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Pro Dex Inc (PDEX) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

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 THIRD QUARTER

AND NINE-MONTH RESULTS


IRVINE, CA, May 6, 2021 - PRO-DEX, INC. (NasdaqCM: PDEX) today announced financial results for its fiscal 2021 third quarter ended March 31, 2021. The Company also filed its Quarterly Report on Form 10-Q for the third quarter of fiscal year 2021 with the Securities and Exchange Commission today.


Quarter Ended March 31, 2021


Net sales for the three months ended March 31, 2021 increased $3.2 million, or 38%, to $11.7 million from $8.5 million for the three months ended March 31, 2020, due primarily to increased sales of $2.6 million of our thoracic driver, which was launched in the third quarter of the prior fiscal year, as well as increased sales of $923,000 of our CMF drivers, which we sell to various distributors including to our existing largest customer.


Gross profit for the three months ended March 31, 2020 increased $1.2 million, or 37%, to $4.4 million from $3.2 million for the same period in fiscal 2020.


Operating expenses (which include selling, general and administrative, and research and development expenses) for the quarter ended March 31, 2021 increased $1.0 million, or 67%, compared to the same period in fiscal 2021 mostly due to increased investment in internal product development and stock compensation expense.


Net income for the quarter ended March 31, 2021 was $2.0 million, or $0.50 per diluted share, compared to $1.2 million, or $0.30 per diluted share, for the corresponding quarter in fiscal 2020.


Nine Months Ended March 31, 2021


Net sales for the nine months ended March 31, 2021 increased $4.9 million, or 21%, to $28.6 million from $23.7 million for the nine months ended March 31, 2021, due primarily to increased sales of $4.9 million of our thoracic driver, which was launched in the third quarter of the prior fiscal year.


Gross profit for the nine months ended March 31, 2021 increased $1.6 million, or 18%, compared to the same period in fiscal 2020.  The gross profit increase is directly related to our 21% increase in revenue and our ability to better absorb our fixed manufacturing costs.


Operating expenses (which include selling, general and administrative, and research and development expenses) for the nine months ended March 31, 2021 increased 63% to $6.5 million from $4.0 million in the prior fiscal year’s corresponding period, mostly due to increased investment in internal product development and sustaining engineering of $1.7 million  and increased general and administrative expenses of $0.9 million, including stock based compensation expense and operating costs related to our new commercial building.


Net income for the nine months ended March 31, 2021 was $3.6 million, or $0.90, per diluted share, compared to $3.6 million, or $0.88 per diluted share, for the corresponding period in fiscal 2020.



CEO Comments


 “We are extremely pleased with our third quarter results.  We are also very proud of the team here at Pro-Dex that produced quarterly and monthly shipment records while at the same time commissioning a new building and managing through a pandemic. We have come very far as a company and we could not be more pleased,” said the Company’s President and Chief Executive Officer Richard L. (“Rick”) Van Kirk.  “While not every quarter will set records, we will strive to execute properly and continue to drive year over year growth.”




The following information was filed by Pro Dex Inc (PDEX) on Thursday, May 6, 2021 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:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Parenthetical)
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Condensed Consolidated Statements Of Operations And Comprehensive Income (Loss) (Unaudited)
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Composition Of Certain Financial Statement Items (Details) (Narrative)
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Composition Of Certain Financial Statement Items (Inventory) (Details)
Composition Of Certain Financial Statement Items (Land And Building) (Details)
Composition Of Certain Financial Statement Items (Marketable Equity Securities) (Details)
Composition Of Certain Financial Statement Items (Tables)
Description Of Business
Income Taxes
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Leases (Narrative) (Details)
Leases (Schedule Of Future Minimum Base Rental Payment) (Details)
Leases (Tables)
Major Customers &Amp; Suppliers
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Major Customers And Suppliers (Narrative) (Details)
Major Customers And Suppliers (Sales) (Details)
Net Income Per Share
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Net Income Per Share (Tables)
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Ticker: PDEX
CIK: 788920
Form Type: 10-Q Quarterly Report
Accession Number: 0001553350-21-000335
Submitted to the SEC: Thu May 06 2021 4:00:48 PM EST
Accepted by the SEC: Thu May 06 2021
Period: Wednesday, March 31, 2021
Industry: Surgical And Medical Instruments And Apparatus

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