• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
PublishDashboard
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlertsPublish with Us
    Company
    AboutQuantisnow PlusContactJobsAI employees
    Legal
    Terms of usePrivacy policyCookie policy

    Dynatronics Corporation Reports Third Quarter Fiscal Year 2023 Financial Results and Business Highlights

    5/11/23 7:00:00 AM ET
    $DYNT
    Medical/Dental Instruments
    Health Care
    Get the next $DYNT alert in real time by email

    Eagan, Minnesota--(Newsfile Corp. - May 11, 2023) - Dynatronics Corporation (NASDAQ:DYNT) ("Dynatronics" or the "Company"), a manufacturer of athletic training, physical therapy, and rehabilitation products, today reported financial results for its third quarter of fiscal year 2023 ended March 31, 2023, and provided an update on the business.

    CEO Commentary

    "Dynatronics experienced revenue challenges in our third fiscal quarter as a result of three external factors. As a result, we are adjusting our spending and revenue expectations as we respond to the specific impacts of:

    • Competitive acquisitions by a significant rehabilitation customer;
    • Reduction in specific SKUs of an OEM customer for the bracing category; and
    • General market choppiness.

    "We are being more conservative in our baseline case and have focused our actions on what we can control," said John Krier, Chief Executive Officer of Dynatronics.

    "Despite the revenue headwinds caused by these external factors, gross margin continued to improve year-over-year at 23.9% versus 22.4% in the prior year. Our inventory balance was reduced to $9.7 million with a reduction of approximately $2.4 million from the balance on June 30, 2022. Q3 represented our 11th consecutive quarter of operating with no debt, but we are mindful of the need to retain flexibility through additional working capital reductions, strategic evaluation of an asset-based line of credit, and possible use of our ATM facility, as appropriate," concluded Krier.

    Key Financial Highlights

    Q3 Fiscal Year '23 Financial Highlights
    Note: All financials referenced in this release are in conformity with U.S. Generally Accepted Accounting Principles ("GAAP") and comparisons in this release are to the same period in the prior year unless otherwise noted.

    • Total net sales of $9.2 million.
    • Gross profit margin of 23.9% up from 22.4% in Q3 fiscal year '22.
    • Net loss of $1.2 million improved from $1.5 million in Q3 fiscal year '22.
    • Current liabilities reduced by $1.6 million in Q3 compared to Q3 of FY '22.
    • Cash of $0.7 million, flat from $0.7 million at the end of Q4 fiscal year '22.
    • 11th consecutive quarter of no debt.

    Guidance for Fiscal Year '23

    Dynatronics reassessed net sales guidance for fiscal year '23 based on the impact of the previously mentioned external events to $39.5 million to $40.5 million. Q4 of fiscal year '23 is expected to be $7.5 million to $8.5 million. The Company has reset its quarterly net sales baseline for fiscal year '24 to $9.25 million and expects the distribution of net sales across future quarters to align with historical trends, which are highest in the first quarter, lower in the second and third quarters, with a bounce back in the fourth quarter.

    Given the external events that have caused a reduction in revenue and the continued macro-economic challenges, the Company is deferring providing gross margin guidance.

    Selling, general, and administrative expenses are anticipated to be 35% to 40% of net sales in Q4 of fiscal year '23. The Company highlighted approximately $1.5 million to $2.0 million in expected cost reductions in selling, general, and administrative expenses in fiscal year 2024, from the run-rate as of March 2023.

    Dynatronics expects to continue to strategically optimize its working capital position while aiming to improve supplier relationships. This approach allowed the company to generate positive cash flow from operations of $0.4 million for the first nine months of the fiscal year while reducing current liabilities by $1.3 million over the same period.

    The Company's financial guidance for fiscal year '23 is subject to the risks identified in its safe harbor notification below. The Company continues to expect volatility due to the challenges related to the broader economic environment and the COVID-19 global pandemic, including higher raw material, delivery and shipment costs, supply chain disruptions, extended handling times and delays or disruption in procedure volume. Dynatronics also expects some ongoing volatility from the Company's business optimization.

    Conference Call and Webcast Q3 Fiscal Year '23 Results

    The Company will hold a conference call and live audio webcast to discuss the results, consisting of prepared remarks by management, slide presentation, and a question-and-answer session with analysts, beginning at 8:00 AM ET on Thursday, May 11, 2023.

