Pro-Dex Q2 sales up 12% to $12.6M but net income falls to $500K on investment losses; new buyback launched

PRO DEX INC

2024-Q2 EPS reported -$0.03 revenue$24,526,000

Net sales increased 12% to $12.6M vs $11.3M a year ago; repair revenue from orthopedic surgical handpiece drove growth.
Operating income decreased 32% to $777K from $1.1M, as operating expenses rose 36% to $2.0M.
Net income was $500K ($0.14 diluted EPS) vs $2.8M ($0.75) a year ago, reflecting $40K unrealized investment loss vs $2.7M gain.
For the six-month period, net loss was $115K ($0.03 loss) vs net income of $4.0M ($1.08) a year ago, impacted by $2.6M unrealized investment loss.
Company announced a new stock buy-back program and is reducing inventory levels.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

PRO DEX INC reported six months ended December 31, 2023 results: revenue $24.5 million, net income Net loss for the six months ended December 31, 2023, was $115,000, EPS $0.03 per diluted share.

Period: six months ended December 31, 2023
Revenue: $24.5 million
Net income: Net loss for the six months ended December 31, 2023, was $115,000
EPS: $0.03 per diluted share
Result: reported results

Exact text from the filing

fair value, and the valuation can be highly volatile. Six Months Ended December 31, 2023 Net sales for the six months ended December 31, 2023, increased $2.2 million, or 10%, to $24.5 million from $22.4 million for the six mo nths ended December 31, 2022, due primarily to increased repair revenue from the orthopedic surgical handpiece that we sell to our

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

PRO DEX INC reported fiscal 2024 second quarter ended December 31, 2023 results: revenue $12.6 million, net income $500,000, EPS $0.14 per diluted share.

Period: fiscal 2024 second quarter ended December 31, 2023
Revenue: $12.6 million
Net income: $500,000
EPS: $0.14 per diluted share
Result: reported results

Exact text from the filing

Net sales for the three months ended December 31, 2023, increased $1.3 million, or 12%, to $12.6 million from $11.3 million for the three months ended December 31, 2022

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Source: SEC EDGAR

accession 0001079973-24-000182

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