P
PRO DEX INC
PDEXCIK 0000788920NasdaqNon-AcceleratedSmaller ReportingSurgical & Medical Instruments & ApparatusFY ends Jun 30
Period
FY 2025
Revenue
$66.59M
Net Income
$8.98M
Total Assets
$61.19M
Equity
$36.63M
Shares Out
3.19M
Op. Cash Flow
$-1.68M
Business
PRO DEX INC designs, develops, and manufactures autoclavable, battery-powered and electric multi-function surgical drivers and shavers for orthopedic, thoracic, and craniomaxillofacial (CMF) markets. Its main products include patented adaptive torque-limiting surgical handpieces, shavers, accessories, rotary air motors, non-recurring engineering (NRE) services, prototypes, and repair services. The company operates as a single reporting segment focused on design, manufacturing, and repair of handheld medical devices and related services. Products are sold primarily to medical device original equipment manufacturers, medical device distributors, and a broad range of industrial distributors and end users.
Summary from filing dated 2025-09-04
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-06-30 | FY 2024 2024-06-30 | FY 2023 2023-06-30 | FY 2022 2022-06-30 | FY 2021 2021-06-30 |
|---|---|---|---|---|---|---|
| Net sales | 67 | 54 | 46 | 42 | 38 | |
| Cost of sales | 47 | 39 | 33 | 29 | 24 | |
| Gross profit | 20 | 15 | 13 | 13 | 14 | |
| Selling expenses | 344,000 | 117,000 | 155,000 | 91,000 | 590,000 | |
| General and administrative expenses | 5 | 4 | 4 | 5 | 4 | |
| Research and development costs | 4 | 3 | 3 | 3 | 4 | |
| Total operating expenses | 9 | 7 | 7 | 8 | 9 | |
| Operating income | 11 | 7 | 6 | 5 | 5 | |
| Interest and dividend income | 82,000 | 144,000 | 294,000 | 76,000 | 126,000 | |
| Unrealized gain (loss) on marketable equity investments | 2 | −4 | 4 | 931,000 | 2 | |
| Gain on sale of investments | 595,000 | — | 6,000 | 28,000 | 1 | |
| Interest expense | −829,000 | −558,000 | −533,000 | — | — | |
| Total other income (expense) | 1 | −5 | 4 | 571,000 | 3 | |
| Income before income taxes | 12 | 3 | 9 | 6 | 8 | |
| Income tax expense | −3 | −507,000 | 2 | 1 | 1 | |
| Net income | 9 | 2 | 7 | 5 | 6 | |
| Basic net income per share | 2.73 | 0.61 | 1.98 | 1.26 | 1.63 | |
| Diluted net income per share | 2.67 | 0.6 | 1.95 | 1.21 | 1.57 | |
| Basic | 3 | 3 | 4 | 4 | 4 | |
| Diluted | 3 | 4 | 4 | 4 | 4 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-06-30 | FY 2024 2024-06-30 | FY 2023 2023-06-30 | FY 2023 2023-03-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 419,000 | 3 | 3 | — | — | |
| Investments | 7 | 4 | 1 | — | — | |
| Accounts receivable | 16 | 14 | 10 | — | — | |
| Deferred costs | 24,000 | 262,000 | 494,000 | — | — | |
| Inventory | 22 | 15 | 16 | — | — | |
| Income taxes receivable | 1 | — | — | — | — | |
| Prepaid expenses | 410,000 | 345,000 | 296,000 | — | — | |
| Total current assets | 47 | 37 | 31 | — | — | |
| Land and building, net | 6 | 6 | 6 | — | — | |
| Equipment and improvements, net | 5 | 5 | 5 | — | — | |
| Right of use asset, net | 1 | 1 | 2 | — | — | |
| Intangibles, net | 26,000 | 54,000 | 81,000 | — | — | |
| Deferred income taxes, net | 1 | 2 | 0 | — | — | |
| Investments | 148,000 | 2 | 8 | 7 | 7 | |
| Other assets | 44,000 | 42,000 | 42,000 | — | — | |
| Total assets | 61 | 52 | 52 | 52 | 52 | |
| Accounts payable | 5 | 5 | 2 | — | — | |
| Accrued liabilities | 3 | 3 | 3 | — | — | |
| Income taxes payable | 186,000 | 632,000 | 453,000 | — | — | |
