Pro-Dex, Inc. Announces Fiscal 2023 Fourth Quarter and Full-Year Results

Pro-Dex, Inc. 公佈2023財年第四季度和全年業績

Accesswire · 2023/10/13 16:00

IRVINE, CA / ACCESSWIRE / October 13, 2023 / PRO-DEX, INC. (NasdaqCM:PDEX) today announced financial results for its fiscal 2023 fourth quarter and full-year ended June 30, 2023. The Company also filed its Annual Report on Form 10-K for the fiscal year ending June 30, 2023, with the Securities and Exchange Commission ("SEC") today.

Quarter Ended June 30, 2023

Net sales for the three months ended June 30, 2023 decreased $2.0 million, or16%, to $10.6 million from $12.6 million for the three months ended June 30, 2022, due primarily to decreased medical device sales offset by increased repair revenue. We do not have much visibility into our customers' distribution networks, but we surmise the decline in medical device sales is due to a buildup of customer inventory. As previously disclosed, we launched an enhanced repair program this fiscal year to upgrade the handpiece we sell our largest customer to its most current generation, which drove the increase in repair revenue. Gross profit for the three months ended June 30, 2023 decreased $82,000, or 2%. Although gross profit decreased, our gross margin increased from 27% for the three months ended June 30, 2022, to 32% for the three months ended June 30, 2023, due to favorable product mix.

Operating expenses (which include selling, general and administrative, and research and development expenses) for the quarter ended June 30, 2023, decreased 23% to $1.8 million from $2.3 million in the prior year's corresponding quarter, due primarily to decreased expenditures of $455,000 in general and administrative expenses due mostly to reduced non-cash compensation related to stock compensation.

Net income for the quarter ended June 30, 2023, decreased $336,000 to $1.5 million, or $0.42 per diluted share, compared to $1.8 million, or $0.49 per diluted share, in the corresponding quarter in 2022.

Year Ended June 30, 2023

Net sales for the fiscal year ended June 30, 2023 increased $4.0 million, or 10%, to $46.0 million from $42.0 million for the fiscal year ended June 30, 2022, due primarily to increases in repair revenue as well as NRE and prototype services offset by a decrease in medical device revenue. Specifically, repair revenue increased $6.0 million due to the enhanced repair program that we launched with our largest customer this fiscal year, and NRE and prototype revenue increased $1.7 million due to several billable projects offset by a decrease in medical device revenue of $3.3 million, which we believe is caused by a buildup of customer inventory.

Gross profit for the fiscal year ended June 30, 2023 decreased $0.4 million, or 3%, to $12.7 million compared to $13.1 million for fiscal 2022, due to increased cost of sales.

Operating expenses (which include selling, general and administrative, and research and development expenses) for the fiscal year ended June 30, 2023 decreased 13% to $7.0 million from $8.0 million in the prior fiscal year. Of the total decrease in operating expenses, $875,000 relates to a decrease in general and administrative expenses from fiscal 2022 to fiscal 2023 due to reduced legal and settlement expenses related to employment matters and reduced non-cash compensation expense related to stock compensation.

Net income for the fiscal year ended June 30, 2023, was $7.1 million, or $1.95 per diluted share, compared to $4.6 million, or $1.21 per diluted share, for fiscal 2022. The most significant reason for the $2.5 million increase in net income for the fiscal year ended June 30, 2023, compared to the prior fiscal year, is the unrealized gain related to a warrant to purchase up to 5% of the outstanding stock of Monogram Orthopaedics, Inc. ("Monogram") a start-up medical device company that we invested in during fiscal 2017. The Monogram warrant is the subject of a restatement of our previously issued financial statements described more fully in our Annual Report on Form 10-K for the fiscal year ending June 30, 2023, filed with the SEC today.

CEO Comments

"We are very pleased to announce that we are fully operational in our Franklin facility." said the Company's President and Chief Executive Officer Richard L. ("Rick") Van Kirk. "While the build-out and validation activities took longer than expected, we are now well positioned to continue to grow the business, as reflected by our record back log of $41.6 million as of June 30, 2023. I am appreciative of the entire Pro-Dex team for their dedication to getting the Franklin facility completed and operational." Mr. Van Kirk continued, "We are excited to announce that we executed another distribution agreement in the fourth quarter for our thoracic driver, which launched in the first quarter of fiscal 2024."

