PRO-DEX, INC. (PDEX) has reported an 141.30 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $0.89 million, or $0.22 a share in the quarter, compared with $0.37 million, or $0.09 a share for the same period last year. Revenue during the quarter grew 27.86 percent to $6.62 million from $5.18 million in the previous year period. Gross margin for the quarter expanded 1183 basis points over the previous year period to 37.20 percent. Total expenses were 79.63 percent of quarterly revenues, down from 96.60 percent for the same period last year. This has led to an improvement of 1697 basis points in operating margin to 20.37 percent.
Operating income for the quarter was $1.35 million, compared with $0.18 million in the previous year period.
Richard L. (“Rick”) Van Kirk, the Company’s president and chief executive officer, commented, “We are pleased with our third quarter and year-to-date results as well as having released our newest medical device, which contains our patented adaptive torque-limiting technology. We look forward to continuing our focus on our core medical device product and service revenue. Additionally, we recently invested in a medical device start-up company which, although long-term in nature, is an investment we believe will further enhance our technological capabilities and lead to additional manufacturing opportunities.”
Operating cash flow turns positive
PRO-DEX, INC. has generated cash of $1.92 million from operating activities during the nine month period as against cash outgo of $1.04 million in the last year period. The company has spent $0.18 million cash to meet investing activities during the nine month period as against cash inflow of $1.79 million in the last year period.
The company has spent $0.33 million cash to carry out financing activities during the nine month period as against cash outgo of $0.50 million in the last year period.
Cash and cash equivalents stood at $3.70 million as on Mar. 31, 2017, up 154.75 percent or $2.25 million from $1.45 million on Mar. 31, 2016.
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