Welcome to our dedicated page for Precision Optics Corporation news (Ticker: POCI), a resource for investors and traders seeking the latest updates and insights on Precision Optics Corporation stock.
Precision Optics Corporation, Inc. (NASDAQ: POCI) is a leading designer and manufacturer of cutting-edge optical instruments, primarily serving the medical, defense, and aerospace industries. Founded in 1982, this Gardner, Massachusetts-based company has cemented its place in the market by leveraging its proprietary micro-optics and advanced 3D imaging technologies.
Core Business: Precision Optics specializes in developing and manufacturing high-quality optical medical devices, including endoscopes and endocouplers, which are crucial for minimally invasive surgical and diagnostic procedures. The company is also known for designing custom optical solutions tailored to meet specific client needs in the medical, industrial, and military sectors.
Recent Achievements: On December 4, 2023, the company announced a significant production and technology license agreement with a leading surgical robotics firm. This agreement involves the supply of a single-use endoscope assembly for cystoscopy robotic surgery systems, a project that emerged from joint developmental efforts over the past 18 months.
Current Projects: Precision Optics is gearing up for the mass production of the single-use endoscope assembly, expected to start within six to twelve months. This new venture aligns with the company's strategic push into the rapidly growing single-use medical device market, a segment experiencing higher growth rates compared to the broader medical device sector.
Financial Condition: The company's latest financial results for Q2 of fiscal year 2024 indicate steady progress. Despite some fluctuations in revenue due to timing differences and new program rollouts, Precision Optics reported a 12% increase in total revenue compared to the previous quarter, driven by record engineering revenue and new production programs.
Partnerships: The company continues to forge strong partnerships within the medical and defense industries. These collaborations are facilitated by Precision Optics' in-house capabilities in design, prototyping, regulatory compliance, and mass manufacturing, supported by its Lighthouse Imaging and Ross Optical divisions.
Products: Within the healthcare sector, Precision Optics focuses on next-generation medical devices, including single-use instruments and 3D endoscopy systems. The company also extends its expertise to the defense and aerospace sectors, delivering high-quality optical components that meet rigorous standards for size, weight, and power optimization.
For more information, please visit www.poci.com.
Precision Optics (POCI) has received a $340,000 initial production order for a new single-use ophthalmic endoscope from a major global medical device company. Production will start in January 2025, with delivery over five months to support a June 2025 product launch. Follow-on orders are expected at 2-3x the initial rate. This represents the second single-use program moving to production this year, following a $9 million cystoscope imaging assembly order. The new product replaces an existing reusable endoscope system with improved image quality and single-use functionality.
Precision Optics (NASDAQ: POCI) reported Q1 FY2025 financial results with revenue of $4.2 million, slightly down from $4.3 million in Q1 FY2024. The company experienced decreased gross margins of 26.6% compared to 33.9% year-over-year, and reported a net loss of $1.3 million. Engineering revenue remained stable at $1.9 million, while production revenue slightly decreased to $2.3 million. Notable developments include accelerated production deliveries for a $9 million urological endoscope order and a new $340,000 production order for single-use ophthalmic endoscopes, with expectations of substantial revenue growth in Q2 FY2025.
Precision Optics (Nasdaq: POCI), a designer and manufacturer of advanced optical instruments for medical and defense/aerospace industries, has scheduled a conference call for November 14, 2024, at 5:00pm ET to discuss first quarter fiscal year 2025 financial results. The company will release its financial results and file its 10-Q after market close on the same day. Interested parties can join via phone at (844) 735-3662 or (412) 317-5705, or through a live webcast. A replay will be available until November 21, 2024.
Precision Optics (NASDAQ: POCI) announced that its customer, a surgical robotics company, received FDA 510(k) clearance for its AI-powered platform treating Benign Prostate Hyperplasia. POC designs and manufactures the single-use endoscope imaging assembly for this system. The company has begun production deliveries against a $9 million order, with estimated deliveries of $3.6 million during fiscal year ending June 2025. POC expects significant long-term growth as their customer deploys the new robotic system in the market where they already hold a dominant position.
Precision Optics (Nasdaq: POCI), a leading designer and manufacturer of advanced optical instruments for the medical and defense/aerospace industries, has announced its participation in the Lytham Partners Fall 2024 Investor Conference on October 1, 2024. The company will engage in two key activities:
1. A webcast presentation scheduled for 1:15 pm ET, accessible via the conference homepage or a direct link.
2. Virtual one-on-one meetings with investors throughout the event.
Interested parties can access the webcast through the provided links, with a replay option available post-event. To arrange one-on-one meetings, investors can contact Lytham Partners directly or register for the event through the given link.
Precision Optics (NASDAQ: POCI) reported its Q4 and fiscal year 2024 results. FY 2024 revenue was $19.1 million, down from $21.0 million in FY 2023, but exceeding the high-end guidance. Production revenue decreased 25% to $10.8 million, while engineering revenue increased 24% to a record $8.3 million. The company reported a net loss of $3.0 million compared to a $0.1 million loss in the previous year.
For Q4 FY2024, revenue was $4.7 million, down from $5.0 million in Q4 FY2023. The company received a $9 million production order for a high-volume single-use cystoscopy surgery program in May 2024. Despite facing the loss of several significant programs, Precision Optics backfilled a portion of the shortfall with record product development revenue. The company expects double-digit revenue growth for fiscal 2025, with significant increases beginning in Q2 FY2025.
Precision Optics (Nasdaq: POCI), a leading designer and manufacturer of advanced optical instruments for the medical and defense/aerospace industries, has announced a conference call to discuss its fourth quarter and fiscal year 2024 financial results. The call is scheduled for Monday, September 30, 2024, at 5:00pm ET.
The company plans to release its financial results and file its 10-K after the market closes on the same day. Interested parties can join the call by dialing (844) 735-3662 or (412) 317-5705. A live webcast will also be available at https://app.webinar.net/0Aa98ozwG53. A teleconference replay will be accessible until October 7, 2024, and a webcast replay will be available at the same link.
Precision Optics (NASDAQ: POCI) has announced a $1.4 million registered direct offering of common stock. The company will sell 265,868 shares at $5.25 per share to institutional and accredited investors, and $5.79 per share to directors and officers. The offering is expected to close on August 15, 2024, subject to customary conditions. A.G.P./Alliance Global Partners is acting as the sole placement agent. The offering is made pursuant to an effective shelf registration statement on Form S-3. Proceeds will be used for general corporate purposes, potentially including working capital, capital expenditures, and business development activities.
Precision Optics (NASDAQ: POCI) appointed Clay Schwabe as VP of Sales and Marketing. Schwabe brings over 15 years of experience in medical device sales, marketing, and commercialization. His background includes roles at Veranex, PRIA Healthcare, Vertiflex, and Medtronic. He is a US Military Academy graduate and served as a US Army Captain. The current SVP, Jeff DiRubio, will transition to a consulting role. Under DiRubio’s tenure, sales increased by over 700%. CEO Dr. Joe Forkey highlighted Schwabe’s innovative approach and experience in high-growth environments as key assets for the company’s future.
Precision Optics (NASDAQ: POCI) has announced its participation in the Lytham Partners Spring 2024 Investor Conference, scheduled for May 30, 2024. Dr. Joe Forkey, CEO, will present a webcast and host one-on-one meetings with investors. The webcast starts at 1:15pm ET and can be accessed on the conference home page or directly through a provided link. The presentation will be available for replay. Investors can arrange one-on-one meetings by contacting Lytham Partners or registering for the event online.
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