Dynatronics Corp has announced its financial results for the fourth quarter and fiscal year 2016, which ended June 30, 2016.
According to a media release from the company, its net sales for the quarter increased 2.8% to $8.1 million, compared to $7.9 million in the same period of the prior year. Gross profit for the quarter increased 45.1% representing 33.0% of sales, compared to 23.4% of sales for the quarter ended June 30, 2015.
Included in the cost of sales were inventory write-offs for fiscal year 2016 and 2015 of $270,000 and $952,000, respectively. Gross margins during the current quarter were positively impacted by a greater proportion of sales of proprietary therapeutic modalities, which carry higher-than-average margins.
Net loss for the quarter ended June 30, 2016, was $1.1 million, compared to a loss of $1.9 million for the quarter ended June 30, 2015.
For the year ended June 30, 2016, net sales increased 4.4% to $30.4 million, compared to $29.1 million for fiscal year 2015. Net loss for the year was $1.9 million, compared to a net loss of $2.3 million for fiscal year 2015. Net loss applicable to common stockholders for the year ended June 30, 2016, was $2.3 million ($0.84 per common share), compared to a net loss of $5.1 million ($2.03 per common share) for fiscal year 2015. Net loss and net loss applicable to common stockholders for both fiscal years reflect the impact of the unique expenses incurred in the respective fourth quarters as outlined above, the release continues.
“Fiscal 2016 has been a year of unprecedented change at Dynatronics,” states Kelvyn H. Cullimore Jr, company chairman and CEO, in the release. “We have significantly restructured senior management and sales management to facilitate new growth strategies. These changes have involved significant investment as reflected in the reported losses. However, they are changes that position us to execute on our strategic plans for continued growth—not only organically but also through acquisition in fiscal 2017 and beyond.”
[Source(s): Dynatronics Corp, PR Newswire]