About Pro-Dex, Inc.:

Pro-Dex, Inc. specializes in the design, development, and manufacture of autoclavable, battery-powered, and electric multi-function surgical drivers and shavers used primarily in the orthopedic, thoracic, and maxocranial facial markets. We have patented adoptive torque-limiting software and proprietary sealing solutions which appeal to our customers, primarily medical device distributors. Pro-Dex also sells rotary air motors. Pro-Dex's products are found in hospitals and medical engineering labs around the world. For more information, visit the Company's website at .

Statements herein concerning the Company's plans, growth and strategies may include "forward-looking statements" within the context of the federal securities laws. Statements regarding the Company's future events, developments and future performance (including, but not limited to, prospects for future growth and any potential for actual gain, if any, that may ultimately be realized from the Monogram warrant) as well as management's expectations, beliefs, plans, estimates, or projections relating to the future, are forward-looking statements within the meaning of these laws. The Company's actual results may differ materially from those suggested as a result of various factors. Interested parties should refer to the disclosure concerning the operational and business risks of the Company set forth in the Company's filings with the Securities and Exchange Commission.

(tables follow)

PRO-DEX, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)

	June 30,
	2023			2022
ASSETS					(Restated)
Current assets:
Cash and cash equivalents........................................................		$	2,936		$	849
Investments............................................................................			1,134			755
Accounts receivable, net of allowance for doubtful accounts of $0 at June 30, 2023 and 2022..............................................			9,952			15,384
Deferred costs..........................................................................			494			710
Inventory...........................................................................			16,167			12,678
Prepaid expenses................................................................			296			790
Total current assets......................................................			30,979			31,166
Land and building, net.............................................................			6,249			6,343
Equipment and improvements, net............................................			5,079			4,833
Right of use asset, net...............................................................			1,872			2,248
Intangibles, net........................................................................			81			118
Deferred income taxes, net.......................................................			-			256
Investments.............................................................................			7,521			4,083
Other assets.............................................................................			42			42
Total assets..................................................................		$	51,823		$	49,089
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable...............................................................		$	2,261		$	3,761
Accrued liabilities..............................................................			3,135			2,751
Income taxes payable.........................................................			453			544
Deferred revenue...............................................................			-			1,013
Notes payable....................................................................			3,827			3,285
Total current liabilities.................................................			9,676			11,354
Non-current liabilities:
Lease liability, net of current portion..................................			1,638			2,054
Deferred income taxes, net.................................................			8			-
Notes payable, net of current portion..................................			8,911			10,250
Total non-current liabilities...........................................			10,557			12,304
Total liabilities.............................................................			20,233			23,658
Commitments and Contingencies:
Shareholders' equity:
Common stock, no par value, 50,000,000 shares authorized; 3,545,309 and 3,596,131 shares issued and outstanding at June 30, 2023 and 2022, respectively.........................			6,767			7,682
Retained earnings..............................................................			24,823			17,749
Total shareholders' equity............................................			31,590			25,431
Total liabilities and shareholders' equity........................		$	51,823		$	49,089

PRO-DEX, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(In thousands, except per share data)

	Three Months Ended June 30, (Unaudited)								Years Ended June 30,
	2023				2022				2023				2022
					(Restated)								(Restated)
Net sales.........................................................................		$	10,639			$	12,615			$	46,087			$	42,041
Cost of sales .................................................................			7,279				9,173				33,338				28,909
Gross profit....................................................................			3,360				3,442				12,749				13,132
Operating expenses: Selling expenses.........................................................			9				12				155				91
General and administrative expenses.....................			1,046				1,501				4,028				4,903
Loss on disposal of equipment................................			-				21				-				35
Research and development costs.............................			695				726				2,804				2,980
Total operating expenses............................................			1,750				2,260				6,987				8,009
Operating profit............................................................			1,610				1,182				5,762				5,123
Interest expense............................................................			(145	)			(115	)			(533	)			(464	)
Unrealized gain (loss) on investments......................			492				965				3,899				931
Gain on sale of investments........................................			-				28				6				28
Interest and dividend income.....................................			58				26				294				76
Income before income taxes.......................................			2,015				2,086				9,428				5,694
Income tax expense......................................................			514				249				2,354				1,122
Net income....................................................................		$	1,501			$	1,837			$	7,074			$	4,572
Basic & Diluted income per share:
Basic net income per share....................................		$	0.42			$	0.51			$	1.98			$	1.26
Diluted net income per share.................................		$	0.42			$	0.49			$	1.95			$	1.21
Weighted average shares outstanding:
Basic.......................................................................			3,545,309				3,608,610				3,571,044				3,635,894
Diluted....................................................................			3,610,109				3,731,419				3,636,944				3,763,345

