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Pro Dex Inc (PDEX) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 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 2021 FIRST QUARTER RESULTS


IRVINE, CA, November 5, 2020 - PRO-DEX, INC. (NasdaqCM: PDEX) today announced financial results for its fiscal 2021 first quarter ended September 30, 2020. The Company also filed its Quarterly Report on Form 10-Q for the first quarter of fiscal year 2021 with the Securities and Exchange Commission today.


Net sales for the three months ended September 30, 2020, increased $1.4 million, or 19%, to $8.6 million from $7.2 million for the three months ended September 30, 2019.  The increase is driven by sales of our newest thoracic driver.


Gross profit for the three months ended September 30, 2020, increased $695,000, or 25%, to $3.5 million, compared to $2.8 million for the year-ago period. Gross margin increased by 2 percentage points to 40% during the three months ended September 30, 2020, compared to 38% during the corresponding year-ago period due to favorable product mix and increased absorption of our fixed manufacturing overhead expenses.


Operating expenses (which include selling, general and administrative, and research and development expenses) for the quarter ended September 30, 2020, increased $637,000 from the corresponding year-ago period. We are increasing these expenditures in an effort to release new products and garner new customer relationships.


Net income for the quarter ended September 30, 2020, was $1.3 million, or $0.32 per diluted share, compared to $1.1 million, or $0.27 per diluted share, for the quarter ended September 30, 2019.


CEO Comments


Richard L. (“Rick”) Van Kirk, the Company’s President and Chief Executive Officer, commented, “We are pleased with our first quarter results. We continue to reinvest our profits in research and development to continue to grow our core medical device business and expect to close on the purchase of a new building to expand our operations as early as tomorrow. Finally,” concluded Mr. Van Kirk, “we expect to introduce another CMF driver and our ENT shaver by the end of the current fiscal year.”


The amount spent on projects under development, along with the current estimated commercial launch date and estimated recurring annual revenue, is summarized below (in thousands):


 

 

For the Three Months Ended
September 30,

 

 

 

 

 

 

2020

 

 

2019

 

 

Market Launch(1)

 

 

Est Annual Revenue

 

Total Research & Development costs:

 

$

1,091

 

 

$

484

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Products in development:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Thoracic Driver(2)

 

$

 

 

$

19

 

 

(2)

 

 

$4,000

 

Arthroscopic Shaver(3)

 

 

 

 

 

6

 

 

(3)

 

 

$   600

 

ENT Shaver

 

 

183

 

 

 

89

 

 

Q2 2021

 

 

$1,000

 

VITAL Ventilator

 

 

57

 

 

 

 

 

Q3 2021

 

 

$1,500

 

CMF Driver

 

 

189

 

 

 

17

 

 

Q1 2021

 

 

$1,000

 

Sustaining & Other

 

 

662

 

 

 

353

 

 

 

 

 

 

 

 

 

Total

 

$

1,091

 

 

$

484

 

 

 

 

 

 

 

 

 


(1)

Represents the calendar quarter of expected market launch.




The following information was filed by Pro Dex Inc (PDEX) on Thursday, November 5, 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-Q Quarterly 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-Q Quarterly Report:

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Ticker: PDEX
CIK: 788920
Form Type: 10-Q Quarterly Report
Accession Number: 0001553350-20-000968
Submitted to the SEC: Thu Nov 05 2020 4:22:00 PM EST
Accepted by the SEC: Thu Nov 05 2020
Period: Wednesday, September 30, 2020
Industry: Surgical And Medical Instruments And Apparatus

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