Business
Precision Optics Reports Second Quarter Fiscal Year 2024 Financial Results
Conference Call Scheduled for today, February 14, 2024, at 5:00pm ET. GARDNER, Mass., Feb. 14, 2024 /PRNewswire/ -- Precision Optics Corporation, Inc.
About this update from Precision Optics Corporation, Inc.
[{"type":"text","content":"Conference Call Scheduled for today, February 14, 2024, at 5:00pm ET.\nGARDNER, Mass., Feb. 14, 2024 /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 2024 for the period ended December 31, 2023.\n\n \n \n \n \n \n \n\n \nQ2 2024 Financial Highlights (3 Months Ended December 31, 2023):\nRevenue decreased 18% to $4.8 million, compared to $5.9 million in the same quarter of the previous fiscal year, but up 12% from the most recent sequential quarter. The year ago second quarter included a one-time sale of $600,000 of technology rights relating to a single-use medical device developed for a customer.Engineering revenue increased 33% to $2.3 million compared to $1.7 million in the same quarter of the previous fiscal year, and up 19% from the most recent sequential quarter.Production revenue was $2.6 million compared to $3.6 million in the same quarter of the previous fiscal year, and $2.4 million in the most recent sequential quarter.Gross margins were 30.1% compared to 44.2% in the same quarter of the previous year. Removing the impact of the technology rights revenue, gross margins a year ago would have been 37.8%.Net loss for the quarter was ($758,802), compared to a net income of $508,668 in the same quarter of the previous year. Adjusted EBITDA was ($269,034) for the quarter compared to $866,450 in the same quarter of the previous year. Recent Additional Highlights:\nIn November 2023, the Company announced the receipt of initial purchase orders towards a $1.4 million total program development project to develop a highly complex imaging sub-assembly for a next generation ophthalmoscope for one of the world's largest technology-focused medical device companies.In December 2023, the Company announced the signing of a production and technology license agreement with a leading surgical robotics company to supply a single-use endoscope assembly used in their cystoscopy robotic surgery system.Precision Optics' CEO, Joseph Forkey, commented, \"The Company's results for Q2 were generally in-line with our expectations and consistent with what we have communicated previously. While revenue was lower compared to last year due to timi...