ADM Tronics Reports Fiscal Year 2023
NORTHVALE, NJ / ACCESSWIRE / July 17, 2023 / ADM Tronics Unlimited, Inc. (OTCQB:ADMT), a technology-based developer and manufacturer of innovative technologies, products, and proprietary medical devices, today announced results for fiscal year ended March 31, 2023.
For the fiscal year ended March 31, 2023, ADMT had increased revenues of approximately 15% as compared to the previous fiscal year, due to increases in its electronics manufacturing and engineering services segments. The continued supply problems for electronic components used in the manufacture of ADMT's electronic medical devices contributed to a backlog of electronics product orders from customers at the fiscal year end.
ADMT had income from operations of $30,335 for the fiscal year ended March 31, 2023, as compared to loss from operations of $1,129,952 for the previous fiscal year. Due to provision for income taxes, there was net loss of $96,322 for the fiscal year ended March 31, 2023, a reduction of over 93% as compared to net loss of $1,384,263 for the previous fiscal year.
As previously announced, during the fiscal year ended March 31, 2023, ADMT devoted research and development resources to its Sonotron® non-invasive therapy technology for the treatment of musculoskeletal pain conditions. The Company is preparing for the upcoming commercial introduction of its Vet-Sonotron®, non-invasive pain treatment device for the veterinary market. ADMT continues development of a medical version of the Sonotron® for use on humans where the need for effective pain treatment without the use of drugs or opioids is very large and unmet. The company plans on pursuing a 510(k) submission to the FDA in 2024.
"We are pleased with the continued increase in our revenues despite the ongoing supply problems, which affected not only our production rates, but also the finalization of the design of our Vet-Sonotron," stated Andre' DiMino, ADMT President. "We believe the upcoming introduction of Vet-Sonotron to the veterinary market will be a milestone for the Company."
Revenues for the year ended March 31, 2023, were $3,676,785 compared to $3,206,594 for the previous year, an increase of approximately 15%. Gross profit for the fiscal year was $1,657,902 or approximately 45% as compared to $1,248,638 or approximately 39% for the previous fiscal year. Operating expenses for the fiscal year ended 3/31/23 were $1,657,902, a reduction of approximately 30% primarily due to certain non-recurring write-offs in the previous fiscal year. Complete financial results are available in the Company's Annual Report on Form 10K at www.sec.gov.
Financial Highlights
Fiscal Year Ended | Fiscal Year Ended | |||||||
March 31, 2023 | March 31, 2022 | |||||||
Net revenues | $ | 3,676,785 | $ | 3,206,594 | ||||
Cost of sales | $ | 2,018,883 | $ | 1,957,956 | ||||
Gross Profit | $ | 1,657,902 | $ | 1,248,638 | ||||
Total operating expenses | $ | 1,627,567 | $ | 2,377,952 | ||||
Income (loss) from operations | $ | 30,335 | $ | (1,129,314 | ) | |||
Total other income (expense) | $ | (5,847 | ) | $ | 681,233 | |||
Income (loss) before provision for taxes | $ | 24,488 | $ | (448,081 | ) | |||
Total benefit provision from income taxes | $ | 120,810 | $ | 936,182 | ||||
Net loss | $ | (96,322 | ) | $ | (1,384,263 | ) | ||
Basic and diluted earnings (loss) per common share: | $ | (0.00 | ) | $ | (0.02 | ) | ||
Weighted average shares of common stock outstanding - basic and diluted | 67,588,492 | 67,588,492 | ||||||
About ADMT
ADMT is a diversified, technology-based developer and manufacturer of innovative technologies and products. Its core competency is its ability to conceptualize a technology, bring it through development, into manufacturing and commercialization, all in-house. ADMT has three areas of activity: Proprietary Medical Devices; Medical Device Design, Engineering, Regulatory and Manufacturing Services; and Eco-Friendly, Water-Based Formulations. The Company's headquarters, laboratories, FDA-Registered medical device and manufacturing operations are in Northvale, NJ. ADMT's multi-disciplinary team of engineers, researchers and technologists utilize advanced technology infrastructure for research, development and commercialization of diversified technologies.
ADMT welcomes inquiries for its electronics and medical device services at www.admtronics.com.
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Sonotron® - a registered trademark of ADM Tronics Unlimited, Inc.
For more information - Investor Relations:
Howard Isaacs 562-987-4939 HISAACS@EARTHLINK.NET
Richard Cavalli 303-956-1777 RICHARDACAVALLI@GMAIL.COM
Except for historical information contained herein, the matters set forth in this news release are "forward looking" statements (as defined in the Private Securities Litigation Reform Act of 1995), including statements regarding future revenue growth and performance. Although ADMT believes the expectations reflected in such forward looking statements are based upon reasonable assumptions, there can be no assurance that its expectations will be realized. Forward looking statements involve risks and uncertainties that could cause actual results to differ materially from expectations. Factors that could contribute to such differences include those described from time to time in ADMT's SEC filings, news releases and other communications. The Company assumes no obligation to update information contained in this news release.
SOURCE: ADM Tronics Unlimited, Inc.
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