PRO-DEX, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)

	Years Ended June 30,
	2023				2022
CASH FLOWS FROM OPERATING ACTIVITIES:						(Restated)
Net income..............................................................................................................................		$	7,074			$	4,572
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization.......................................................................................			857				726
Unrealized (gain) loss on marketable equity investments.........................................			(3,899	)			(931	)
Gain on sale of investments............................................................................................			(6	)			(28	)
Impairment of long-lived assets.....................................................................................			-				84
Non-cash lease expense (recovery)................................................................................			(2	)			13
Loss on sale or disposal of equipment..........................................................................			-				35
Amortization of loan fees................................................................................................			12				9
Share-based compensation..............................................................................................			766				1,275
Deferred income taxes.....................................................................................................			264				(63	)
Bad debt expense (recovery)...........................................................................................			-				(2	)
Changes in operating assets and liabilities:
Accounts receivable....................................................................................................			5,432				(4,449	)
Deferred costs...............................................................................................................			216				(517	)
Inventory.......................................................................................................................			(3,489	)			(4,241	)
Prepaid expenses..........................................................................................................			494				(331	)
Accounts payable and accrued expenses.................................................................			(1,153	)			1,991
Deferred revenue..........................................................................................................			(1,013	)			863
Income taxes payable..................................................................................................			(91	)			147
Net cash provided by (used in) operating activities........................................................			5,462				(847	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of equipment and improvements.................................................................			(974	)			(1,638	)
Proceeds from sale of investments ................................................................................			89				770
Increase in intangibles......................................................................................................			-				(33	)
Purchase of investments..................................................................................................			-				(334	)
Net cash used in investing activities..................................................................................			(885	)			(1,235	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on notes payable............................................................................			(6,093	)			(1,244	)
Borrowing from Minnesota Bank & Trust, net of loan origination fees.................			5,284				2,000
Repurchases of common stock.......................................................................................			(1,547	)			(1,606	)
Payments of employee taxes on net issuance of common stock...............................			(223	)			-
Proceeds from exercise of stock options and ESPP contributions...........................			89				60
Net cash used in financing activities..................................................................................			(2,490	)			(790	)
Net increase (decrease) in cash and cash equivalents.....................................................			2,087				(2,872	)
Cash and cash equivalents, beginning of year..................................................................			849				3,721
Cash and cash equivalents, end of year.............................................................................		$	2,936			$	849

SOURCE: Pro-Dex, Inc.

View source version on accesswire.com:

加利福尼亞州爾文/ACCESSWIRE/2023年10月13日/Pro-DEX，Inc.納斯達克股票代碼：PDEX)今天宣佈了截至2023年6月30日的2023財年第四季度和全年的財務業績。該公司今天還向美國證券交易委員會(“美國證券交易委員會”)提交了截至2023年6月30日的財政年度Form 10-K年度報告。

Quarter Ended June 30, 2023

截至2023年6月30日的季度

截至2023年6月30日的三個月的淨銷售額從截至2022年6月30日的三個月的1,260萬美元下降到1,060萬美元，降幅為16%，主要原因是醫療器械銷售額的下降被維修收入的增加所抵消。我們對客戶的分銷網路沒有太多的瞭解，但我們推測，醫療器械銷量的下降是由於客戶庫存的積累。正如之前披露的那樣，我們在本財年推出了一項增強維修計劃，將我們向最大客戶出售的手機升級到最新一代，這推動了維修收入的增長。截至2023年6月30日的三個月，毛利潤下降了82,000美元，降幅為2%。雖然毛利率下降，但由於有利的產品組合，我們的毛利率從截至2022年6月30日的三個月的27%上升到截至2023年6月30日的三個月的32%。

