Dynatronics Corp. Files Form 10-Q for Period Ending March 31, 2024

TL;DR

<b>Dynatronics Corp. filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing financial performance and operational updates.</b>

AI Summary

DYNATRONICS CORP (DYNTQ) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Dynatronics Corp. filed a Form 10-Q for the quarterly period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024, and compares it to the same period in 2023. It also includes year-to-date information from July 1, 2023, to March 31, 2024, compared to the prior year. The company's fiscal year ends on June 30. Dynatronics Corp. is in the Surgical & Medical Instruments & Apparatus industry (SIC 3841).

Why It Matters

For investors and stakeholders tracking DYNATRONICS CORP, this filing contains several important signals. This 10-Q filing provides investors with the latest financial snapshot of Dynatronics Corp., crucial for understanding its current performance and future prospects. The detailed financial data within the report allows for analysis of revenue trends, profitability, and balance sheet health, informing investment decisions.

Risk Assessment

Risk Level: medium — DYNATRONICS CORP shows moderate risk based on this filing. The company's financial health and operational performance are subject to the typical risks associated with the medical device industry, including market competition and regulatory changes, as indicated by the filing of a standard 10-Q report.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to assess Dynatronics Corp.'s revenue growth, profitability, and any significant changes in its balance sheet.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Period of Report (CONFORMED PERIOD OF REPORT)
• 2024-05-09 — Filed Date (FILED AS OF DATE)
• 0630 — Fiscal Year End (FISCAL YEAR END)
• 2024-01-01 — Quarter Start Date (Start date for current quarter comparison)
• 2023-03-31 — Prior Year Quarter End Date (End date for prior year quarter comparison)
• 2023-07-01 — Year-to-Date Start Date (Start date for year-to-date comparison)
• 2022-07-01 — Prior Year-to-Date Start Date (Start date for prior year-to-date comparison)
• 2024-03-31 — Balance Sheet Date (Date of balance sheet information)

Key Players & Entities

• DYNATRONICS CORP (company) — CONFORMED NAME
• 0000720875 (company) — CENTRAL INDEX KEY
• 3841 (company) — STANDARD INDUSTRIAL CLASSIFICATION
• UT (company) — STATE OF INCORPORATION
• SALT LAKE CITY (company) — CITY
• 8015687000 (company) — BUSINESS PHONE
• DYNATRONICS LASER CORP (company) — FORMER COMPANY
• GibraltarBusinessCapitalLLCMember (company) — Member

FAQ

Key Financial Figures

• $1,000,000 — 1.0 if excess availability is less than $1,000,000 of the borrowing base. Note 6. Relate

Filing Documents

• form10q.htm (10-Q) — 578KB
• exhibit31-1.htm (EX-31.1) — 6KB
• exhibit31-2.htm (EX-31.2) — 7KB
• exhibit32-1.htm (EX-32.1) — 3KB
• exhibit32-2.htm (EX-32.2) — 3KB
• 0001062993-24-009696.txt (&nbsp;) — 2421KB
• dynt-20240331.xsd (EX-101.SCH) — 19KB
• dynt-20240331_cal.xml (EX-101.CAL) — 31KB
• dynt-20240331_def.xml (EX-101.DEF) — 30KB
• dynt-20240331_lab.xml (EX-101.LAB) — 220KB
• dynt-20240331_pre.xml (EX-101.PRE) — 113KB
• form10q_htm.xml (XML) — 230KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 2 Item 1.

Financial Statements

Financial Statements 2 Condensed Consolidated Balance Sheets (Unaudited) 2 Condensed Consolidated Statements of Operations (Unaudited) 3 Condensed Consolidated Statements of Stockholders' Equity (Unaudited) 4 Condensed Consolidated Statements of Cash Flows (Unaudited) 5 Notes to Condensed Consolidated Financial Statements (Unaudited) 6 Cautionary Note Regarding ForwardLooking Statements 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 10 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 15 Item 4.

