6 | $18.1K7 | $456.8K8 | -$125.3K9 | $105.5K2 | $4.0M2 |
| Earnings per share | -$0.045 | -$0.0910 | -$0.016 | $0.007 | $0.038 | -$0.029 | $0.002 | $0.272 |
| Earnings per share (diluted) | -$0.045 | -$0.0910 | -$0.016 | $0.007 | $0.038 | -$0.029 | $0.002 | $0.272 |
| Shares (weighted, basic) | 7.4M shares7 | 7.4M shares8 | 7.4M shares9 | 7.4M shares2 | 7.4M shares2 | |||
| Shares (weighted, diluted) | 13.2M shares7 | 13.6M shares8 | 7.4M shares9 | 14.3M shares2 | 14.6M shares2 |
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Cash | $1.1M10 | $826.0K6 | $1.7M7 | $593.9K8 | $889.7K9 | $209.0K2 | $545.8K2 | $3.1M2 |
| Receivables | $1.5M7 | $1.7M8 | $2.1M9 | $1.5M2 | $1.9M2 | |||
| Inventory | $1.6M7 | $1.6M8 | $1.6M9 | $2.1M2 | $1.7M2 | |||
| Current assets | $4.3M5 | $4.3M10 | $4.6M6 | $4.2M7 | $4.6M8 | $4.4M9 | $4.6M2 | $7.0M2 |
| Property, plant and equipment | $52.7K7 | $34.1K8 | $48.9K9 | $34.6K2 | $26.6K2 | |||
| Intangible assets | $82.8K7 | $70.0K8 | $49.4K9 | $29.8K2 | $8.1K2 | |||
| Total assets | $5.1M5 | $5.7M10 | $5.7M6 | $5.2M7 | $5.3M8 | $4.8M9 | $5.0M2 | $9.1M2 |
| Accounts payable | $1.0M7 | $1.2M8 | $1.4M9 | $1.4M2 | $928.6K2 | |||
| Short-term debt | $201.6K7 | $07 | ||||||
| Current liabilities | $2.3M5 | $2.9M10 | $3.4M6 | $3.0M7 | $2.9M8 | $2.7M9 | $2.7M2 | $2.4M2 |
| Long-term liabilities | $692.2K7 | $520.0K8 | $279.4K8 | |||||
| Total liabilities | $3.0M5 | $4.2M10 | $4.2M6 | $3.7M7 | $3.4M8 | $2.9M9 | $3.1M2 | $3.2M2 |
| Retained earnings | -$68.9M7 | -$68.4M8 | -$68.5M9 | -$68.4M2 | -$64.4M2 | |||
| Shareholders’ equity | $2.2M10 | $1.5M6 | $1.5M7 | $1.5M8 | $1.9M9 | $1.8M2 | $1.9M2 | $5.9M2 |
| Shares outstanding | 7.4M shares14 | 7.4M shares5 | 7.4M shares10 | 7.4M shares6 | 7.4M shares7 | 7.4M shares8 | 7.4M shares9 | 7.4M shares2 |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | -$472.7K5 | -$168.5K10 | $838.7K6 | -$1.0M7 | $325.1K8 | -$602.8K9 | $380.7K2 | -$402.6K2 |
| Depreciation and amortization | $48.4K7 | $45.2K8 | $46.0K9 | $37.8K2 | $22.6K2 | |||
| Capital spending | $07 | $6.7K8 | $40.3K9 | $3.9K2 | $4.4K2 | |||
| Free cash flow | -$1.0M | $318.5K | -$643.1K | $376.8K | -$407.0K | |||
| Cash from investing | $07 | -$13.8K8 | -$40.3K9 | -$3.9K2 | $2.8M2 | |||
| Cash from financing | -$6.9K7 | -$15.4K8 | -$37.5K9 | -$39.9K2 | -$129.9K2 |
Corporate structure
ESCALON MEDICAL CORP sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of ESCALON MEDICAL CORP
- LPL Financial Filed SCHEDULE 13G on ESCALON MEDICAL CORP, latest Apr 9, 2026
- Charles Carter Newton Filed SCHEDULE 13G/A on ESCALON MEDICAL CORP, latest Oct 6, 2025 (4 filings since May 23, 2025)
- ESCALON MEDICAL CORP Wayne, Pennsylvania
Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What ESCALON MEDICAL CORP reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, before depreciation | $993.9K2 Jun 30, 2026 | $989.5K2 Jun 30, 2025 | +0.4% |
| Accumulated depreciation | $967.3K2 Jun 30, 2026 | $954.9K2 Jun 30, 2025 | +1.3% |
| Property and equipment, net | $26.6K2 Jun 30, 2026 | $34.6K2 Jun 30, 2025 | −23.1% |
| Operating-lease assets (leased space) | $827.1K2 Jun 30, 2026 | $254.0K2 Jun 30, 2025 | +225.7% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $3.1M2 Jun 30, 2026 | $545.8K2 Jun 30, 2025 | +461.6% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Finite-lived intangibles, net | $8.1K2 Jun 30, 2026 | $29.8K2 Jun 30, 2025 | −72.7% |
Inventory
| Item | Latest | A year before | Change |
|---|---|---|---|
| Inventory, total | $1.7M2 Jun 30, 2026 | $2.1M2 Jun 30, 2025 | −19.1% |
| Raw materials | $997.5K2 Jun 30, 2026 | $1.1M2 Jun 30, 2025 | −11.0% |
| Work in process | $59.6K2 Jun 30, 2026 | $96.5K2 Jun 30, 2025 | −38.3% |
| Finished goods | $676.9K2 Jun 30, 2026 | $925.2K2 Jun 30, 2025 | −26.8% |
Properties, in its own words
As of June 30, 2026, the Company leased an aggregate of 15,437 square feet of space for (i) its corporate offices in Wayne, Pennsylvania, (ii) Sonomed’s manufacturing facility in Westbury, New York, and (iii) Trek’s distribution facility in New Berlin, Wisconsin. The corporate office lease terminated on July 15, 2025. Then the Company had a month to month lease until July 15, 2026 when it relocated its corporate offices to another building of 3,012 square feet in Wayne, Pennsylvania in early July 2026. The lease for the new corporate office expires on September 30, 2031. Please refer to Note 14-Subsequent Event. The lease for the Company’s Wisconsin distribution facility, which comprises 7,440 square feet, expires on April 30, 2028. The lease for the Sonomed facility located in Westbury, New York, consisting of 5,811 square feet, expires on October 22, 2032.