截至2023年6月30日的季度，營業費用(包括銷售、一般和行政以及研究和開發費用)從上一年同期的230萬美元下降到180萬美元，降幅為23%，這主要是由於一般支出減少了45.5萬美元，行政費用主要是由於與股票薪酬相關的非現金薪酬減少所致。

截至2023年6月30日的季度，淨收益減少了33.6萬美元，降至150萬美元，或每股稀釋後收益0.42美元，而2022年同期為180萬美元，或每股稀釋後收益0.49美元。

Year Ended June 30, 2023

截至2023年6月30日的年度

截至2023年6月30日的財政年度的淨銷售額增加了400萬美元，增幅為10%，從截至2022年6月30日的財政年度的4200萬美元增加到4600萬美元，這主要是由於維修收入以及NRE和原型服務的增加被醫療器械收入的減少所抵消。具體地說，由於本財年我們與最大的客戶推出了增強維修計劃，維修收入增加了600萬美元，NRE和Prototype的收入增加了170萬美元，原因是幾個可收費專案抵消了330萬美元的醫療器械收入的減少，我們認為這是由於客戶庫存的積累造成的。

Gross profit for the fiscal year ended June 30, 2023 decreased $0.4 million, or 3%, to $12.7 million compared to $13.1 million for fiscal 2022, due to increased cost of sales.

由於銷售成本增加，截至2023年6月30日的財年毛利潤為1270萬美元，比2022財年的1310萬美元減少了40萬美元，降幅為3%。

截至2023年6月30日的財年，營業費用(包括銷售、一般和行政以及研發費用)從上一財年的800萬美元下降到700萬美元，降幅為13%。在運營費用減少的總額中，875,000美元與2022財年至2023財年的一般和行政費用減少有關，原因是與僱傭事務有關的法律和和解費用減少，以及與股票補償有關的非現金補償費用減少。

截至2023年6月30日的財年，淨收益為710萬美元，或每股稀釋後收益1.95美元，而2022財年為460萬美元，或每股稀釋後收益1.21美元。截至2023年6月30日的財年，與上一財年相比，淨收入增加了250萬美元，最重要的原因是與我們在2017財年投資的初創醫療器械公司Mongraph Orthopedics，Inc.(以下簡稱Mongraph)購買至多5%流通股的權證相關的未實現收益。字母認股權證是對我們之前發佈的財務報表的重述，在我們今天提交給美國證券交易委員會的截至2023年6月30日的財年10-K表格年度報告中進行了更完整的描述。

CEO Comments

CEO評論

我們非常高興地宣佈，我們的富蘭克林工廠已經全面投入運營。“公司的總裁和首席執行官理查德·L·範·柯克說。雖然擴建和驗證活動花費的時間比預期的要長，但我們現在已經做好了繼續增長業務的準備，這從我們截至2023年6月30日創紀錄的4160萬美元的積壓訂單中可見一斑。我感謝整個Pro-Dex團隊為使富蘭克林工廠完工和運營所做的奉獻。範·柯克接著說，“我們很高興地宣佈，我們在第四季度簽署了另一份胸腔起子經銷協定，該協定於2024財年第一季度推出。”

About Pro-Dex, Inc.:

Pro-Dex公司簡介：

Pro-Dex，Inc.專門設計、開發和製造主要用於整形外科、胸部和頜面部市場的高壓滅菌、電池供電和電動多功能外科驅動和剃鬚刀。我們擁有專利採用的扭矩限制軟體和專有的密封解決方案，吸引了我們的客戶，主要是醫療器械分銷商。Pro-Dex還銷售旋轉空氣馬達。Pro-Dex的產品遍佈世界各地的醫院和醫學工程實驗室。欲瞭解更多資訊，請訪問公司網站：。

