Business
Precision Optics Reports Second Quarter Fiscal Year 2023 Financial Results
Conference Call Scheduled for today, February 14, 2023 at 5:00pm ET GARDNER, Mass., Feb. 14, 2023 /PRNewswire/ -- Precision Optics Corporation, Inc. (NASDAQ:
About this update from Precision Optics Corporation, Inc.
[{"type":"text","content":"Conference Call Scheduled for today, February 14, 2023 at 5:00pm ET\nGARDNER, Mass., Feb. 14, 2023 /PRNewswire/ -- Precision Optics Corporation, Inc. (NASDAQ: POCI), a leading designer and manufacturer of advanced optical instruments for the medical and defense industries, announced operating results on an unaudited basis for its second quarter fiscal year 2023.\n\n \n \n \n \n \n \n\n \nSecond quarter fiscal 2023 highlights:\nRevenue for the quarter ended December 31, 2022, increased 51% to $5.89 million, a new quarterly record, compared to $3.90 million in the same quarter of the previous fiscal year.Included in revenue for the quarter ended December 31, 2022 was a one-time sale of $600,000 of technology rights relating to a medical device instrument developed for a customer. Without this one-time sale, revenue for the quarter would have been $5.29 million, a 36% year-over-year increase.Gross margin for the quarter ended December 31, 2022 was 46% compared to 29% in the same quarter of the previous year. Excluding contributions from the one-time sale of technology rights, gross margin would have been 40% for the quarter ended December 31, 2022.Net income for the quarter was $634,420 which compared to net loss of $(507,013) in the same quarter of the previous year. Excluding contributions from the one-time sale of technology rights, net income would have been $34,420 for the quarter ended December 31, 2022.Adjusted EBITDA, defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation and other income, was $993,449 for the quarter ended December 31, 2022, compared to ($72,456) in the same quarter of the previous year. Excluding contributions from the one-time sale of technology rights, Adjusted EBITDA would have been $393,449 for the quarter ended December 31, 2022.Recent additional highlights:\nIn November 2022, the Company listed on the Nasdaq Capital Market.In December 2022, the Company announced the receipt of an initial product development order for a next generation single-use urology program totaling approximately $750,000 from an established medical device company leveraging the Company's unique expertise in micro-optics, medical systems, and digital imaging.In December 2022, the Company announced the receipt of a follow-on production order totaling approximately $2.6 million from a majo...