Controls and Procedures

Controls and Procedures 15

OTHER INFORMATION

PART II. OTHER INFORMATION 16 Item 1.

Legal Proceedings

Legal Proceedings 16 Item 1A.

Risk Factors

Risk Factors 16 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 16 Item 3. Defaults Upon Senior Securities 16 Item 4. Mine Safety Disclosures 16 Item 5. Other Information 16 Item 6. Exhibits 17

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements DYNATRONICS CORPORATION Condensed Consolidated Balance Sheets (Unaudited) March 31, 2024 June 30, 2023 Assets Current assets: Cash and cash equivalents $ 441,545 $ 398,797 Restricted cash 154,073 154,073 Trade accounts receivable, less allowance for doubtful accounts of $ 59,404 and $ 131,403 as of March 31, 2024 and June 30, 2023, respectively 3,716,298 3,721,677 Other receivables 478,182 39,678 Inventories, net 6,183,992 7,403,194 Prepaid expenses 1,034,521 701,456 Total current assets 12,008,611 12,418,875 Property and equipment, net 2,129,496 2,448,282 Operating lease assets 2,859,912 3,631,780 Intangible assets, net 3,154,550 3,618,275 Goodwill 7,116,614 7,116,614 Other assets 495,519 829,049 Total assets $ 27,764,702 $ 30,062,875 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 3,571,305 $ 4,529,703 Accrued payroll and benefits expense 439,321 877,781 Accrued expense 759,497 891,467 Warranty reserve 123,860 115,637 Line of credit 2,352,038 - Current portion of finance lease liability 298,793 286,522 Current portion of deferred gain 150,448 150,448 Current portion of operating lease liability 886,388 1,075,690 Other liabilities - 13,744 Total current liabilities 8,581,650 7,940,992 Finance lease liability, net of current portion 1,506,215 1,731,868 Deferred gain, net of current portion 664,478 777,314 Operating lease liability, net of current portion 1,973,524 2,554,450 Other liabilities 193,268 201,725 Total liabilities 12,919,135 13,206,349 Commitments and contingencies Stockholders' equity: Preferred stock, no par value: Authorized 50,000,000 shares; 3,351,000 shares issued and outstanding as of March 31, 2024 and June 30, 2023, respectively 7,980,788 7,980,788 Common stock, no par value: Authorized 100

Business

Business Dynatronics Corporation (the "Company," or "Dynatronics") is a leading medical device company committed to providing high-quality restorative products designed to accelerate achieving optimal health. The Company designs, manufactures, and sells a broad range of products for clinical use in physical therapy, rehabilitation, orthopedics, pain management, and athletic training. Through its distribution channels, Dynatronics markets and sells to orthopedists, physical therapists, chiropractors, athletic trainers, sports medicine practitioners, clinics, and hospitals. Reverse Stock Split On November 17, 2022, the Company's shareholders approved Articles of Amendment to the Company's Amended and Restated Articles of Incorporation (the "Articles of Amendment") to effect a reverse stock split at a ratio in the range of 1-for-2 to 1-for-5, with such ratio to be determined in the discretion of the Company's board of directors and with such reverse stock split to be effected at such time and date, if at all, as determined by the Company's board of directors in its sole discretion. Thereafter, the Company's board of directors set the split ratio in the reverse stock split at 1-for-5 and approved and authorized the filing of the Articles of Amendment to effect the reverse stock split with the Utah Department of Commerce, Division of Corporations and Commercial Code. The Articles of Amendment and reverse stock split became effective at 5:00 p.m. Eastern Standard Time on February 1, 2023. At the effective time, every five issued and outstanding shares of common stock were converted into one share of common stock, with any fractional shares resulting from the reverse stock split rounded up to the nearest whole share. The reverse stock split did not affect the Company's authorized shares of common stock or preferred stock, which remained at 100,000,000 and 50,000,000 shares, respectively. The par value of each share of common stock remained unchanged. Proportionate ad

View Full Filing

View this 10-Q filing on SEC EDGAR