| Deferred revenue | 202,000 | 14,000 | 0 | — | — | |
| Notes payable | 6 | 4 | 4 | — | — | |
| Total current liabilities | 15 | 13 | 10 | — | — | |
| Lease liability, net of current portion | 685,000 | 1 | 2 | — | — | |
| Notes payable, net of current portion | 9 | 8 | — | — | — | |
| Total non-current liabilities | 10 | 9 | 11 | — | — | |
| Total liabilities | 25 | 22 | 20 | 22 | 24 | |
| Common stock, no par value, 50,000,000 shares authorized; 3,261,043 and 3,363,412 shares issued and outstanding at June 30, 2025 and 2024, respectively | 704,000 | 4 | 7 | — | — | |
| Retained earnings | 36 | 27 | 25 | 23 | 22 | |
| Total shareholders equity | 37 | 31 | 32 | — | — | |
| Total liabilities and shareholders equity | 61 | 52 | 52 | 52 | 52 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-06-30 | FY 2024 2024-06-30 | FY 2023 2023-06-30 | FY 2022 2022-06-30 | FY 2021 2021-06-30 |
|---|---|---|---|---|---|---|
| Depreciation and amortization | 1 | 1 | 857,000 | 726,000 | 686,000 | |
| Unrealized (gain) loss on marketable equity investments | −2 | 4 | −4 | −931,000 | −2 | |
| Gain on sale of investments | −595,000 | — | −6,000 | −28,000 | −1 | |
| Non-cash straight-line lease amortization | −33,000 | −17,000 | — | — | — | |
| Amortization of loan fees, net | 9,000 | 12,000 | 12,000 | 9,000 | 49,000 | |
| Share-based compensation | 555,000 | 605,000 | 766,000 | 1 | 901,000 | |
| Deferred income taxes | 140,000 | −2 | 264,000 | −63,000 | 89,000 | |
| Accounts receivable | −3 | −4 | 5 | −4 | −6 | |
| Deferred costs | 238,000 | 232,000 | 216,000 | −517,000 | −38,000 | |
| Inventory | −7 | 898,000 | −3 | −4 | −199,000 | |
| Prepaid expenses and other assets | −67,000 | −49,000 | — | −331,000 | −314,000 | |
| Accounts payable and accrued expenses | 179,000 | 2 | −1 | 2 | 105,000 | |
| Deferred revenue | 188,000 | 14,000 | −1 | 863,000 | −50,000 | |
| Income taxes | −2 | 179,000 | −91,000 | 147,000 | −408,000 | |
| Net cash provided by (used in) operating activities | −2 | 6 | 5 | −847,000 | −2 | |
| Purchases of equipment and improvements | −1 | −983,000 | −974,000 | −2 | −2 | |
| Proceeds from sale of investments | 2 | — | 89,000 | 770,000 | 5 | |
| Investment in Monogram | −899,000 | −1 | 0 | −334,000 | — | |
| Net cash used in investing activities | −238,000 | −2 | −885,000 | −1 | −4 | |
| Principal payments on notes payable | −12 | −5 | −6 | −1 | −351,000 | |
| Borrowing from Minnesota Bank & Trust | 15 | 4 | 5 | — | — | |
| Repurchases of common stock | −4 | −4 | −2 | −2 | −6 | |
| Payments of employee taxes on net issuance of common stock | −305,000 | — | −223,000 | — | — | |
| Proceeds from exercise of stock options and ESPP contributions | 42,000 | 50,000 | 89,000 | 60,000 | 96,000 | |
| Net cash used in financing activities | −292,000 | −4 | −2 | −790,000 | 3 | |
| Net decrease in cash and cash equivalents | −2 | −305,000 | 2 | −3 | −3 | |
| Cash paid during the period for interest | 818,000 | 555,000 | 521,000 | 463,000 | 330,000 | |
| Federal income tax payments | 3 | 2 | — | — | — | |
| California income tax payments | 1 | 334,000 | — | — | — | |
| Colorado income tax payments | — | 8,000 | — | — | — | |
| Massachusetts income tax payments | — | 34,000 | — | — | — | |
| Total income tax payments | 4 | 2 | 2 | 2 | 2 | |
| Cashless stock option exercise | 117,000 | — | — | — | — |
Filings
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