本文中有關公司計劃、增長和戰略的陳述可能包括符合聯盟證券法的“前瞻性陳述”。有關公司未來事件、發展和未來業績的陳述(包括但不限於未來增長的前景和最終可能從字母認股權證實現的任何實際收益的潛力)以及管理層對未來的預期、信念、計劃、估計或預測，均屬前瞻性陳述，符合這些法律的定義。由於各種因素，該公司的實際結果可能與建議的結果大不相同。感興趣的各方應參考公司提交給證券交易委員會的檔案中關於公司運營和業務風險的披露。

(tables follow)

(各表如下)

PRO-DEX, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)

Pro-DEX，Inc.及附屬公司
合併資產負債表
(單位：千，共享數據除外)

	June 30,
	2023			2022
ASSETS					(Restated)
Current assets:
Cash and cash equivalents........................................................		$	2,936		$	849
Investments............................................................................			1,134			755
Accounts receivable, net of allowance for doubtful accounts of $0 at June 30, 2023 and 2022..............................................			9,952			15,384
Deferred costs..........................................................................			494			710
Inventory...........................................................................			16,167			12,678
Prepaid expenses................................................................			296			790
Total current assets......................................................			30,979			31,166
Land and building, net.............................................................			6,249			6,343
Equipment and improvements, net............................................			5,079			4,833
Right of use asset, net...............................................................			1,872			2,248
Intangibles, net........................................................................			81			118
Deferred income taxes, net.......................................................			-			256
Investments.............................................................................			7,521			4,083
Other assets.............................................................................			42			42
Total assets..................................................................		$	51,823		$	49,089
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable...............................................................		$	2,261		$	3,761
Accrued liabilities..............................................................			3,135			2,751
Income taxes payable.........................................................			453			544
Deferred revenue...............................................................			-			1,013
Notes payable....................................................................			3,827			3,285
Total current liabilities.................................................			9,676			11,354
Non-current liabilities:
Lease liability, net of current portion..................................			1,638			2,054
Deferred income taxes, net.................................................			8			-
Notes payable, net of current portion..................................			8,911			10,250
Total non-current liabilities...........................................			10,557			12,304
Total liabilities.............................................................			20,233			23,658
Commitments and Contingencies:
Shareholders' equity:
Common stock, no par value, 50,000,000 shares authorized; 3,545,309 and 3,596,131 shares issued and outstanding at June 30, 2023 and 2022, respectively.........................			6,767			7,682
Retained earnings..............................................................			24,823			17,749
Total shareholders' equity............................................			31,590			25,431
Total liabilities and shareholders' equity........................		$	51,823		$	49,089

	6月30日，
	2023年年			2022
資產					(重述)
流動資產：
現金和現金equivalents........................................................		$	2936		$	849
Investments............................................................................			1134			七百五十五
應收賬款，2023年6月30日的壞賬準備淨額為0美元，2022..............................................			9952			15,384
延遲costs..........................................................................			四百九十四			七百一十
Inventory...........................................................................			16,167			12,678
包年包月expenses................................................................			二百九十六			七百九十
總當前assets......................................................			30,979			31,166
土地和建築，net.............................................................			6249			6,343
設備和改進，net............................................			5,079			4833
使用權資產，net...............................................................			1872			2248
無形資產，net........................................................................			八十一			一百一十八
遞延所得稅，net.......................................................			-			256
Investments.............................................................................			7521			4,083
其他assets.............................................................................			42			42
總assets..................................................................		$	51,823		$	49,089
負債和股東權益
流動負債：
Account payable...............................................................		$	2261		$	3761
應計liabilities..............................................................			3,135			2751
所得稅payable.........................................................			453			544
延遲revenue...............................................................			-			1,013
Notes payable....................................................................			3827			3,285
總當前liabilities.................................................			9676			11,354
非流動負債：
租賃負債，扣除當前部分後的淨額......			1,638			2054
遞延所得稅，net.................................................			8個個			-
應付票據，扣除當期部分後的淨額......			8911			10,250
非當前liabilities...........................................總數			10,557			12,304
總liabilities.............................................................			20,233			23,658
承付款和或有事項：
股東權益：
5,000,000股非面值普通股；分別於2023年6月30日及2022年6月30日發行及發行3,545,309股及3,596,131股			6767			7682
保留的earnings..............................................................			24,823			17,749
股東總equity............................................			31,590			25,431
總負債及股東權益總額......		$	51,823		$	49,089

