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ACCESS Newswire
388 Leser
Artikel bewerten:
(1)

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

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, 2020

Net 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, 2020

Net 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-Dex's priorities, in response to COVID-19, are the health and safety of our employees, our communities, customers and suppliers," said the Company's President and Chief Executive Officer Richard L. ("Rick") Van Kirk. "While we cannot predict the total impact caused by the pandemic, we remain committed to our strategy to continue to provide excellent service to our existing customers and leverage our adaptive torque-limiting and other proprietary capabilities to expand our product portfolio."

R&D Projects

The amount spent on projects under development is summarized below (in thousands):

Three and Nine Months
ended March 31, 2020
Three and Nine Months
ended March 31, 2019
Market LaunchEst Annual Revenue
Total Research & Development costs:
$620$1,501$603$1,337
Products in development:
Arthroscopic Shaver(1)
-1116022106/21$600
ENT Shaver.
136291--01/21$2,000
Arthroscopic Attachment
--117(2) $150
CMF Driver
60106-306/20$350
Sustaining & Other
4241,0934421,096
Total.
$620$1,501$603$1,337
Customer CMF Driver (3)
$121$303$63$28906/20$2,500

(1)

This project has been internally pushed back to focus on our new internal Pro-Dex branded ENT shaver.

(2)

Internal development of this project is now complete, but we are looking for the most attractive sales channel.

(3)

Costs incurred related to customer contracts are included in costs of sales and deferred costs and are not included in research and development costs.

As we previously discussed, in early fiscal 2019 we entered a development contract with a current significant customer to private-label our thoracic driver for their unique specifications. We shipped initial launch quantities of this product during the third quarter ended March 31, 2020.

About Pro-Dex, Inc.:

Pro-Dex, Inc. specializes in the design, development and manufacture of autoclavable, battery-powered and electric, multi-function surgical drivers and shavers used primarily in the orthopedic and maxocranial facial markets. We have patented adoptive torque-limiting software and proprietary sealing solutions which appeal to our customers, primarily medical device distributors. Pro-Dex also manufactures and sells rotary air motors to a wide range of industries. Pro-Dex's products are found in hospitals and medical engineering labs around the world. For more information, visit the Company's website at www.pro-dex.com.

Statements herein concerning the Company's plans, growth and strategies may include 'forward-looking statements' within the context of the federal securities laws. Statements regarding the Company's future events, developments and future performance (including but not limited to uncertainties related to the COVID-19 pandemic), as well as management's expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. The Company's actual results may differ materially from those suggested as a result of various factors. Interested parties should refer to the disclosure concerning the operational and business concerns of the Company set forth in the Company's filings with the Securities and Exchange Commission.

(tables follow)

PRO-DEX, INC.
CONDENSED BALANCE SHEETS

(Unaudited)
(In thousands, except share amounts)

March 31,
2020
June 30,
2019
ASSETS
Current Assets:
Cash and cash equivalents
$4,378$7,742
Investments
2,7712,649
Accounts receivable, net of allowance for doubtful accounts of $6 and $0 at March 31, 2020 and at June 30, 2019, respectively
4,1704,100
Deferred costs
391430
Inventory
8,6436,239
Prepaid expenses and other current assets
225623
Total current assets
20,57821,783
Equipment and leasehold improvements, net
2,7322,726
Right of use asset, net
3,026-
Intangibles, net
138129
Deferred income taxes, net
53260
Investments
1,659582
Other assets
4240
Total assets
$28,228$25,520
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable
$1,912$1,996
Accrued expenses
1,5241,437
Deferred revenue
360215
Note payable and capital lease obligations
642622
Total current liabilities
4,4384,270
Deferred rent
-146
Lease liability, net of current portion
2,857-
Income taxes payable
325162
Notes and capital leases payable, net of current portion
3,4493,934
Total non-current liabilities
6,6314,242
Total liabilities
11,0698,512
Shareholders' equity:
Common shares; no par value; 50,000,000 shares authorized; 3,837,490 and 4,039,491 shares issued and outstanding at March 31, 2020 and June 30, 2019, respectively
12,97015,815
Accumulated other comprehensive loss
(1,162)(549)
Retained earnings
5,3511,742
Total shareholders' equity
17,15917,008
Total liabilities and shareholders' equity
$28,228$25,520