Item 2 of the 10-K filed Oct 13, 2026.4
Leadership
Who has led ESCALON MEDICAL CORP, and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
- Chief executive officerRichard J. Depiano Dec 3, 2007 to Nov 18, 200915
- ChairRichard J. Depiano Dec 3, 2007 to Nov 18, 200915
- Chief financial officerRobert Michael O'Connor Jul 14, 2006 to May 12, 201416
Board members and other officers (12)
- Chief Financail OfficerRobert Michael O'Connor Dec 3, 2007 to Nov 18, 200917
- Principal Accounting OfficerBerkowitz David Mar 9, 2006 to Mar 9, 200618
- Board memberDavid James Jacovini Feb 21, 2018 to Feb 21, 201819
- Board memberJohn Dogum Feb 22, 2018 to Feb 22, 201820
- Board memberC. Todd Trusk Nov 13, 2015 to May 16, 201621
- Board memberRichard J. Depiano May 12, 2014 to Feb 16, 201822
- Board memberC. Sean Closkey May 24, 2013 to May 16, 201623
- Board memberAnthony J. Coppola Dec 3, 2007 to Sep 29, 200824
- Board memberFred G. Choate Dec 3, 2007 to May 12, 201425
- Board memberJay L. Federman Md. Dec 3, 2007 to Sep 29, 200826
- Board memberLisa A. Napolitano Dec 3, 2007 to May 16, 201627
- Board memberWilliam L. G. Kwan Nov 13, 2006 to Sep 29, 200828
Timeline
Filings
32 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 3 major events, 5 large holders, 3 other. The latest 20:
- Oct 13, 202610-K EDGAR
- Sep 28, 2026NT 10-K NOTIFICATION OF LATE FILING EDGAR
- May 15, 202610-Q EDGAR
- Apr 9, 2026SCHEDULE 13G EDGAR
- Feb 17, 202610-Q EDGAR
- Jan 29, 20268-K CURRENT REPORT EDGAR
- Nov 14, 202510-Q EDGAR
- Oct 6, 2025SCHEDULE 13G/A EDGAR
- Sep 29, 202510-K EDGAR
- Jul 8, 2025SCHEDULE 13G/A EDGAR
- May 23, 2025SCHEDULE 13G EDGAR
- May 23, 2025SCHEDULE 13G EDGAR
- May 14, 202510-Q EDGAR
- Apr 4, 20258-K CURRENT REPORT EDGAR
- Feb 14, 202510-Q EDGAR
- Nov 14, 202410-Q EDGAR
- Sep 30, 202410-K EDGAR
- May 14, 202410-Q EDGAR
- Feb 14, 202410-Q EDGAR
- Nov 17, 202310-Q EDGAR
The 32 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- LPL FinancialSCHEDULE 13G, 1 filing Apr 9, 202632
- Charles Carter NewtonSCHEDULE 13G/A, 4 filings May 23, 2025 to Oct 6, 202533
SEC filer profile
How ESCALON MEDICAL CORP is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARESCALON MEDICAL CORP1
- CIK0000862668
- Employer ID (EIN)33-02728394
- Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
- Incorporated inPennsylvania4
- Fiscal year endsJune 301
- Industry code (SIC)3845 Electromedical & Electrotherapeutic Apparatus1
- SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance1
- Business address435 Devon Park Road, Suite 824, Wayne, PA 190871
- Phone61068868301
- Shares outstanding7,415,329 shares as of Sep 25, 20264
- Public float$505.6K as of Dec 31, 20254
- AuditorCBIZ, CPAs P.C., Marlton, New Jersey PCAOB ID 199; no auditor attestation of internal control over financial reporting4
- On EDGAR sinceAug 27, 19961
- Filings465 in all: 10-Q (87), 4 (83), 8-K (72), 10-K (27), 10-K/A (23), DEF 14A (21), CORRESP (12), SC 13G/A (12)1
All 41 form types
3 (11), UPLOAD (11), ARS (9), CB/A (8), DEFA14A (8), 8-K/A (7), 4/A (6), NT 10-K (6), SC 13G (6), NT 10-Q (5), 10-Q/A (4), PRE 14A (4), S-3 (4), S-3/A (4), SC 13D/A (4), 10-K405 (3), 10QSB (3), S-8 (3), SC 13D (3), SCHEDULE 13G (3), 424B3 (2), REGDEX (2), SCHEDULE 13G/A (2), 10-K405/A (1), 10KSB (1), 10KSB/A (1), 25-NSE (1), CB (1), DEFR14A (1), EFFECT (1), NT 10-Q/A (1), POS AM (1), PRER14A (1)
- Latest filingsAnnual report (10-K) Oct 13, 2026
Quarterly report (10-Q) May 15, 2026
Proxy statement (DEF 14A) May 18, 2017
Latest 8-K (8-K) Jan 29, 2026
Risk factors and legal proceedings
The risks ESCALON MEDICAL CORP names in Item 1A of its 10-K filed Oct 13, 2026: 19 risks under these headings, as written.4
- Financial Risks
- There are inherent uncertainties involved in estimates, judgments and assumptions used in the preparation of financial statements in accordance with United States GAAP. Any changes in estimates, judgments and assumptions used could have a material adverse effect on the Company’s business, financial position and operating results.
- Operational Risk
