Sono-Tek Q1 FY2023 sales up 11% to $4.05M; gross margin expands 200 bps to 52%

SONO TEK CORP

2023-Q1 EPS reported $0.02 revenue$4,051,535

Net sales $4.05M (+11% YoY); gross profit $2.11M (+16%); net income $306K (excl. PPP loan forgiveness, up 17%).
Medical market sales more than doubled YoY, representing 41% of total sales; alternative energy up 41%.
Backlog at $4.2M, flat YoY; customer deposits up 43% to $1.67M.
Guides Q2 FY2023 sales similar to prior year; still expects record annual revenue for FY2023 ending Feb 2023.
Cash $11.1M, no debt; capital expenditures planned $300-$350K for FY2023.

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