IRVINE, Calif., May 14, 2015 /PRNewswire/ -- PRO-DEX, INC. (NasdaqCM: PDEX) today announced financial results for its fiscal 2015 third quarter ended March 31, 2015. The Company also filed its Quarterly Report on Form 10-Q for the third quarter of fiscal year 2015 with the Securities and Exchange Commission today.
Quarter Ended March 31, 2015
Net sales for the three months ended March 31, 2015 increased $1.5 million, or 63%, to $3.9 million from $2.4 million for the three months ended March 31, 2014, due primarily to increases in medical device revenues. Gross profit for the three months ended March 31, 2015 increased $505,000, or 94%, to $1 million from $540,000 for the same period in 2014. Contributing to this increase were the increase in sales volume, described above, as well as over-absorbed fixed manufacturing costs due to higher manufacturing capacity in the current year versus the prior year.
Operating expenses (which include selling, general and administrative, and research and development expenses) for the quarter ended March 31, 2015 increased 47% to $1.4 million from $978,000 million in the prior year's corresponding quarter, reflecting primarily our investment in our newly launched engineering services division, higher legal and professional fees related to our business acquisitions and investments, employee matters and compliance costs as well as increased research and development costs as we prepare to launch our in-house battery production.
Loss from continuing operations for the quarter ended March 31, 2015 decreased by $266,000 to $92,000, compared to a loss from continuing operations of $358,000 in the corresponding quarter in 2014. Net loss for the quarter ended March 31, 2015 was $76,000, or $0.02 per share, compared to a net loss of $392,000, or $0.12 per share, for the corresponding quarter in 2014.
Nine Months Ended March 31, 2015
Net sales for the nine months ended March 31, 2015 increased $1.7 million, or 23%, to $9.3 million from $7.6 million for the nine months ended March 31, 2014, due primarily to increases in medical device revenues.
Gross profit for the nine months ended March 31, 2015 increased $534,000, or 26%, to $2.6 million compared to $2.0 million for the same period in 2014.
Operating expenses (which include selling, general and administrative, and research and development expenses) for the nine months ended March 31, 2015 increased 25% to $3.5 million from $2.8 million in the prior year's corresponding period, reflecting primarily the effects of the Company's investment in our newly launched engineering services division as well as research and development costs incurred to launch in-house battery manufacturing and increases in legal expenses associated with acquisitions and other non-routine transactions.
Loss from continuing operations for the nine months ended March 31, 2015 was $475,000, compared to a loss from continuing operations of $679,000 for the corresponding period in 2014. Net loss for the nine months ended March 31, 2015 was $438,000, or $0.10 per share, compared to a net loss of $314,000, or $0.15 per share, for the corresponding period in 2014.
Recent Developments
On May 8, 2015 we received a production order from our largest customer for additional products scheduled to ship in fiscal 2016 in the amount of approximately $0.5 million and on May 11, 2015 we executed a development agreement with another customer to design and develop a powered surgical device valued at approximately $0.5 million.
About Pro-Dex, Inc.:
Pro-Dex, Inc., with operations in California, Michigan and Oregon, specializes in the design, development and manufacture of powered rotary drive surgical and dental instruments used primarily in the orthopedic, spine, maxocranial facial and dental markets. Its OMS division designs and manufactures embedded motion control systems serving the medical, factory automation, semi-conductor and scientific research markets. Its Fineline Molds division manufactures plastic injection molding for a variety of industries. Pro-Dex's products are found in hospitals, dental offices, medical engineering labs, scientific research facilities and high tech manufacturing operations around the world.
Pro-Dex also provides quality and regulatory consulting services, as well as engineering consulting and placement services through its Engineering Services Division. For more information, visit the Company's website at www.pro-dex.com.
Statements herein concerning the Company's plans, growth and strategies may include 'forward-looking statements' within the context of the federal securities laws.
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