PRO-DEX, INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(In thousands, except per share data)

Pro-DEX，Inc.及附屬公司
合併損益表
(單位為千，每股數據除外)

	Three Months Ended June 30, (Unaudited)								Years Ended June 30,
	2023				2022				2023				2022
					(Restated)								(Restated)
Net sales.........................................................................		$	10,639			$	12,615			$	46,087			$	42,041
Cost of sales .................................................................			7,279				9,173				33,338				28,909
Gross profit....................................................................			3,360				3,442				12,749				13,132
Operating expenses: Selling expenses.........................................................			9				12				155				91
General and administrative expenses.....................			1,046				1,501				4,028				4,903
Loss on disposal of equipment................................			-				21				-				35
Research and development costs.............................			695				726				2,804				2,980
Total operating expenses............................................			1,750				2,260				6,987				8,009
Operating profit............................................................			1,610				1,182				5,762				5,123
Interest expense............................................................			(145	)			(115	)			(533	)			(464	)
Unrealized gain (loss) on investments......................			492				965				3,899				931
Gain on sale of investments........................................			-				28				6				28
Interest and dividend income.....................................			58				26				294				76
Income before income taxes.......................................			2,015				2,086				9,428				5,694
Income tax expense......................................................			514				249				2,354				1,122
Net income....................................................................		$	1,501			$	1,837			$	7,074			$	4,572
Basic & Diluted income per share:
Basic net income per share....................................		$	0.42			$	0.51			$	1.98			$	1.26
Diluted net income per share.................................		$	0.42			$	0.49			$	1.95			$	1.21
Weighted average shares outstanding:
Basic.......................................................................			3,545,309				3,608,610				3,571,044				3,635,894
Diluted....................................................................			3,610,109				3,731,419				3,636,944				3,763,345

	截至三個月 6月30日， (未經審計)								截止的年數 6月30日，
	2023年年				2022				2023年年				2022
					(重述)								(重述)
Net sales.........................................................................		$	10,639			$	12,615			$	46,087			$	42,041
銷售成本.................................................................			7279				9173				33,338				28,909
總profit....................................................................			3360				3442				12,749				13,132
運營費用：銷售expenses.........................................................			9				12				一百五十五				91
一般及行政開支.....................			1,046				1 501				4,028				4,903
處置設備的損失.....................			-				21歲				-				35歲
研究及發展費用......................			六百九十五				726				2,804				2980
總運營expenses............................................			1750				2260				6987				8,009
運行中的profit............................................................			1,610				1182				5762				5,123
利息expense............................................................			(145	)			(115)	)			(533	)			(464)	)
投資的未實現收益(虧損)......................			四百九十二				965				3899				931
出售investments........................................的收益			-				28				6.				28
利息及股息收入......			58				26				二百九十四				76
未計入息稅項的收入.........			2015				2086				9428				5694
所得稅expense......................................................			五一四				249				2354				1122
Net income....................................................................		$	1 501			$	1,837			$	7,074			$	4572
每股基本收益和稀釋收益：
每股基本淨收入.		$	0.42			$	0.51			$	1.98			$	1.26
每股攤薄淨收益.....................		$	0.42			$	0.49			$	1.95			$	1.21
加權平均流通股：
Basic.......................................................................			3545,309				3,608,610				3,571,044				3635,894
Diluted....................................................................			3,610,109				3731,419				3636,944				3763,345

PRO-DEX, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)

Pro-DEX，Inc.及附屬公司
合併現金流量表
(單位：千)

