PRO DEX INC Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>PRO DEX INC filed its quarterly report (10-Q) for the period ending December 31, 2023, detailing financial performance and operational updates.</b>

AI Summary

PRO DEX INC (PDEX) filed a Quarterly Report (10-Q) with the SEC on February 8, 2024. PRO DEX INC filed a 10-Q report for the period ending December 31, 2023. The filing covers the fiscal quarter and year-to-date periods. Key dates include the filing date of February 8, 2024, and the period of report ending December 31, 2023. The company's fiscal year ends on June 30. The SIC code for PRO DEX INC is 3841 (Surgical & Medical Instruments & Apparatus).

Why It Matters

For investors and stakeholders tracking PRO DEX INC, this filing contains several important signals. This 10-Q filing provides investors with the latest financial statements and management's discussion of results for PRO DEX INC. Understanding the details within this report is crucial for assessing the company's current financial health and future prospects in the medical instruments sector.

Risk Assessment

Risk Level: medium — PRO DEX INC shows moderate risk based on this filing. The filing is a standard 10-Q, which provides a snapshot of financial health but does not contain significant forward-looking statements or major disclosures that would indicate immediate high risk.

Analyst Insight

Review the detailed financial statements and management's discussion in the 10-Q to understand PRO DEX INC's performance and identify any emerging trends or risks.

Key Numbers

• 2023-12-31 — Period of Report End Date (CONFORMED PERIOD OF REPORT)
• 2024-02-08 — Filed As Of Date (FILED AS OF DATE)
• 3841 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
• 0630 — Fiscal Year End (FISCAL YEAR END)

Key Players & Entities

• PRO DEX INC (company) — CONFORMED NAME
• 0001079973-24-000181 (other) — ACCESSION NUMBER
• 20231231 (date) — CONFORMED PERIOD OF REPORT
• 20240208 (date) — FILED AS OF DATE
• 3841 (other) — STANDARD INDUSTRIAL CLASSIFICATION
• 949-769-3231 (phone) — BUSINESS PHONE
• 20151110 (date) — DATE OF NAME CHANGE
• 20151104 (date) — DATE OF NAME CHANGE

FAQ

Industry Context

PRO DEX INC operates in the Surgical & Medical Instruments & Apparatus industry (SIC 3841). This sector involves the manufacturing and distribution of medical devices and equipment.

Regulatory Implications

As a publicly traded company, PRO DEX INC is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly reports (10-Q).

What Investors Should Do

1. Analyze the financial statements within the 10-Q for revenue, net income, and cash flow trends.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into the company's performance drivers and outlook.
3. Compare key financial metrics to previous periods and industry benchmarks to assess performance.

Key Dates

• 2023-12-31: Period of Report End Date — Indicates the end of the financial reporting period covered by the 10-Q.
• 2024-02-08: Filing Date — The date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing for the period ending December 31, 2023. Comparative data from prior periods will be found within the detailed financial statements and footnotes of the report.

Filing Documents

• pdex_10q.htm (10-Q) — 798KB
• ex31z1.htm (EX-31.1) — 9KB
• ex31z2.htm (EX-31.2) — 8KB
• ex32.htm (EX-32) — 6KB
• 0001079973-24-000181.txt (&nbsp;) — 4364KB
• pdex-20231231.xsd (EX-101.SCH) — 37KB
• pdex-20231231_cal.xml (EX-101.CAL) — 55KB
• pdex-20231231_def.xml (EX-101.DEF) — 109KB
• pdex-20231231_lab.xml (EX-101.LAB) — 257KB
• pdex-20231231_pre.xml (EX-101.PRE) — 215KB
• pdex_10q_htm.xml (XML) — 670KB

FINANCIAL STATEMENTS (Unaudited)

FINANCIAL STATEMENTS (Unaudited) 1 Condensed Consolidated Balance Sheets as of December 31, 2023 and June 30, 2023 1 Condensed Consolidated Statements of Operations for the Three Months Ended December 31, 2023 and 2022 2 Condensed Consolidated Statements of Shareholders' Equity for the Three Months Ended December 31, 2023 and 2022 3 Condensed Consolidated Statements of Cash Flows for the Three Months Ended December 31, 2023 and 2022 4 Notes to Condensed Consolidated Financial Statements 6 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 17 ITEM 3 .

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 25 ITEM 4 .

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 25 PART II — OTHER INFORMATION ITEM 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 26 ITEM 1A.

RISK FACTORS

RISK FACTORS 26 ITEM 2 . UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 26

EXHIBITS

ITEM 6. EXHIBITS 27

SIGNATURES

SIGNATURES 28 PART I — FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS PRO-DEX, INC. AND SUBSIDIARY CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except share amounts) December 31, 2023 June 30, 2023 ASSETS Current assets: Cash and cash equivalents $ 1,289 $ 2,936 Investments 5,803 1,134 Accounts receivable, net of allowance for expected credit losses of $ 0 at December 31, 2023 and at June 30, 2023, respectively 13,169 9,952 Deferred costs 412 494 Inventory 15,026 16,167 Prepaid expenses and other current assets 901 296 Total current assets 36,600 30,979 Land and building, net 6,202 6,249 Equipment and leasehold improvements, net 5,331 5,079 Right-of-use asset, net 1,675 1,872 Intangibles, net 68 81 Investments 1,509 7,521 Other assets 42 42 Total assets $ 51,427 $ 51,823 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 2,909 $ 2,261 Accrued liabilities 2,846 3,135 Income taxes payable 389 453 Notes payable 3,846 3,827 Total current liabilities 9,990 9,676 Lease liability, net of current portion 1,415 1,638 Deferred income taxes, net 8 8 Notes payable, net of current portion 8,228 8,911 Total non-current liabilities 9,651 10,557 Total liabilities 19,641 20,233 Shareholders' equity: Common stock; no par value; 50,000,000 shares authorized; 3,541,045 and 3,545,309 shares issued and outstanding at December 31, 2023 and June 30, 2023, respectively 7,078 6,767 Retained earnings 24,708 24,823 Total shareholders' equity 31,786 31,590 Total liabilities and shareholders' equity $ 51,427 $ 51,823 The accompanying notes are an integral part of these condensed consolidated financial statements. 1 PRO-DEX, INC. AND SUBSIDIARY CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except per share amounts) Three Months Ended December 31, Six Months Ended December 31, 2023 2022 2023 2022 (restated) (

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View this 10-Q filing on SEC EDGAR