PRO-DEX, INC.
CONDENSED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)
(Unaudited)
(In thousands, except per share amounts)

Three Months Ended
March 31,
Nine Months Ended
March 31,
2020201920202019
Net sales
$8,508$6,854$23,710$20,168
Cost of sales
5,2984,59114,85512,930
Gross profit
3,2102,2638,8557,238
Operating (income) expenses:
Selling expenses
161122438252
General and administrative expenses
7256412,0521,838
Gain from disposal of equipment
---(7)
Research and development costs
6206031,5011,337
Total operating expenses
1,5061,3663,9913,420
Operating income
1,7048974,8643,818
Interest expense
(58)(67)(180)(156)
Interest and other income
99377261
Gain on sale of investments
---356
Income from operations before income taxes
1,6559234,7614,279
Income tax expense
(442)(191)(1,194)(1,019)
Net income
$1,213$732$3,567$3,260
Other comprehensive income (loss), net of tax:
Unrealized income (loss) from marketable equity investments
(1,262)33(613)(163)
Comprehensive income (loss)
$(49)$765$2,954$3,097
Basic net income per share:
Net income
$0.31$0.18$0.90$0.77
Diluted net income per share:
Net income
$0.30$0.17$0.88$0.75
Weighted average common shares outstanding:
Basic
3,8714,1433,9444,224
Diluted
3,9994,2574,0714,338
Common shares outstanding
3,8374,1363,8374,136

PRO-DEX, INC.
CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)
(In thousands)

Nine Months Ended
March 31,
20202019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$3,567$3,260
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
426309
Amortization of loan fees
65
Gain from disposal of equipment
-(7)
Share-based compensation
9328
Non-cash lease expense
31-
Gain on sale of investments
-(356)
Deferred income taxes
2071,026
Bad debt expense (recovery)
6(14)
Changes in operating assets and liabilities:
Accounts receivable and other current receivables
(76)(773)
Deferred costs
39(235)
Inventory
(2,404)(412)
Prepaid expenses and other assets
396(410)
Accounts payable and accrued expenses
(301)353
Deferred revenue
145169
Income taxes payable
163142
Net cash provided by operating activities
2,2983,085
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of investments
(1,827)(2,562)
Purchases of equipment and leasehold improvements
(422)(1,048)
Proceeds from sale of investments
-1,905
Proceeds from dividend reclassification as return of principal
1523
Proceeds from collection of notes receivable
-1,154
Proceeds from sale of equipment
-7
Increase in intangibles
(19)(11)
Net cash used in investing activities
(2,253)(532)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repurchases of common stock
(2,977)(2,675)
Proceeds from exercise of options and ESPP contributions
3929
Payment of employee payroll taxes on net issuance of common stock
-(101)
Proceeds from Minnesota Bank & Trust long-term debt, net of fees
-4,940
Principal payments on notes payable and capital lease
(471)(273)
Net cash provided by (used in) financing activities
(3,409)1,920
Net increase (decrease) in cash and cash equivalents
(3,364)4,473
Cash and cash equivalents, beginning of period
7,7425,188
Cash and cash equivalents, end of period
$4,378$9,661

CONTACT:

Richard L. Van Kirk
Chief Executive Officer
(949) 769-3200

SOURCE: Pro-Dex, Inc.



View source version on accesswire.com:
https://www.accesswire.com/588832/Pro-Dex-Inc-Announces-Fiscal-2020-Third-Quarter-And-Nine-Month-Results

© 2020 ACCESS Newswire
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