    Interested persons may access the live conference call by dialing 800-319-4610 (U.S./Canada callers) or 604-638-5340 (international callers). To join the call, it is recommended that participants call or log in 10 minutes ahead of the scheduled start time to ensure proper connection, and simply ask to join the Dynatronics call. No passcode is required.

    The live webcast and slide presentation can be accessed on the Company's Investor webpage under the Events & Presentations tab at https://www.dynatronics.com/investors/. The webcast will be archived on the website for future viewing.

    About Dynatronics Corporation

    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, pain management, and athletic training. Through its distribution channels, Dynatronics markets and sells to orthopedists, physical therapists, chiropractors, athletic trainers, sports medicine practitioners, clinics, hospitals, and consumers. The Company's products are marketed under a portfolio of high-quality, well-known industry brands including Bird & Cronin®, Solaris™, Hausmann®, Physician's Choice®, and PROTEAM™, among others. More information is available at www.dynatronics.com.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Those statements include references to the Company's expectations and similar statements. Such forward-looking statements reflect the views of management at the time such statements are made. These statements include our statements regarding the Company's expected overall performance, expectations regarding the Company's long-term gross margins, operating income and cash flow from operations, expectations regarding net sales, gross margin, selling general and administrative costs, and other income in fiscal year 2023, expectations regarding the timing and scope of new product releases, and uncertainties related to the broader economic environment, the impact of the COVID-19 global pandemic on the Company's gross margin, and volatility resulting from continued execution of the Company's business optimization strategy. These forward-looking statements are subject to a number of risks, uncertainties, estimates, and assumptions that may cause actual results to differ materially from current expectations. The contents of this release should be considered in conjunction with the risk factors, warnings, and cautionary statements that are contained in the Company's annual, quarterly, and other reports filed with the Securities and Exchange Commission. Dynatronics does not undertake to update its forward-looking statements, whether as a result of new information, future events, or otherwise.

    About Non-GAAP Financial Measures

    Continued product net sales as used in this press release is a non-GAAP measure as defined under the rules of the Securities and Exchange Commission. The Company defines continued product net sales as sales excluding discontinued products and sales of physical therapy and rehabilitation products through our direct sales channel. Management uses this non-GAAP measure to evaluate our operating performance and to forecast future periods. Management believes this non-GAAP measure provides investors with additional information about the Company's ongoing operating performance and is not intended as a substitute for, or superior to, the financial measure prepared in accordance with GAAP. Investors are cautioned against placing undue reliance on this non-GAAP measure. $37 million annual and $9.25 million quarterly baseline continued product net sales set in April 2021 is based on annual net sales of approximately $48 million in FY '21 less estimated annual discontinued product sales of approximately $11 million.

    Summary Financial Results

    Following is a summary of operating results for the periods ended March 31, 2023, the balance sheet highlights at March 31, 2023 and cash flow for periods ended March 31, 2023.

    Summary Selected Financial Data
    Statements of Operation Highlights
    In thousands, except share and per share amounts
     
     

     
     
    Quarter Ended
       March 31 
     
    2023

    2022 
     
     

     
    Net sales $9,235
    $10,316
    Cost of sales  7,028

    8,005 
    Gross Profit
    2,207

    2,311
     
    23.9%

    22.4%
     
     

     
    Selling, general and administrative expenses
    3,429

    3,747
    Other (expense) income, net  (25)
    (36)
    Net income (loss) $(1,247) $(1,472)
     
     

     
    Preferred stock dividend, in common stock, issued or to be issued  (175)
    (182)
    Net income (loss) attributable to common stockholders $(1,422) $(1,654)
     
     

     
    Net loss attributable to common stockholders per common share - basic and diluted $(0.36) $(0.46)
    Weighted-average common shares outstanding - basic and diluted
    3,929,577

    3,587,857

     

    Balance Sheet Highlights
    In thousands
     
     

     
       March 31,
    2023


    June 30,
    2022
     
    Cash and cash equivalents and restricted cash $670
    $701
    Trade accounts receivable, net
    4,367

