NORTHVALE, NJ / ACCESSWIRE / July 16, 2018 / ADM Tronics Unlimited, Inc. (OTCQB: ADMT), a technology-based developer and manufacturer of innovative proprietary medical technologies and products, today announced results for fiscal year ended March 31, 2018.
As previously announced, last year ADMT initiated its strategic plan to redefine its business growth strategy, by dedicating more of its financial and human resources to the research, development, engineering and production of its own suite of proprietary medical technologies, resulting in reduced revenues from engineering services and medical device manufacturing from clients.
Andre' DiMino, President of ADMT commented, "We are committed to bringing our own suite of medical technologies to commercialization as we believe this strategy will have the greatest impact on our future growth and profitability. Our fiscal year 2018 financial results reflect that investment in our future. We are able to fund development of our own medical technologies organically from four consecutive years of revenues and profits, without equity dilution or debt." He continued, "We believe our strategy will be well rewarded as the success of any one of our proprietary technologies can result in a major pivotal transformation in the future growth potential of ADM Tronics, transitioning us into a med-tech company deserving of such multiples."
The proprietary technologies being developed by ADMT include Alvio®, a respiratory training and therapeutic device for sufferers of asthma, COPD and other respiratory conditions; Aurex-3®, a therapeutic technology for the treatment and control of tinnitus; and, Sonotron®, a non-invasive treatment modality for pain. ADMT is now bringing these and other technologies through various stages of development.
Revenues for the year ended March 31, 2018 were $3,754,212 as compared to $5,271,231 for the year ended March 31, 2017, a decrease of approximately 29%. Net income for the year was $109,737 or $0.00 per share as compared to $1,205,760 or $$0.02 per share. Operating expenses for the year ended 2018 increased to $1,954,492 as compared to $1,521,177 for March 31, 2017, primarily due to increased research and development. R&D expenses for the year ended March 31, 2018 were $527,659 as compared to $168,812 for the previous fiscal year an increase of over 212%, as a result of the Company's investment in development of its suite of proprietary medical technologies. Complete financial results are available in the Company's Annual Report on Form 10K available at www.sec.gov.
Financial Highlights
Fiscal Year Ended | Fiscal Year Ended | ||
Net revenues | $3,754,212 | $5,271,231 | |
Cost of revenues | $1,865,908 | $2,611,493 | |
Gross Profit | $1,888,304 | $2,659,738 | |
Operating expenses | $1,954,492 | $1,521,177 | |
Income (loss) from operations | ($66,188) | $1,138,561 | |
Total other income (expense) | $10,925 | ($1,801) | |
Benefit from income taxes | $166,000 | $69,000 | |
Net income | $109,737 | $1,205,760 | |
Net income per common share | $0.00 | $0.02 | |
Weighted average shares of common stock outstanding - diluted | 67,588,504 | 67,145,150 |
About ADMT
ADMT is a diversified, technology-based developer and manufacturer of innovative technologies and products. Its core competency is its ability to conceptualize a technology, bring it through development, into manufacturing and commercialization, all in-house. ADMT has three areas of activity: Proprietary Electronic Medical Devices; Design, Engineering, Regulatory and Manufacturing Services and Eco-Friendly, Safe, Water-Based Formulations. The Company's headquarters, laboratories, FDA-Registered medical device and manufacturing operations are located in Northvale, NJ. ADMT's multi-disciplinary team of engineers, researchers and technologists utilize advanced technology infrastructure, such as 3-D solid prototyping, precision instrumentation and specialized software and peripherals, for the research, development and commercialization of diversified technologies. Additional information is available at admtronics.com.
Except for historical information contained herein, the matters set forth in this news release are "forward looking" statements (as defined in the Private Securities Litigation Reform Act of 1995), including statements regarding future revenue growth and performance. Although ADMT believes the expectations reflected in such forward looking statements are based upon reasonable assumptions, there can be no assurance that its expectations will be realized. Forward looking statements involve risks and uncertainties that could cause actual results to differ materially from expectations. Factors that could contribute to such differences include those described from time to time in ADMT's filings with the SEC, news releases and other communications. The Company assumes no obligation to update the information contained in this news release.
Contact:
Andre' DiMino
201-767-6040
andre@admtronics.com
SOURCE: ADM Tronics Unlimited, Inc.