	Years Ended June 30,
	2023				2022
CASH FLOWS FROM OPERATING ACTIVITIES:						(Restated)
Net income..............................................................................................................................		$	7,074			$	4,572
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization.......................................................................................			857				726
Unrealized (gain) loss on marketable equity investments.........................................			(3,899	)			(931	)
Gain on sale of investments............................................................................................			(6	)			(28	)
Impairment of long-lived assets.....................................................................................			-				84
Non-cash lease expense (recovery)................................................................................			(2	)			13
Loss on sale or disposal of equipment..........................................................................			-				35
Amortization of loan fees................................................................................................			12				9
Share-based compensation..............................................................................................			766				1,275
Deferred income taxes.....................................................................................................			264				(63	)
Bad debt expense (recovery)...........................................................................................			-				(2	)
Changes in operating assets and liabilities:
Accounts receivable....................................................................................................			5,432				(4,449	)
Deferred costs...............................................................................................................			216				(517	)
Inventory.......................................................................................................................			(3,489	)			(4,241	)
Prepaid expenses..........................................................................................................			494				(331	)
Accounts payable and accrued expenses.................................................................			(1,153	)			1,991
Deferred revenue..........................................................................................................			(1,013	)			863
Income taxes payable..................................................................................................			(91	)			147
Net cash provided by (used in) operating activities........................................................			5,462				(847	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of equipment and improvements.................................................................			(974	)			(1,638	)
Proceeds from sale of investments ................................................................................			89				770
Increase in intangibles......................................................................................................			-				(33	)
Purchase of investments..................................................................................................			-				(334	)
Net cash used in investing activities..................................................................................			(885	)			(1,235	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on notes payable............................................................................			(6,093	)			(1,244	)
Borrowing from Minnesota Bank & Trust, net of loan origination fees.................			5,284				2,000
Repurchases of common stock.......................................................................................			(1,547	)			(1,606	)
Payments of employee taxes on net issuance of common stock...............................			(223	)			-
Proceeds from exercise of stock options and ESPP contributions...........................			89				60
Net cash used in financing activities..................................................................................			(2,490	)			(790	)
Net increase (decrease) in cash and cash equivalents.....................................................			2,087				(2,872	)
Cash and cash equivalents, beginning of year..................................................................			849				3,721
Cash and cash equivalents, end of year.............................................................................		$	2,936			$	849

	截至6月30日的年度，
	2023年年				2022
經營活動的現金流：						(重述)
Net income..............................................................................................................................		$	7,074			$	4572
將淨收入與經營活動提供(用於)的現金淨額進行調整：
折舊與amortization.......................................................................................			八百五十七				726
可出售權益investments.........................................的未實現(收益)虧損			(3899	)			(931)	)
出售investments............................................................................................的收益			(6)	)			(28)	)
長壽命assets.....................................................................................的損傷			-				84
非現金租賃費用(recovery)................................................................................			(2	)			13個
出售或處置equipment..........................................................................的損失			-				35歲
貸款fees................................................................................................攤銷			12				9
基於共享的compensation..............................................................................................			766				1275
遞延收入taxes.....................................................................................................			二百六十四				(63)	)
壞賬支出(recovery)...........................................................................................			-				(2	)
經營性資產和負債變動情況：
Account receivable....................................................................................................			5432				(4,449	)
延遲costs...............................................................................................................			216				(517	)
Inventory.......................................................................................................................			(3,489	)			(4,241	)
包年包月expenses..........................................................................................................			四百九十四				(331)	)
應付賬款和應計expenses.................................................................			(1,153	)			1991
延遲revenue..........................................................................................................			(1,013	)			八百六十三
所得稅payable..................................................................................................			(91)	)			一百四十七
運營activities........................................................提供(使用)的淨現金			5462				(847)	)
投資活動產生的現金流：
購買設備和improvements.................................................................			(974)	)			(1,638	)
出售投資所得收益................................................................................			八十九				七百七十
Intangibles......................................................................................................的增長			-				(33)	)
收購investments..................................................................................................			-				(334	)
用於投資activities..................................................................................的淨現金			(885)	)			(1,235	)
融資活動的現金流：
票據的本金支付payable............................................................................			(6,093	)			(1,244	)
從明尼秀克達銀行及信託公司借款，扣除貸款發放費後的淨額......			5,284				二千
回購普通stock.......................................................................................			(1,547	)			(1,606	)
就普通股的淨髮行繳付僱員稅.....................			(223	)			-
行使股票期權及ESPP供款所得收益.....................			八十九				60
用於融資activities..................................................................................的淨現金			(2,490	)			(790)	)
現金和現金equivalents.....................................................淨增(減)			2087				(2,872	)
現金和現金等價物，year..................................................................期初			849				3721
現金和現金等價物，year.............................................................................結束		$	2936			$	849

SOURCE: Pro-Dex, Inc.

資料來源：Pro-Dex，Inc.

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