ADM Tronics Reports Fiscal Year 2022

Rhea-AI Summary

ADM Tronics Unlimited, Inc. (OTCQB:ADMT) announced fiscal results for the year ending March 31, 2022, showing revenues of $3.21 million, a 4% increase from the prior year. Gross profit rose to $1.25 million, approximately 39% of revenues. Operating expenses increased to $2.38 million, leading to a net loss of $1.38 million. The company remains focused on the commercialization of its Vet-Sonotron technology despite ongoing supply chain issues. Positive future growth opportunities are anticipated from both Vet-Sonotron and the upcoming Sonotron Mark 2.

Positive

• Revenue increased by 4% to $3,206,594.
• Gross profit rose to $1,248,638, approximately 39% of revenues.
• Focus on commercialization of Vet-Sonotron and development of Sonotron Mark 2, which could provide significant growth opportunities.

Negative

• Operating expenses increased to $2,377,952 from $1,842,320.
• Net loss of $1,384,263 compared to a loss of $598,276 the previous year.

NORTHVALE, NJ / ACCESSWIRE / July 8, 2022 / ADM Tronics Unlimited, Inc. (OTCQB:ADMT), a technology-based developer and manufacturer of innovative technologies, products and proprietary medical devices, today announced results for fiscal year ended March 31, 2022.

"Our research and development of the Vet-Sonotron non-invasive veterinary therapy technology continues to be our focus," stated Andre' DiMino, President of ADMT. "Although the supply chain shortages and disruptions continue to present hurdles, not only to our Vet-Sonotron efforts, but in all areas of our activities, we believe Vet-Sonotron production units should available soon."

Mr. DiMino continues, "The commercialization of the Vet-Sonotron will be a major milestone for ADMT. It will also be a prelude to further development of the technology for the Sonotron Mark 2, human medical device which, when completed, will be submitted to the FDA for 510K clearance. We are confident that the Vet-Sonotron and Sonotron Mark 2 will provide our company with opportunities for significant growth."

Revenues for the year ended March 31, 2022, were $3,206,594 compared to $3,090,631 for the previous year, an increase of approximately 4%. Gross profit for the fiscal year was $1,248,638 or approximately 39% as compared to $1,161,842 or approximately 38% for the previous fiscal year. Due primarily to certain no-recurring write-offs, operating expenses for the fiscal year increased to $2,377,952 as compared to $1,842,320 for the previous fiscal year. R&D expenses were $615,926 as compared to $655,962 for the previous fiscal year. Complete financial results are available in the Company's Annual Report on Form 10K at www.sec.gov.

Financial Highlights

		Fiscal Year Ended				Fiscal Year Ended
		March 31, 2022				March 31, 2021
Net revenues		$	3,206,594			$	3,090,631
Cost of sales		$	1,957,956			$	1,928,789
Gross Profit		$	1,248,638			$	1,161,842
Operating expenses		$	2,377,952			$	1,842,320
Loss from operations		$	(1,129,314	)		$	(680,478	)
Total other income		$	681,233			$	14,202
Total benefit (provisions) from income taxes		$	936,182			$	(68,000	)
Net (loss)		$	1,384,263			$	(598,276	)
Earnings per common share		$	(0.02	)		$	(0.01	)
Weighted average shares of common stock outstanding - diluted			67,588,492				67,588,492

About ADMT

ADMT is a diversified, technology-based developer and manufacturer of innovative technologies, products and proprietary medical devices. 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, 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, for the research, development and commercialization of diversified technologies. Additional information is at admtronics.com. To receive email updates directly from the Company, fill in the form at the bottom of this page: https://admtronics.com/investor-relations/

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.

View source version on accesswire.com:
https://www.accesswire.com/708097/ADM-Tronics-Reports-Fiscal-Year-2022

FAQ

What are the fiscal year 2022 revenue results for ADMT?

For fiscal year 2022, ADMT reported revenues of $3,206,594, representing a 4% increase from the previous year.

What is the net loss reported by ADMT for fiscal year 2022?

ADMT reported a net loss of $1,384,263 for fiscal year 2022.

What is the gross profit margin for ADMT in fiscal year 2022?

ADMT's gross profit for fiscal year 2022 was $1,248,638, approximately 39% of total revenues.

What challenges is ADMT facing in its operations?

ADMT is facing supply chain shortages and disruptions that are affecting its operations.

What future developments is ADMT pursuing?

ADMT is focusing on the commercialization of its Vet-Sonotron technology and the development of the Sonotron Mark 2 for human use.