    5,416
    Inventories, net
    9,703

    12,071
    Prepaids & other  993

    1,038 
              Total current assets
    15,733

    19,226
     
     

     
    Non-current assets  17,706

    16,208 
              Total assets $33,439
    $35,434 
     
     

     
    Accounts payable $6,167
    $6,169
    Accrued payroll and benefits expense
    812

    1,360
    Accrued expenses
    16

    862
    Other current liabilities
    1,594

    1,544
    Line of credit  -

    - 
              Total current liabilities
    8,589

    9,935
     
     

     
    Non-current liabilities  5,635

    3,800 
              Total liabilities  
    14,224

    13,735 
     
     

     
    Stockholders' equity  19,215

    21,699 
    Total liabilities and stockholders' equity $33,439
    $35,434 

     

    Cash Flow Highlights
    In thousands
     
     

     
     
    Nine Months Ended
       March 31 
       2023

    2022 
     
     

     
    Net loss $(2,592) $(2,427)
     
     

     
    Depreciation and amortization
    1,008

    1,085
    Stock-based compensation 
    109

    149
    (Gain) loss on sale of property and equipment 
    -

    -
    Receivables
    1,050

    516
    Inventory
    2,368

    (5,105)
    Prepaid and other assets
    67

    951
    Accounts payable, accrued expenses, and other liabilities  (1,605)
    1,571 
    Net cash provided by (used in) operating activities  405

    (3,260)
     
     

     
    Net cash used in investing activities  (177)
    (261)
     
     

     
    Payments on non-current liabilities
    (259)
    (261)
    Proceeds from issuance of common stock, net  -

    - 
    Net cash used in financing activities  (259)
    (261)
     
     

     
    Net change in cash and cash equivalents  (31)
    (3,782)
    Cash and cash equivalents at beginning of the period  701

    6,253 
    Cash and cash equivalents at end of the period $670
    $2,471 

     

    Contact:

    Dynatronics Corporation
    Investor Relations
    [email protected]

    For additional information, please visit: www.dynatronics.com

    Connect with Dynatronics on LinkedIn

    SOURCE: Dynatronics Corporation

    To view the source version of this press release, please visit https://www.newsfilecorp.com/release/165667

    Get the next $DYNT alert in real time by email

    Chat with this insight

    Save time and jump to the most important pieces.

    Recent Analyst Ratings for
    $DYNT

    DatePrice TargetRatingAnalyst
    More analyst ratings

    $DYNT
    Leadership Updates

    Live Leadership Updates

    See more
    • Leixir Dental Laboratory Group Appoints John Krier as Chief Executive Officer

      Leixir Dental Laboratory Group (Leixir), a leading operator of a full-service, state-of-the-art dental laboratory network, today announced the appointment of John Krier as Chief Executive Officer, effective January 2nd, 2024. Mr. Krier succeeds Leixir founder Harmeet Bindra, who will continue as Executive Chairman. Mr. Krier brings nearly two decades of executive leadership experience in the medical device manufacturing and distribution industries. He joins Leixir from Dynatronics Corporation (NASDAQ:DYNT), where he was most recently President and CEO. Before that, he held senior roles in corporate strategy and commercial execution, including marketing and customer experience, over seven

      1/8/24 8:00:00 AM ET
      $DYNT
      Medical/Dental Instruments
      Health Care
    • Appointment of Dr. Christopher von Jako as new CEO

      Durham, N.C., June 21, 2023 (GLOBE NEWSWIRE) -- Polarean Imaging plc (AIM: POLX), the medical imaging company, announces that the Company's Board of Directors has appointed Christopher von Jako, Ph.D. ("Dr. von Jako") as Chief Executive Officer and director of the Company, effective immediately. Dr. von Jako succeeds Richard Hullihen, who will be retiring and will be stepping down as a Director of the Company, effective immediately. Mr. Hullihen will assist the Company in a transitional position for the next six months. Since his appointment as CEO in 2017, Richard has overseen significant progress for Polarean. He led the Company through its successful IPO in 2018 and over $60M of ca

      6/21/23 9:00:00 AM ET
      $DYNT
      Medical/Dental Instruments
      Health Care
    • Dynatronics Announces Planned Resignation of John Krier as CEO; Brian Baker Appointed President and CEO Successor After Transition

