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Pro-Dex Inc. (PDEX-1.59%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing an increase in net sales to $16,793,000 from $12,588,000 in the same quarter the previous year. The increase is attributed to the launch of a new handpiece for its largest customer.
Cost of sales for the quarter was $11,721,000, representing 70% of sales, compared to 78% in the same quarter of the previous year. This decrease in cost ratio is due to improved absorption of manufacturing costs.
The company reported a gross profit of $5,072,000 for the quarter, compared to $2,802,000 in the previous year.
Operating expenses increased to $2,380,000 from $2,025,000, primarily due to higher general and administrative expenses.
Net income for the quarter was $2,040,000, up from $500,000 in the previous year.
Cash used in operating activities was $2,263,000, while cash used in investing and financing activities was $973,000 and $671,000, respectively.
Pro-Dex had a working capital of $27,161,000 as of December 31, 2024. The company plans to use existing accounts receivable balances and cash flows from operations to fund its cash requirements for at least the next 12 months.
The filing details various financial agreements, including a new term loan and amendments to existing credit agreements with Minnesota Bank & Trust.
Pro-Dex continues to focus on developing new medical device products and expanding manufacturing capacity at its Tustin facility.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Pro-Dex Inc. quarterly 10-Q report dated January 30, 2025. To report an error, please email earnings@qz.com.