- Any acquisitions, strategic alliances, joint ventures and divestitures that the Company effects, if any, could result in financial results that differ from market expectations.
- The Company’s results fluctuate from quarter to quarter.
- Failure of the market to accept the Company’s products could adversely impact the Company’s business and financial condition.
- The success of products with which the Company’s products compete could have an adverse impact on the Company’s business.
- Lack of availability of key system components could result in delays, increased costs or costly redesign of the Company’s products.
- The Company is dependent on its management and key personnel to succeed.
- Legal, Regulatory and Global
- The Company’s products are subject to stringent ongoing regulation by the FDA and similar domestic and foreign health care regulatory authorities, and if the regulatory approvals or clearances of the Company’s products are restricted or revoked, the Company could face delays that would impair the Company’s ability to generate funds from operations.
- Tariffs and International Trade Policies
The other 11 risks
- The Company’s products employ proprietary technology, and this technology may infringe on the intellectual property rights of third parties.
- The Company’s ability to market or sell the Company’s products may be adversely impacted by limitations on reimbursements by government programs, private insurance plans and other third-party payers.
- The Company may become involved in product liability litigation, which may subject the Company to liability and divert management attention.
- The Company’s international operations could be adversely impacted by changes in laws or policies of foreign governmental agencies and social and economic conditions in the countries in which the Company operates.
- The impact of terrorism or acts of war could have a material adverse impact on the Company’s business.
- The Company’s charter documents and Pennsylvania law may inhibit a takeover.
- Healthcare policy changes, including pending proposals to reform the U.S. healthcare system and implementation of the Affordable Healthcare Act, may have a material adverse effect on the Company.
- Future legislation or changes in government programs may adversely impact the market for the Company’s products.
- Information Security, Cybersecurity and Data Privacy Risks
- Cybersecurity incidents could disrupt business operations, result in the loss of critical and confidential information and adversely impact the Company's reputation and results of operations.
- The Company’s Chairman and Chief Executive Officer, Richard DePiano Jr. is the Company’s controlling stockholder and has sufficient voting power to determine the outcome of all matters submitted to the Company’s stockholders for approval.
- The market price of the Company’s stock has historically been volatile, and the Company has not paid cash dividends.
Legal proceedings
The Company, from time to time is involved in various legal proceedings and disputes that arise in the normal course of business. These matters have previously and could pertain to intellectual property disputes, commercial contract disputes, employment disputes, and other matters. The Company does not believe that the resolution of any of these matters has had or is likely to have a material adverse impact on the Company’s business, financial condition or results of operations.
The opening of Item 3, Legal Proceedings.4
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 19SEC EDGARDavid James Jacovini, Board member
- 20SEC EDGARJohn Dogum, Board member
- 21SEC EDGARC. Todd Trusk, Board member
- 22SEC EDGARRichard J. Depiano, Board member
- 23SEC EDGARC. Sean Closkey, Board member
- 24SEC EDGARAnthony J. Coppola, Board member
- 25SEC EDGARFred G. Choate, Board member
- 26SEC EDGARJay L. Federman Md., Board member
- 27SEC EDGARLisa A. Napolitano, Board member
- 28SEC EDGARWilliam L. G. Kwan, Board member
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- 30SEC EDGARChange of auditor
- 31SEC EDGARChange of auditor
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