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Pro-Dex Inc. (NASDAQ: PDEX) is a prominent player in the medical and dental device sector, with over 40 years of expertise. The company specializes in the design, development, and manufacture of autoclavable, battery-powered, and electric multi-function surgical drivers and shavers, which are primarily used in orthopedic, thoracic, and maxocranial facial markets. Pro-Dex's innovative products also include rotary air motors and multi-axis motion control systems that cater to factory automation and scientific research markets.
Pro-Dex is renowned for its precision engineering, electro-mechanical assembly, components, sub-assemblies, and finished products, serving some of the world's largest providers of medical and dental devices. The company's significant achievements include the development of patented adoptive torque-limiting software and proprietary sealing solutions, which are highly appreciated by medical device distributors globally.
In addition to its robust product line, Pro-Dex offers comprehensive consulting and engineering services. These services range from mechanical, electrical, and manufacturing engineering support to quality and regulatory consulting. This diversification has allowed Pro-Dex to expand its engineering services division significantly, providing powerful solutions and staffing support for various industries.
Financially, Pro-Dex has shown resilience and growth. The fiscal year ended June 30, 2023, saw a 10% increase in net sales to $46.0 million, up from $42.0 million the previous year. The company's net income also surged to $7.1 million, or $1.95 per diluted share, a significant rise from $4.6 million, or $1.21 per diluted share, in fiscal 2022. These gains were driven by an enhanced repair program and increased NRE and prototype services.
Pro-Dex's CEO, Richard L. Van Kirk, has expressed optimism about the company's growth prospects. The recent operationalization of their Franklin facility is expected to double their capacity, reflecting in a record backlog of $41.6 million as of June 30, 2023. The company’s strategic initiatives include executing distribution agreements and launching new product lines, such as the thoracic driver.
Pro-Dex continues to innovate and adapt, staying resilient against market challenges like pandemics and recessions. The company's commitment to delivering high-quality products and services on time has solidified its reputation in the medical device industry, making it a reliable partner for medical engineering labs and hospitals worldwide.
To stay updated on Pro-Dex's latest news and developments, visit their website at www.pro-dex.com.
Pro-Dex, Inc. (NASDAQ:PDEX) reported a Q1 fiscal 2023 net sales increase to $11.1 million, up 11% from $10.0 million in Q1 fiscal 2022. This growth was attributed to a $0.8 million rise in surgical handpiece repairs and a $0.7 million boost in NRE and prototype sales. However, medical device sales dipped by $397,000. The gross profit fell by 14% to $2.99 million, yielding a gross margin decrease to 27%. Net income remained stable at $1.1 million, with earnings per diluted share rising to $0.29. The FDA has authorized manufacturing at the Franklin facility, and negotiations with the largest customer are expected to yield further revenue.
Pro-Dex, Inc. (NasdaqCM:PDEX) reported its fiscal 2022 fourth quarter and full-year results on August 25, 2022, showing a 34% increase in quarterly net sales to $12.6 million. Annual net sales rose 11% to $42.0 million, driven mainly by orthopedic device sales. However, gross profit decreased 3% year-over-year to $13.1 million, while net income for the year was $3.9 million, down from $5.8 million. Operating expenses decreased 12% due to reduced R&D costs. Supply chain disruptions were noted, but the company remains optimistic about future growth.
Pro-Dex reported Q3 fiscal 2022 results, revealing a 21% decline in net sales, totaling $9.3 million, primarily due to decreased thoracic driver sales. Gross profit fell 35% to $2.9 million, attributed to increased component costs amid supply chain challenges. Operating expenses decreased 27% to $1.9 million. Net income dropped 78% to $462,000 or $0.12 per diluted share. However, year-to-date sales increased 3% to $29.4 million. CEO Van Kirk expressed optimism for Q4, citing a healthy backlog and secured components.
Pro-Dex, Inc. (NASDAQ:PDEX) reported a robust fiscal 2022 second quarter with net sales up 23% to $10.2 million, driven by orthopedic surgical handpiece sales. Gross profit rose 31% to $3.4 million, and operating expenses declined by 13% to $1.8 million. However, net income fell to $925,000 ($0.25 per diluted share) compared to $1.8 million ($0.44) from the same quarter last year. Looking ahead, Pro-Dex warns of supply chain challenges that could reduce net sales in the upcoming quarters but remains optimistic about long-term prospects.
Pro-Dex, Inc. (NasdaqCM:PDEX) reported a 16% increase in net sales for Q1 fiscal 2022, totaling $10.0 million compared to $8.6 million in Q1 2021. The growth stemmed from higher sales of surgical handpieces and CMF drivers, though sales of a thoracic driver decreased. Gross profit fell by $47,000, with a margin of 34% down from 40%. Operating expenses rose $184,000, while net income decreased to $1.1 million, or $0.28 per share. The company is advancing internal projects and preparing to relocate employees to a new facility.
Pro-Dex reported Q4 2021 net sales of $9.4 million, a 15% decrease from $11.1 million in Q4 2020, primarily due to lower medical device sales following two previous product launches. Gross profit fell by 27% to $3.1 million, driven by decreased sales and price concessions. Operating expenses increased by 21% to $2.5 million. Yearly results showed a 9% sales increase to $38 million, with a slight gross profit rise to $13.6 million. However, net income for the year decreased to $4.5 million from $6.1 million, attributed to higher operating expenses and R&D investments.
Pro-Dex reported a 38% increase in net sales for Q3 FY2021, reaching $11.7 million, driven by strong performance in thoracic drivers. Gross profit also rose 37% to $4.4 million. Net income increased to $2.0 million ($0.50 per diluted share) from $1.2 million ($0.30 per diluted share) year-over-year. However, operating expenses surged by 67% due to heightened investment in product development. For the nine months ended March 31, 2021, sales rose 21% to $28.6 million, with net income stable at $3.6 million. The CEO expressed pride in team performance amid challenges during the pandemic.
Pro-Dex, Inc. (NASDAQ:PDEX) reported a 4% increase in net sales for the second quarter of fiscal 2021, totaling $8.3 million, driven by new product sales. However, gross profit declined 9% to $2.6 million due to under-absorbed fixed manufacturing costs. Operating expenses surged 74% to $2.1 million as the company invested in R&D and administrative functions. Net income fell to $337,000 or $0.08 per diluted share, down from $1.2 million or $0.31 per diluted share a year earlier. Year-to-date net sales grew 11% to $16.9 million.
Pro-Dex reported a 19% increase in net sales for Q1 fiscal 2021, totaling $8.6 million, up from $7.2 million in Q1 fiscal 2020. The gross profit rose 25% to $3.5 million, with a gross margin of 40%. Operating expenses increased by $637,000, reflecting investments in R&D for new product launches. Net income for the quarter was $1.3 million, or $0.32 per diluted share, compared to $1.1 million or $0.27 in the prior year. CEO Richard Van Kirk expressed optimism about future product releases, including a new ENT shaver and CMF driver.
Pro-Dex, Inc. (NASDAQ:PDEX) reported a significant increase in net sales for Q4 2020, rising 59% to $11.1 million, attributed to new product launches and a $1.7 million increase in revenue from its largest customer. Gross profit surged 69%, reaching $4.3 million, while net income rose to $2.5 million, or $0.64 per diluted share. For the fiscal year, net sales were up 28% at $34.8 million, with net income increasing to $6.1 million. Operating expenses also grew by 27%, reflecting higher personnel costs. The company maintains a cautious outlook amid the ongoing COVID-19 pandemic.
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