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Dynatronics Corporation (DYNT0.00%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing a decrease in net sales to $7,300,225 from $8,151,351 in the same quarter the previous year. The decrease is attributed to a reduction in overall volume for OEM customers and a general reduction in demand for orthopedic soft bracing products.
Cost of sales for the quarter was $5,655,705, representing 77.5% of net sales, compared to 77.7% in the same quarter of the previous year. The gross profit for the quarter was $1,644,520, or 22.5% of net sales, compared to $1,819,855, or 22.3% of net sales, in the previous year.
Selling, general, and administrative expenses decreased to $2,311,052 from $2,721,567, primarily due to a reduction in salaries, benefits, and sales expenses.
Net loss for the quarter was $774,827, compared to $1,011,416 in the previous year. After preferred dividends, net loss attributable to common stockholders was $960,439, compared to $1,202,660 in the previous year.
Cash provided by operating activities was $234,713, while cash used in investing and financing activities was $11,082 and $83,461, respectively.
Dynatronics had a working capital of $1,890,000 as of December 31, 2024. The company is implementing cost-control initiatives to continue as a going concern.
The filing also details a loan agreement with Gibraltar Business Capital, LLC, providing asset-based financing with a maximum availability of $7,500,000.
Dynatronics does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on cost reduction and optimizing its business segments to improve liquidity and meet its obligations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Dynatronics Corporation quarterly 10-Q report dated February 14, 2025. To report an error, please email earnings@qz.com.