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Precision Optics Reports Third Quarter Fiscal Year 2023 Financial Results
Conference Call Scheduled for today, May 15, 2023 at 5:00pm ET GARDNER, Mass., May 15, 2023 /PRNewswire/ -- Precision Optics Corporation, Inc. (NASDAQ: POCI),
About this update from Precision Optics Corporation, Inc.
[{"type":"text","content":"Conference Call Scheduled for today, May 15, 2023 at 5:00pm ET\nGARDNER, Mass., May 15, 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 third quarter fiscal year 2023.\n\n \n \n \n \n \n \n\n \nThird quarter fiscal 2023 financial highlights:\nRevenue for the quarter ended March 31, 2023, increased 9% to $5.05 million, compared to $4.65 million in the same quarter of the previous fiscal year.Production revenue reached a new quarterly record of $3.7 million, an increase of 17% compared to the same quarter of the previous fiscal year.Gross margin for the quarter ended March 31, 2023, was 34% compared to 37% in the same quarter of the previous year.Net loss for the quarter was ($398,432) which compared to net loss of ($113,899) in the same quarter of the previous year.Adjusted EBITDA, defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation and other income, was $9,456 for the quarter ended March 31, 2023, compared to $236,201 in the same quarter of the previous year.Recent additional highlights:\nIn January 2023, the Company announced the receipt of a follow-on production order totaling approximately $2.3 million from a large medical device company for an otoscopy application to meet enhanced demand for the product.In February 2023, the Company announced its engagement into a production and technology license agreement under which the Company expects to manufacture or be paid royalties on a single-use ophthalmic product jointly developed by the Company and its customer.In April 2023, the Company announced the receipt of an initial product development order for a next-generation urological endoscopy program totaling approximately $1.3 million from an established medical device company.In May 2023, the Company announced the receipt of a follow-on product development order for a next generation single-use urology program totaling approximately $1.5 million from an established medical device company leveraging the Company's unique expertise in micro-optics, medical systems, and digital imaging.In April 2023, the Company appointed Mahesh Lawande in the newly created role of Chief Operating Officer to lead Preci...