Pro-Dex Q1 revenue up 11% to $11.1M; EPS flat at $0.29; gross margin drops 7 pts

PRO DEX INC

2023-Q1 EPS reported $0.29 revenue$11,087,000

Net sales $11.1M (+11% YoY); net income $1.1M ($0.29 diluted EPS) vs $1.1M ($0.28) prior year.
Gross margin fell to 27% from 34% due to costly handpiece upgrades for largest customer; compensation negotiations ongoing.
FDA authorized commencement of manufacturing activities at Franklin facility.
Operating expenses decreased $104K on lower stock compensation and R&D.
CEO confident negotiations with largest customer will lead to additional revenue.

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 fiscal 2023 first quarter ended September 30, 2022 results: revenue $11.1 million, net income $1.1 million, EPS $0.29 per diluted share.

Period: fiscal 2023 first quarter ended September 30, 2022
Revenue: $11.1 million
Net income: $1.1 million
EPS: $0.29 per diluted share
Result: reported results

Exact text from the filing

first quarter of fiscal year 2023 with the Securities and Exchange Commission today. Net sales for the three months ended September 30, 2022 increased $1.1 million, or 11%, to $11.1 million from $10.0 million for the three months ended September 30, 2021. The increase is driven primarily by $0.8 million in increased repairs of the surgical handpiece we sell to our

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Source: SEC EDGAR

accession 0001553350-22-000853

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