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Dynatronics Corp (NASDAQ: DYNT) is a prominent United States-based company renowned for its innovative medical devices and restorative products targeted towards achieving optimal health. Established over 31 years ago, Dynatronics has built a robust reputation for competitive pricing, exemplary customer service, and unmatched clinical support. The company designs, manufactures, and distributes advanced-technology medical devices, therapeutic tables, rehabilitation equipment, and a wide array of rehabilitation and therapy products and supplies.
Dynatronics’ product portfolio includes electrotherapy, therapeutic ultrasound, phototherapy, customized athletic training treatment tables, institutional cabinetry, and exercise products. These products are marketed to a diverse range of healthcare professionals such as physical therapists, chiropractors, athletic trainers, and sports medicine practitioners. The company’s commitment to quality is reflected in its reputable brands including Bird & Cronin®, Solaris™, Hausmann®, Physician's Choice®, and PROTEAM™, among others.
With over 60 sales representatives and 150 active distributors located nationwide, Dynatronics ensures immediate service and extensive field support, from equipment setup to in-service training. Their experienced and knowledgeable sales force is one of the most respected in the industry.
In recent developments, Dynatronics has made significant strides to optimize its cost structure and strengthen its balance sheet. The company recently entered into a new Loan and Security Agreement with Gibraltar Business Capital, enhancing its operational and financial flexibility. Additionally, Brian Baker has assumed the role of Chief Executive Officer, bringing a wealth of experience and a customer-focused approach to the leadership team.
The company has shown resilience and adaptability amidst economic challenges, continuously working on business optimization strategies. The financial guidance for fiscal year 2024 shows a net sales target of $34 million to $37 million, with a strategic focus on cost reduction and margin expansion.
Dynatronics is also focusing on launching new products, with plans for a limited launch in the third quarter and a full launch in the fourth quarter of fiscal year 2024. These new product lines are expected to complement their existing offerings and contribute to the company's revenue growth.
For more information about Dynatronics Corp and its latest updates, visit www.dynatronics.com.
Dynatronics Corporation (NASDAQ:DYNT) announced the completion of a $1.75 million sale agreement with Maple Leaf Realco VII, LLC, effective May 13, 2021. The net proceeds for Dynatronics from this transaction amount to approximately $1.65 million. This strategic move follows the closure of a 54,000 square foot manufacturing facility in Ooltewah, Tennessee, as part of cost reduction efforts. The company aims to enhance its liquidity for potential mergers and acquisitions while optimizing its operations by shifting production to its New Jersey and Minnesota locations.
Dynatronics Corporation (NASDAQ:DYNT) reported Q3 FY'21 financial results, with net sales of $11.5 million, down from $13.7 million year-over-year. Gross profit margin remained steady at 28.8%. The company achieved a net income of $0.1 million, recovering from a net loss of $1.1 million in Q3 FY'20, aided by a $1.0 million Employee Retention Credit. Cash reserves improved to $4.5 million, a 103% increase since June 30, 2020. Dynatronics is advancing a product portfolio optimization plan to enhance financial performance and expects challenges due to COVID-19 to continue affecting operations.
Dynatronics Corporation (NASDAQ:DYNT) announced participation in two upcoming investor conferences. Management will engage in presentations and one-on-one meetings during the Investor Summit on May 17-18, 2021, and the Canaccord Genuity 2021 Virtual Musculoskeletal Conference on May 20, 2021. The group presentation for the Investor Summit is at 2:45 PM ET, and for the Canaccord event at 3:30 PM ET. A live webcast of the presentations will be available on the company's Investor webpage for later viewing.
Dynatronics Corporation (NASDAQ:DYNT) will announce its fiscal third quarter financial results on May 13, 2021. The report will cover results for the period ending March 31, 2021. Following the release, a conference call and webcast will take place at 8:30 AM ET, featuring management remarks and a Q&A session. Investors can join the call by dialing the provided numbers and using the specified passcodes. The webcast will be available for future viewing on the company's investor webpage.
Dynatronics Corporation (NASDAQ:DYNT) has announced significant strategic changes aimed at enhancing financial performance and streamlining operations by eliminating approximately 1,600 low-margin products. This optimization plan focuses on leveraging Dynatronics' manufacturing capabilities, targeting higher margins, and consolidating support functions. The company anticipates a $1.2 million restructuring charge, with an expected $11 million reduction in annual sales for FY '22 but aims for improved gross margins and EBITDA. Challenges from severe weather and COVID-19 impact Q3 FY '21 sales, estimated at $11.4 million.
Dynatronics Corporation (NASDAQ:DYNT) has entered into a purchase and sale agreement with Maple Leaf Realco II, LLC, for its former manufacturing facility in Ooltewah, Tennessee. The 3.4-acre site, featuring a 54,000 sq. ft. building, is being sold for $1.75 million, with net proceeds estimated at $1.63 million. This sale follows the company's closure of Tennessee operations earlier in FY 2021 as part of cost-cutting measures. The relocation of manufacturing to New Jersey and Minnesota is aimed at enhancing operational profitability and scalability.
Dynatronics Corporation (NASDAQ:DYNT), a prominent manufacturer of athletic training and rehabilitation products, will participate in the 33rd Annual Roth Conference from March 15-17, 2021. CEO John Krier and CFO Norm Roegner will engage in one-on-one meetings during the virtual event. Attendees can request virtual meetings via Roth's platform or contact their representatives. Dynatronics specializes in high-quality restorative products for physical therapy and athletic training, with brands including Bird & Cronin and PROTEAM.
Dynatronics Corporation (NASDAQ:DYNT) announced the renewal of its group purchasing agreement with Intalere, extending their partnership through January 2024. Bird & Cronin, a wholly-owned subsidiary, has been a preferred provider for over 20 years, aiding Intalere's mission to enhance healthcare. The deal allows Intalere's more than 100,000 members access to competitive pricing on a range of orthopedic bracing solutions, including key products like the Sprint air walker boot. This agreement is expected to support better financial, operational, and clinical performance for healthcare providers.
Dynatronics Corporation (NASDAQ:DYNT) reported its fiscal Q2 2021 results for the period ending December 31, 2020, with net sales of $12 million, unchanged from the previous quarter but down 21% year-over-year. The company experienced a GAAP net loss of $673,000, compared to a net loss of $377,000 in Q1 2021. However, it generated $1.5 million in positive operating cash flow, a 34% increase over the prior quarter, and reported zero balance on its line of credit. Additionally, DYNT regained compliance with NASDAQ listing requirements.
Dynatronics Corporation (NASDAQ:DYNT) has launched two new products: the bariatric electric stand-in table with patient lift and the premium laminated H-brace treatment table. The Hausmann Model 6177 can lift patients weighing up to 500 pounds, providing motorized variable-height adjustments, while the Hausmann HTT table is designed for durability and functionality, also supporting a 500-pound capacity. These introductions aim to enhance the company’s offerings in the rehabilitative market and are expected to drive incremental sales at higher margins.
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