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Dynatronics Corp Reports Net Loss of $4.97M for FY 2023
By USInMinutes - Oct 07, 2023, 02:34 PM ET
Last Updated - Oct 07, 2023, 02:34 PM EDT
Annual Revenue of $40.61M
DYNATRONICS CORP [DYNT], a leading medical device company, has announced its financial results for the fiscal year ended June 30, 2023. The company reported a net loss of $4.97 million for the year, compared to a net loss of $3.99 million in the previous year. The company generated annual revenue of $40.61 million, showing a decline from the previous year's revenue of $44.34 million.
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Financial Performance
Despite the challenging financial performance, Dynatronics Corp has shown resilience in its operations. The company's gross profit for the year was $10.15 million, slightly down from $10.67 million in the previous year. Total operating expenses, including selling, general, and administrative expenses, were $15.00 million, compared to $15.43 million in the previous year. The operating loss for the year amounted to $4.85 million, slightly higher than the $4.76 million loss in the previous year.
Revenue Growth
Dynatronics Corp experienced a decline in net sales, with total sales amounting to $40.61 million compared to $44.34 million in the previous year, representing a decrease of approximately 8.4%. The decrease in sales can be attributed to various factors, including market competition and the impact of the global pandemic on the healthcare industry.
Financial Stability
The company's current assets as of June 30, 2023, stood at $12.42 million, primarily consisting of cash and cash equivalents, accounts receivable, inventories, and prepaid expenses. On the other hand, the company's total liabilities amounted to $13.21 million, indicating a relatively stable financial position.
Earnings Per Share
The basic and diluted earnings per share for the year were both reported at $1.46. The weighted average shares outstanding for the year were 3.87 million, compared to 3.57 million in the previous year. It is important to note that the company had a net loss for the year, which impacted the earnings per share figures.
Outlook
Looking ahead, Dynatronics Corp remains focused on enhancing its product offering and expanding its customer base. The company aims to improve its financial performance by optimizing its operations, implementing cost-saving measures, and exploring new growth opportunities in the medical device industry.
Despite the challenges faced during the fiscal year 2023, Dynatronics Corp remains committed to its mission of providing innovative and high-quality medical devices. The company's management anticipates a gradual recovery in the healthcare industry and is confident in its ability to navigate through the current market conditions. With a focus on financial stability and strategic initiatives, Dynatronics Corp is well-positioned to drive long-term value for its stakeholders.
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