Pro-dex, Inc. Announces Fiscal 2022 First Quarter Results

About this update from Pro-dex, Inc.

[{"type":"text","content":"IRVINE, CA / ACCESSWIRE / November 15, 2021 / PRO-DEX, INC. (NasdaqCM:PDEX) today announced financial results for its fiscal 2022 first quarter ended September 30, 2021. The Company also filed its Quarterly Report on Form 10-Q for the first quarter of fiscal year 2022 with the Securities and Exchange Commission today.Net sales for the three months ended September 30, 2021, increased $1.4 million, or 16%, to $10.0 million from $8.6 million for the three months ended September 30, 2020. The increase is driven by increased sales of the surgical handpiece we sell to our largest customer as well as increases in sales of our CMF drivers. Offsetting these increases, sales of our newest thoracic driver declined due to the fulfillment of our customer's distribution network. As previously described, sales are often not on a continuous upward trajectory due to variability in new product launches and customer planned inventory builds.Gross profit for the three months ended September 30, 2021 decreased $47,000, or 1%, compared to the year-ago period. Gross margin decreased by 6 percentage points to 34% during the three months ended September 30, 2021, compared to 40% during the corresponding year-ago period due primarily to unfavorable product mix.Operating expenses (which include selling, general and administrative, and research and development expenses) for the quarter ended September 30, 2021 increased $184,000 from the corresponding year-ago period. The increase is related to increased compensation expense related to non-qualified stock options granted in the prior fiscal year.Net income for the quarter ended September 30, 2021 was $1.1 million, or $0.28 per diluted share, compared to $1.2 million, or $0.29 per diluted share, for the quarter ended September 30, 2020.CEO CommentsRichard L. (\"Rick\") Van Kirk, the Company's President and Chief Executive Officer, commented, \"We are pleased with our first quarter results. In the first quarter we have been awarded several NRE projects from new and existing customers to provide proof of concept analysis on several handpieces and attachments. Although these projects are not material to our first quarter results, we are pleased that these projects allow us the opportunity to continue to expand our portfolio of products. Finally,\" concluded Mr. Van Kirk, \"we are completing necessary validatio...

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