Precision Optics Corporation, Inc., a designer and manufacturer of advanced optical instruments for the medical and defense industries, announced operating results on an unaudited basis for its first quarter fiscal year 2023.
First quarter fiscal 2023 highlights:
- Revenue for the quarter ended September 30, 2022 increased 118% to $5.09 million compared to $2.34 million in the same quarter of the previous fiscal year. Lighthouse Imaging, which was acquired on October 4, 2021, contributed $1.33 million in first quarter revenue.
- Excluding contributions from Lighthouse, revenue for the first quarter increased 61% compared to the same quarter of the previous year.
- Gross margins for the quarter ended September 30, 2022 were 34% compared to 30% in the same quarter of the previous year. Excluding Lighthouse, gross margins were 42%.
- Net loss for the quarter was $73,511 which compared to net loss of $576,801 in the same quarter of the previous year.
- Adjusted EBITDA, defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation and other income, was $110,484 for the quarter ended September 30, 2022 compared to ($197,416) in the same quarter of the previous year.
Precision Optics’ CEO, Joseph Forkey, commented, “I am extremely pleased with the results of the first quarter which reflect record revenue, increasing gross margins and positive adjusted EBITDA. We advanced a number of programs from our pipeline to production over the past few quarters which contributed to strong organic growth for the quarter. Our robust combined sales pipeline is a positive indicator for continued growth, and we are focused on leveraging our existing costs to deliver continued improvement in profitability.”
“Our business strategy of engaging with customers at the very early stages of the product development cycle by leveraging our cutting-edge technological capabilities to enable their product requirements is working well. This approach, which has the ability to provide the Company with ongoing manufacturing revenue for many years once a product has transitioned from development into production, provides enhanced predictability to our operations and outlook. We have now demonstrated the success of this business strategy with products that are currently in production and range from next generation cardiovascular endoscopes to otoscopy and spinal surgery devices, as well as defense and aerospace programs. With a growing production base and large pipeline that continues to move projects through the development process, I believe we are in a great position to continue our financial performance into the future.”