      Consistency of Executive Leadership Expected to Provide Smooth TransitionEagan, Minnesota--(Newsfile Corp. - May 18, 2023) - Dynatronics Corporation (NASDAQ:DYNT), a leading manufacturer of athletic training, physical therapy, and rehabilitation products, today announced that Chief Executive Officer and Director John Krier has informed the Board of his intention to resign from the company by the end of September 2023 to pursue other professional interests. Brian Baker, the company's current Chief Operating Officer, and former President and Chief Executive Officer, has accepted the role of President of Dynatronics effective immediately and will assume the titles of President, Chief Executive

      5/18/23 8:05:00 AM ET
      $DYNT
      Medical/Dental Instruments
      Health Care

    $DYNT
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • SEC Form SC 13G/A filed by Dynatronics Corporation (Amendment)

      SC 13G/A - DYNATRONICS CORP (0000720875) (Subject)

      2/14/23 12:35:29 PM ET
      $DYNT
      Medical/Dental Instruments
      Health Care
    • SEC Form SC 13G/A filed by Dynatronics Corporation (Amendment)

      SC 13G/A - DYNATRONICS CORP (0000720875) (Subject)

      2/13/23 12:33:51 PM ET
      $DYNT
      Medical/Dental Instruments
      Health Care
    • SEC Form SC 13G/A filed by Dynatronics Corporation (Amendment)

      SC 13G/A - DYNATRONICS CORP (0000720875) (Subject)

      1/14/22 12:22:28 PM ET
      $DYNT
      Medical/Dental Instruments
      Health Care

    $DYNT
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • Leixir Dental Laboratory Group Appoints John Krier as Chief Executive Officer

      Leixir Dental Laboratory Group (Leixir), a leading operator of a full-service, state-of-the-art dental laboratory network, today announced the appointment of John Krier as Chief Executive Officer, effective January 2nd, 2024. Mr. Krier succeeds Leixir founder Harmeet Bindra, who will continue as Executive Chairman. Mr. Krier brings nearly two decades of executive leadership experience in the medical device manufacturing and distribution industries. He joins Leixir from Dynatronics Corporation (NASDAQ:DYNT), where he was most recently President and CEO. Before that, he held senior roles in corporate strategy and commercial execution, including marketing and customer experience, over seven

      1/8/24 8:00:00 AM ET
      $DYNT
      Medical/Dental Instruments
      Health Care
    • Appointment of Dr. Christopher von Jako as new CEO

      Durham, N.C., June 21, 2023 (GLOBE NEWSWIRE) -- Polarean Imaging plc (AIM: POLX), the medical imaging company, announces that the Company's Board of Directors has appointed Christopher von Jako, Ph.D. ("Dr. von Jako") as Chief Executive Officer and director of the Company, effective immediately. Dr. von Jako succeeds Richard Hullihen, who will be retiring and will be stepping down as a Director of the Company, effective immediately. Mr. Hullihen will assist the Company in a transitional position for the next six months. Since his appointment as CEO in 2017, Richard has overseen significant progress for Polarean. He led the Company through its successful IPO in 2018 and over $60M of ca

      6/21/23 9:00:00 AM ET
      $DYNT
      Medical/Dental Instruments
      Health Care
    • Dynatronics Announces Planned Resignation of John Krier as CEO; Brian Baker Appointed President and CEO Successor After Transition

      Consistency of Executive Leadership Expected to Provide Smooth TransitionEagan, Minnesota--(Newsfile Corp. - May 18, 2023) - Dynatronics Corporation (NASDAQ:DYNT), a leading manufacturer of athletic training, physical therapy, and rehabilitation products, today announced that Chief Executive Officer and Director John Krier has informed the Board of his intention to resign from the company by the end of September 2023 to pursue other professional interests. Brian Baker, the company's current Chief Operating Officer, and former President and Chief Executive Officer, has accepted the role of President of Dynatronics effective immediately and will assume the titles of President, Chief Executive

      5/18/23 8:05:00 AM ET
      $DYNT
      Medical/Dental Instruments
      Health Care

    $DYNT
    SEC Filings

    See more

    $DYNT
    Financials

    Live finance-specific insights

    See more
    • SEC Form 10-Q filed by Dynatronics Corporation

      10-Q - DYNATRONICS CORP (0000720875) (Filer)

