Pro-Dex, Inc. Announces Fiscal 2023 Third Quarter and Nine-Month Results

About this update from Pro-dex, Inc.

[{"type":"text","content":"IRVINE, CA / ACCESSWIRE / May 4, 2023 / PRO-DEX, INC. (NASDAQ:PDEX) today announced financial results for its fiscal 2023 third quarter ended March 31, 2023. The Company also filed its Quarterly Report on Form 10-Q for the third quarter of fiscal year 2023 with the Securities and Exchange Commission today.Quarter Ended March 31, 2023Net sales for the three months ended March 31, 2023, increased $3.8 million, or 41%, to $13.1 million from $9.3 million for the three months ended March 31, 2022, due primarily to increased repair revenue of $3.2 million related to an enhanced repair program launched this fiscal year to upgrade the handpiece we sell our largest customer to its most current generation.Gross profit for the three months ended March 31, 2023, increased $953,000, or 33%, to $3.8 million from $2.9 million for the same period in fiscal 2022. The gross profit increase is consistent with our increase in net sales and is benefited by our resolution and agreement with our largest customer related to previously upgraded repairs. Additionally, we have continued to experience higher costs across much of our supply chain.Operating expenses (which include selling, general and administrative, and research and development expenses) for the quarter ended March 31, 2023, decreased slightly, by 5%, compared to the same period in fiscal 2022 mostly due to reduced general and administration expenses.Net income for the quarter ended March 31, 2023, was $1.3 million, or $0.36 per diluted share, compared to $462,000, or $0.12 per diluted share, for the corresponding quarter in fiscal 2022.Nine Months Ended March 31, 2023Net sales for the nine months ended March 31, 2023, increased $6.0 million, or 20%, to $35.4 million from $29.4 million for the nine months ended March 31, 2022, due to increased repair revenue of $4.3 million related to the enhanced repair program described above, as well as an increase of $1.5 million in billable non-recurring engineering projects.Gross profit for the nine months ended March 31, 2023, decreased $299,000, or 3%, compared to the same period in fiscal 2022. The gross profit decline for the nine months ended March 31, 2023, is due in part to the enhanced repair program described above, which includes the advance replacement of many costly components of the handpiece, as well as higher costs across much of our su...

More updates from Pro-dex, Inc.