Tue, Sep 24, 7:01 PM (96 days ago)
Dynatronics Corporation reported a 19.9% decline in net sales for the fiscal year 2024, totaling $32,534,000, down from $40,609,000 in 2023. This decrease was primarily attributed to reduced demand for orthopedic soft bracing products and lower volumes from OEM customers. Gross profit also fell by 24.8% to $7,635,000, reflecting a decline in profit margins. SG&A expenses decreased significantly by 34% to $9,908,000, driven by reductions in salaries and corporate expenses. The net loss improved to $2,698,000 ($1.00 per share) from a loss of $4,973,000 ($1.46 per share) in the prior year. The company’s liquidity remains stable, with $484,000 in cash and a working capital of $2,853,000 as of June 30, 2024. Dynatronics has entered a loan agreement for up to $7,500,000 to support operations. Looking ahead, the company aims to enhance strategic partnerships and pursue acquisitions to drive growth. However, it faces risks including reliance on third-party manufacturers and potential economic uncertainties affecting demand.