      5/12/25 4:00:27 PM ET
      $DYNT
      Medical/Dental Instruments
      Health Care
    • Dynatronics Corporation filed SEC Form 8-K: Leadership Update

      8-K - DYNATRONICS CORP (0000720875) (Filer)

      5/9/25 8:00:26 AM ET
      $DYNT
      Medical/Dental Instruments
      Health Care
    • Dynatronics Corporation filed SEC Form 8-K: Leadership Update

      8-K - DYNATRONICS CORP (0000720875) (Filer)

      4/18/25 7:30:18 AM ET
      $DYNT
      Medical/Dental Instruments
      Health Care
    • Dynatronics Corporation Reports Third Quarter Fiscal Year 2023 Financial Results and Business Highlights

      Eagan, Minnesota--(Newsfile Corp. - May 11, 2023) - Dynatronics Corporation (NASDAQ:DYNT) ("Dynatronics" or the "Company"), a manufacturer of athletic training, physical therapy, and rehabilitation products, today reported financial results for its third quarter of fiscal year 2023 ended March 31, 2023, and provided an update on the business.CEO Commentary"Dynatronics experienced revenue challenges in our third fiscal quarter as a result of three external factors. As a result, we are adjusting our spending and revenue expectations as we respond to the specific impacts of:Competitive acquisitions by a significant rehabilitation customer; Reduction in specific SKUs of an OEM customer for the

      5/11/23 7:00:00 AM ET
      $DYNT
      Medical/Dental Instruments
      Health Care
    • Dynatronics Corporation Schedules Conference Call to Report Third Quarter Results for Fiscal 2023

      Eagan, Minnesota--(Newsfile Corp. - April 27, 2023) - Dynatronics Corporation (NASDAQ:DYNT), a leading manufacturer of athletic training, physical therapy, and rehabilitation products, today announced that the company will release financial results for its third quarter of fiscal year 2023 on Thursday, May 11, 2023 before the market opens.The company will subsequently hold a conference call and webcast, consisting of prepared remarks by management, a slide presentation, and a question-and-answer session with analysts, at 8:00 AM ET on Thursday, May 11, 2023, to review its third quarter results.Interested persons may access the live conference call by dialing 1-800-319-4610 (U.S./Canada calle

      4/27/23 8:00:00 AM ET
      $DYNT
      Medical/Dental Instruments
      Health Care
    • Dynatronics Corporation Reports Second Quarter Fiscal Year 2023 Financial Results and Business Highlights

      EAGAN, MN / ACCESSWIRE / February 9, 2023 / Dynatronics Corporation (NASDAQ:DYNT) ("Dynatronics" or the "Company"), a manufacturer of athletic training, physical therapy, and rehabilitation products, today reported financial results for its second quarter of fiscal year 2023 ended December 31, 2022, and provided an update on the business.CEO Commentary"The year-over-year improvement in gross margin of 8.4% or nearly $1.0 million in gross profit was a solid improvement. We are pleased with our progression, but we have more work to do. New, targeted, and innovative, product releases are the third pillar of our gross margin improvement plan, and we plan to continue to improve our performance in

      2/9/23 7:30:00 AM ET
      $DYNT
      Medical/Dental Instruments
      Health Care

    $DYNT
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • New insider Staats Ryan Edward claimed ownership of 40 shares (SEC Form 3)

      3 - DYNATRONICS CORP (0000720875) (Issuer)

      5/12/25 4:00:53 PM ET
      $DYNT
      Medical/Dental Instruments
      Health Care
    • Director Enright Erin S. acquired 739,014 shares (SEC Form 4)

      4 - DYNATRONICS CORP (0000720875) (Issuer)

      4/3/25 3:12:03 PM ET
      $DYNT
      Medical/Dental Instruments
      Health Care
    • Large owner Provco Ventures 1 Lp acquired 369,292 shares, increasing direct ownership by 29% to 1,633,439 units (SEC Form 4)

      4 - DYNATRONICS CORP (0000720875) (Issuer)

      4/3/25 3:10:57 PM ET
      $DYNT
      Medical/Dental Instruments
      Health Care