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WKN: A1C0JP | ISIN: US74265M2052 | Ticker-Symbol: PDXN
Frankfurt
07.11.24
08:12 Uhr
39,400 Euro
+1,600
+4,23 %
Branche
Elektrotechnologie
Aktienmarkt
Sonstige
1-Jahres-Chart
PRO-DEX INC Chart 1 Jahr
5-Tage-Chart
PRO-DEX INC 5-Tage-Chart
RealtimeGeldBriefZeit
37,00038,60020:04
ACCESSWIRE
194 Leser
Artikel bewerten:
(1)

PRO-DEX, INC. Announces Fiscal 2025 First Quarter Results

IRVINE, CA / ACCESSWIRE / October 31, 2024 / PRO-DEX, INC. (NASDAQ:PDEX) today announced financial results for its fiscal 2025 first quarter ended September 30, 2024. The Company also filed its Quarterly Report on Form 10-Q for the first quarter of fiscal year 2025 with the Securities and Exchange Commission today.

Quarter Ended September 30, 2024

Net sales for the three months ended September 30, 2024, increased $3.0 million, or 25%, to $14.9 million from $11.9 million for the three months ended September 30, 2023. The increase is driven primarily by $1.1 million in increased repairs of the surgical handpiece we sell to our largest customer as well as the shipment of that customer's next generation handpiece to satisfy its limited market release.

Gross profit for the threemonths ended September 30, 2024, increased $1.5 million, or 41%, compared to the year-ago period. Gross margin increased by 4 percentage points to 35% during the three months ended September 30, 2024, compared to 31% during the corresponding year-ago period, due primarily to a favorable product mix.

Operating expenses (which include selling, general and administrative, and research and development expenses) for the quarter ended September 30, 2024, increased $312,000, or 17%, to $2.1 million compared to $1.8 million for the corresponding quarter in 2023. The increase relates primarily to increased general and administrative expenses relating to higher personnel costs and higher bonus accruals.

Our operating income for the quarter ended September 30, 2024, increased $1.2 million or 64%, to $3.0 million compared to $1.8 million for the prior fiscal year's corresponding quarter. The increase reflects our increased sales and gross profit, as described above.

Net income for the quarter ended September 30, 2024, increased to $2.5 million, or $0.75 per diluted share, compared to net loss of $615,000, or $0.17 per diluted share, for the quarter ended September 30, 2023. Our net income for the quarter ended September 30, 2024, contains unrealized gains on our marketable equity investments of $433,000 while our net loss for the quarter ended September 30, 2023, includes unrealized losses on investments of $2.6 million. All of our investments are recorded at estimated fair value, and the period-to-period valuation can be highly volatile.

CEO Comments

Richard L. ("Rick") Van Kirk, the Company's President and Chief Executive Officer, commented, "We are pleased with our first quarter results and excited to have facilitated the initial shipment of the next generation handpiece to our largest customer." Mr. Van Kirk concluded, "We expect to ship production volumes of the new handpiece during the second half of this fiscal year."

About Pro-Dex, Inc.:

Pro-Dex, Inc. specializes in the design, development, and manufacture of autoclavable, battery-powered and electric, multi-function surgical drivers and shavers used primarily in the orthopedic, thoracic, and maxocranial facial markets. We have patented adoptive torque-limiting software and proprietary sealing solutions that appeal to our customers, primarily medical device distributors. Pro-Dex also sells compact pneumatic air motors for a variety of industrial applications. Pro-Dex's products are found in hospitals and medical engineering labs around the world. For more information, visit the Company's website at www.pro-dex.com.

Statements herein concerning the Company's plans, growth, and strategies may include 'forward-looking statements' within the context of the federal securities laws. Statements regarding the Company's future events, developments, and future performance, as well as management's expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. The Company's actual results may differ materially from those suggested as a result of various factors. Interested parties should refer to the risk factors and other disclosures concerning the operational and business concerns of the Company set forth in the Company's filings with the Securities and Exchange Commission.

(tables follow)

PRO-DEX, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share amounts)

September 30,
2024

June 30,
2024

ASSETS

Current Assets:

Cash and cash equivalents

$

3,081

$

2,631

Investments

4,738

4,217

Accounts receivable, net of allowance for credit losses of $3 and $0 at September 30, 2024 and at June 30, 2024, respectively

13,456

13,887

Deferred costs

211

262

Inventory

16,604

15,269

Prepaid expenses and other current assets

412

345

Total current assets

38,502

36,611

Land and building, net

6,132

6,155

Equipment and leasehold improvements, net

5,183

5,024

Right-of-use asset, net

1,370

1,473

Intangibles, net

47

54

Deferred income taxes

1,555

1,555

Investments

1,475

1,563

Other assets

44

42

Total assets

$

54,308

$

52,477

LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities:

Accounts payable

$

4,442

$

4,513

Accrued liabilities

4,019

3,359

Income taxes payable

423

632

Deferred revenue

-

14

Notes payable

2,401

4,374

Total current liabilities

11,285

12,892

Lease liability, net of current portion

1,063

1,182

Notes payable, net of current portion

11,083

7,536

Total non-current liabilities

12,146

8,718

Total liabilities

23,431

21,610

Shareholders' Equity:

Common stock; no par value; 50,000,000 shares authorized; 3,297,510 and 3,363,412 shares issued and outstanding at September 30, 2024 and June 30, 2024, respectively

1,461

3,917

Retained earnings

29,416

26,950

Total shareholders' equity

30,877

30,867

Total liabilities and shareholders' equity

$

54,308

$

52,477

PRO-DEX, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except share and per share amounts)

Three Months Ended
September 30,

2024

2023

Net sales

$

14,892

$

11,938

Cost of sales

9,742

8,280

Gross profit

5,150

3,658

Operating expenses:

Selling expenses

48

25

General and administrative expenses

1,246

995

Research and development costs

843

805

Total operating expenses

2,137

1,825

Operating income

3,013

1,833

Other income (expense):

Interest and dividend income

25

24

Unrealized gain (loss) on investments

433

(2,553

)

Interest expense

(152

)

(133

)

Total other income (loss)

306

(2,662

)

Income (loss) before income taxes

3,319

(829

)

Provision for income taxes

853

(214

)

Net income (loss)

$

2,466

$

(615

)

Basic and diluted net income per share:

Basic net income (loss) per share

$

0.76

$

(0.17

)

Diluted net income (loss) per share

$

0.75

$

(0.17

)

Weighted-average common shares outstanding:

Basic

3,259,742

3,546,737

Diluted

3,292,142

3,546,737

Common shares outstanding

3,297,510

3,547,330

SOURCE: PRO-DEX, INC.



View the original press release on accesswire.com

© 2024 ACCESSWIRE
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