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Pro Dex Inc (PDEX) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, June 30, 2020

Pro Dex Inc

CIK: 788920 Ticker: PDEX

 


EXHIBIT 99.1

[pdex_ex99z1001.jpg]


Contact:  Richard L. Van Kirk, Chief Executive Officer

(949) 769-3200


For Immediate Release


PRO-DEX, INC. ANNOUNCES FISCAL 2020

FOURTH QUARTER AND FULL-YEAR RESULTS


IRVINE, CA, August 27, 2020 - PRO-DEX, INC. (NasdaqCM: PDEX) today announced financial results for its fiscal 2020 fourth quarter and full-year ended June 30, 2020.


Quarter Ended June 30, 2020


Net sales for the three months ended June 30, 2020 increased $4.1 million, or 59%, to $11.1 million from $7.0 million for the three months ended June 30, 2019, due primarily to increased medical device sales related to two new product launches as well as increased revenue generated from our largest customer.  Revenue to our largest customer increased by $1.7 million for the quarter ended June 30, 2020 compared to the fourth quarter of the prior year. In the third quarter of fiscal 2020 we began shipping a thoracic driver to one of our existing craniomaxillofacial (“CMF”) customers and sales generated in the fourth quarter of fiscal 2020 related to this new product totaled $1.0 million. In the fourth quarter of fiscal 2020 we completed the development of a next generation CMF driver for an existing customer and same quarter sales related to this new product totaled $600,000. Gross profit for the three months ended June 30, 2020 increased $1.7 million or 69%, to $4.3 million from $2.5 million for the same period in 2019.  The increase in gross margin is due to better absorption of our fixed costs resulting from higher sales volumes.


Operating expenses (which include selling, general and administrative, and research and development expenses) for the quarter ended June 30, 2020 increased 53% to $2.1 million from $1.4 million in the prior year’s corresponding quarter, due primarily to increased expenditures of $483,000 in general and administrative expenses due to increased equity compensation expense and increased bonus accruals and $270,000 in research and development costs to support our continued efforts to further grow our business.


Net income for the quarter ended June 30, 2020 increased by $1.7 million to $2.5 million, or $0.64 per diluted share, compared to $888,000, or $0.21 per diluted share, in the corresponding quarter in 2019.


Year Ended June 30, 2020


Net sales for the fiscal year ended June 30, 2020 increased $7.7 million, or 28%, to $34.8 million from $27.2 million for the fiscal year ended June 30, 2019, due primarily to increases in medical device revenues. Specifically, our largest customer accounted for an increase of $5.6 million in revenue during fiscal 2020 and we generated sales of $3.1 million in fiscal 2020 due to the new thoracic driver and next generation CMF driver described above.





The following information was filed by Pro Dex Inc (PDEX) on Thursday, August 27, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Pro Dex Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Balance Sheets
Balance Sheets (Parenthetical)
Statements Of Cash Flows
Statements Of Operations And Comprehensive Income
Statements Of Shareholders' Equity
Statements Of Shareholders' Equity (Parenthetical)
Commitments And Contingencies
Commitments And Contingencies (Narrative) (Details)
Common Stock - Share Repurchase Program
Common Stock - Share Repurchase Program (Details)
Composition Of Certain Financial Statement Items
Composition Of Certain Financial Statement Items (Accrued Liabilities) (Details)
Composition Of Certain Financial Statement Items (Intangible Assets) (Details)
Composition Of Certain Financial Statement Items (Inventory) (Details)
Composition Of Certain Financial Statement Items (Narrative) (Details)
Composition Of Certain Financial Statement Items (Schedule Of Equipment And Leasehold Improvements) (Details)
Composition Of Certain Financial Statement Items (Schedule Of Investments) (Details)
Composition Of Certain Financial Statement Items (Tables)
Description Of Business
Income Taxes
Income Taxes (Accrual For Unrecognized Tax Benefits) (Details)
Income Taxes (Deferred Tax Assets And Liabilities For Federal And State Income Taxes) (Details)
Income Taxes (Effective Income Tax Rate On Loss From Continuing Operations) (Details)
Income Taxes (Narrative) (Details)
Income Taxes (Provision For Income Tax Expense) (Details)
Income Taxes (Tables)
Leases
Leases (Narrative) (Details)
Leases (Schedule Of Future Minimum Base Rental Payment) (Details)
Leases (Tables)
Major Customers &Amp; Suppliers
Major Customers &Amp; Suppliers (Sales, Accounts Receivable, Inventory Purchases And Accounts Payable) (Details)
Major Customers &Amp; Suppliers (Tables)
Net Income Per Share
Net Income Per Share (Details)
Net Income Per Share (Tables)
Notes Payable And Financing Transactions
Notes Payable And Financing Transactions (Narrative) (Details)
Notes Payable And Financing Transactions (Schedule Of Maturities Of Term Loan For Future Fiscal Years) (Details)
Notes Payable And Financing Transactions (Tables)
Share-Based Compensation
Share-Based Compensation (Narrative) (Details)
Share-Based Compensation (Summary Of Stock Option Activity) (Details)
Share-Based Compensation (Tables)
Subsequent Event
Subsequent Event (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)
Warranty Accrual
Warranty Accrual (Narrative) (Details)
Warranty Accrual (Schedule Of Accrual Warranty Costs) (Details)
Warranty Accrual (Tables)

Material Contracts, Statements, Certifications & more

Pro Dex Inc provided additional information to their SEC Filing as exhibits

Ticker: PDEX
CIK: 788920
Form Type: 10-K Annual Report
Accession Number: 0001553350-20-000854
Submitted to the SEC: Thu Sep 10 2020 4:01:20 PM EST
Accepted by the SEC: Thu Sep 10 2020
Period: Tuesday, June 30, 2020
Industry: Surgical And Medical Instruments And Apparatus

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