Pro-Dex, Inc. Announces Fiscal 2020 Third Quarter And Nine-Month Results

About this update from Pro-dex, Inc.

[{"type":"text","content":"IRVINE, CA, / ACCESSWIRE / May 7, 2020 / PRO-DEX, INC. (NasdaqCM:PDEX) today announced financial results for its fiscal 2020 third quarter ended March 31, 2020. The Company also filed its Quarterly Report on Form 10-Q for the third quarter of fiscal year 2020 with the Securities and Exchange Commission today.Quarter Ended March 31, 2020Net sales for the three months ended March 31, 2020 increased $1.6 million, or 24%, to $8.5 million from $6.9 million for the three months ended March 31, 2019, due primarily to the launch or our thoracic driver to one of our existing CMF driver customers. This product launch represents the expansion of our adoptive torque-limiting software algorithm into a surgical driver other than the maxocranial market.Gross profit for the three months ended March 31, 2020 increased $947,000, or 42%, to $3.2 million from $2.3 million for the same period in fiscal 2019.Operating expenses (which include selling, general and administrative, and research and development expenses) for the quarter ended March 31, 2020 increased $140,000 or 10% compared to the same period in fiscal 2019.Net income for the quarter ended March 31, 2020 was $1.2 million or $0.30 per diluted share, compared to $732,000, or $0.17 per diluted share, for the corresponding quarter in fiscal 2019.Nine Months Ended March 31, 2020Net sales for the nine months ended March 31, 2019 increased $3.5 million, or 18%, to $23.7 million from $20.2 million for the nine months ended March 31, 2019, due primarily to increased repair revenues generated from our largest customer.Gross profit for the nine months ended March 31, 2020 increased $1.6 million or 22% compared to the same period in fiscal 2019. The gross profit increase is directly related to our 18% increase in revenue and our ability to better absorb our fixed manufacturing costs.Operating expenses (which include selling, general and administrative, and research and development expenses) for the nine months ended March 31, 2020 increased 17% to $4.0 million from $3.4 million in the prior fiscal year's corresponding period.Net income for the nine months ended March 31, 2020 was $3.6 million or $0.88 per diluted share compared to $3.3 million, or $0.75 per diluted share.CEO Comments\"While we are pleased with our third quarter and year-to-date results, and the shipment of the thoracic driver, Pro-D...

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