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 Corporation (NASDAQ: POCI) announced its participation in the Planet MicroCap Showcase: VEGAS 2023, taking place on April 26-27, 2023. Dr. Joe Forkey, the CEO, will present at the event, with a webcast of the presentation available at 7:00 PM ET on April 26. The presentation will also be archived for later viewing. In addition, the management team will hold one-on-one meetings at the conference venue in Las Vegas. For those interested in booking a meeting, they can contact the event organizers or email POCI directly.
Founded in 1982, Precision Optics specializes in advanced optical instruments for medical and defense applications. The company focuses on micro-optics and 3D imaging technologies, supporting minimally invasive surgeries and surgical robotic systems.
Precision Optics Corporation (NASDAQ: POCI), based in Gardner, Massachusetts, has announced a significant development order worth approximately $1.3 million for a next-generation urological endoscopy program. This order comes from a well-known medical device company and represents a strategic shift for Precision Optics, moving from a component supplier to a developer of complete endoscope imaging systems. The product development will be conducted in collaboration with Lighthouse Imaging, showcasing the company’s expertise in micro-optics, medical systems, and digital imaging. The agreement's completion is anticipated within the next 12 months, paving the way for potential future contracts.
CEO Joe Forkey emphasized that this agreement is a significant opportunity to enhance their role in medical imaging, supporting the increasing demand for integrated optics and electronics in next-generation products.
Precision Optics Corporation (NASDAQ: POCI) has named Mahesh Lawande as its new Chief Operating Officer, effective April 24, 2023. This leadership change arises from the company's significant growth, with revenues increasing by 47% in fiscal 2022 and 76% in the first half of fiscal 2023, largely due to acquisitions. Lawande brings over 25 years of experience in medical device and aerospace/defense manufacturing, having held key roles at Siemens and Draeger. His appointment aims to enhance the company's operational capabilities to manage increasing complexity and drive continued growth and profitability. This strategic move signifies Precision Optics' commitment to scaling its operations amidst rapid expansion.
Precision Optics Corporation (NASDAQ: POCI) reported a significant 51% increase in revenue for Q2 fiscal 2023, reaching $5.89 million, compared to $3.90 million in the same quarter last year. A one-time sale contributed $600,000 to this figure. The gross margin improved to 46% from 29% year-over-year. The company achieved a net income of $634,420, a turnaround from a net loss of $(507,013) last year. Adjusted EBITDA was $993,449, up from $(72,456), indicating improved profitability. Key orders received included $750,000 from a medical device company and $2.6 million from a defense contractor.
Precision Optics Corporation (NASDAQ: POCI) announced a production and technology license agreement with a major global medical device company on Feb. 13, 2023. This agreement grants the customer exclusive rights to certain POCI intellectual property in the ophthalmic industry, following four years of collaborative product development. POCI received a one-time payment of $600,000 for these rights. Initial production is set for late-2023, with potential royalties for POCI if production is transferred elsewhere. CEO Joe Forkey highlighted that this collaboration is expected to enhance profitability through royalties from single-use medical devices.
Precision Optics Corporation (Nasdaq: POCI) announced a conference call scheduled for February 14, 2023, at 5:00 PM ET to discuss its financial results for the first quarter of fiscal year 2023. The company will release its financial results and file its 10-Q after the market closes on the same day. Interested parties can access the call by dialing (844) 735-3662 or through a live webcast at here. A replay of the call will be available until February 21, 2023. Founded in 1982, Precision Optics specializes in advanced optical instruments for medical and defense sectors, leveraging proprietary technologies.
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