Quarter Ended
Net sales for the three months ended
Gross profit for the three months ended
Operating expenses (which include selling, general and administrative, and research and development expenses) for the quarter ended
Our operating income for the quarter ended
Net income for the quarter ended
CEO Comments
Richard L. ("Rick")
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, thoracic, and maxocranial facial markets. We have patented adaptive torque-limiting technology and proprietary sealing solutions that appeal to our customers, primarily medical device distributors. Additionally, we provide engineering, quality, and regulatory consulting services to our customers. Our APM subsidiary manufactures parts and assemblies for the aerospace and defense industries in addition to providing several machined components to support Pro-Dex's customers. Pro-Dex, Inc. also sells rotary air motors to a wide range of industries; however, these air motors comprise a de minimis portion of our business. Pro-Dex's products are found in hospitals and medical engineering labs around the world. For more information, visit the Company's websites at www.pro-dex.com and www.advanced-precision.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 the expected shipment of Monogram validation units) 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 risk factors and other disclosures concerning the operational and business concerns of the Company set forth in the Company's filings with the Securities and Exchange Commission.
Contact:
Richard L. Van Kirk,
Chief Executive Officer
(949) 769-3200
(tables follow)
PRO-DEX, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share amounts)
2026 | 2026 | |||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash and cash equivalents | $ | 11,759 | $ | 8,192 | ||||
Investments | 1,230 | 1,150 | ||||||
Accounts receivable, net of allowance for credit losses of | 17,507 | 21,205 | ||||||
Deferred costs | 27 | 70 | ||||||
Inventory | 21,899 | 21,458 | ||||||
Income taxes receivable | 1,081 | 620 | ||||||
Prepaid expenses and other current assets | 443 | 553 | ||||||
Total current assets | 53,946 | 53,248 | ||||||
Land and building, net | 5,944 | 5,967 | ||||||
Equipment and leasehold improvements, net | 5,359 | 5,373 | ||||||
Right-of-use asset, net | 2,048 | 602 | ||||||
Intangibles, net | 666 | 686 | ||||||
Deferred income taxes | 1,544 | 1,544 | ||||||
Investments | 497 | 504 | ||||||
| 6,525 | 6,525 | |||||||
Other assets | 60 | 60 | ||||||
Total assets | $ | 76,589 | $ | 74,509 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Current Liabilities: | ||||||||
Accounts payable | $ | 5,321 | $ | 4,262 | ||||
Accrued liabilities | 3,224 | 4,366 | ||||||
Income taxes payable | 124 | 124 | ||||||
Deferred revenue | 44 | 26 | ||||||
Notes payable. | 4,171 | 4,205 | ||||||
Total current liabilities | 12,884 | 12,983 | ||||||
Lease liabilities, net of current portion | 2,089 | 627 | ||||||
Notes payable, net of current portion | 12,270 | 13,266 | ||||||
Total non-current liabilities | 14,359 | 13,893 | ||||||
Total liabilities | 27,243 | 26,876 | ||||||
Shareholders' Equity: | ||||||||
Common stock; no par value; 50,000,000 shares authorized; 3,203,334 and 3,186,135 shares issued and outstanding at | - | - | ||||||
Retained earnings | 49,346 | 47,633 | ||||||
Total shareholders' equity | 49,346 | 47,633 | ||||||
Total liabilities and shareholders' equity | $ | 76,589 | $ | 74,509 | ||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except share and per share amounts)
| Three Months Ended | ||||||||
| 2026 | 2025 | |||||||
Net sales | $ | 20,560 | $ | 18,530 | ||||
Cost of sales | 13,703 | 13,163 | ||||||
Gross profit | 6,857 | 5,367 | ||||||
Operating expenses: | ||||||||
Selling, general and administrative expenses | 2,132 | 1,490 | ||||||
Research and development costs | 1,210 | 768 | ||||||
Total operating expenses | 3,342 | 2,258 | ||||||
Operating income | 3,515 | 3,109 | ||||||
Other income (expense): | ||||||||
Interest and dividend income | 51 | 14 | ||||||
Unrealized gain on investments | 73 | 3,299 | ||||||
Interest expense | (260 | ) | (200 | ) | ||||
Total other income (expense) | (136 | ) | 3,113 | |||||
Income before income taxes | 3,379 | 6,222 | ||||||
Provision for income taxes | 331 | 1,542 | ||||||
Net income | $ | 3,048 | $ | 4,680 | ||||
Basic and diluted net income per share: | ||||||||
Basic net income per share | $ | 0.95 | $ | 1.43 | ||||
Diluted net income per share | $ | 0.92 | $ | 1.40 | ||||
Weighted-average common shares outstanding: | ||||||||
Basic | 3,206,304 | 3,261,753 | ||||||
Diluted | 3,315,415 | 3,338,805 | ||||||
Common shares outstanding | 3,203,334 | 3,262,004 | ||||||
SOURCE:
View the original press release on ACCESS Newswire