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NORTHVALE, NJ / ACCESSWIRE / August 19, 2024 / ADM Tronics Unlimited, Inc. (OTCQB:ADMT), a technology-based developer and manufacturer of innovative technologies and products, announces results for its first fiscal quarter ended June 30, 2024 of Fiscal Year 2025.
ADMT achieved a profit for the first quarter of Fiscal Year 2025, as compared to loss for the same period last year. Revenues increased over 12% for the quarter ended June 30, 2024, as compared to the same period last year. Profit from operations was $164,281 for the quarter ended June 30, 2024 as compared to a loss from operations of $137,796 for the quarter ended June 30, 2023. Net profit was $272,168 for the quarter ended June 30, 2024 as compared to net loss of $132,261 for the same period last year.
ADMT completed R&D and engineering efforts of its' Vet-Sonotron ® non-invasive pain treatment device for the veterinary market during the last quarter of fiscal year ended March 31, 2024. (www.vet-sonotron.com) The Company then directed additional R&D and engineering activities to advance the development of the human medical version of this innovative therapeutic technology. As a result, R&D expense for the quarter ended June 30, 2024 was comparable to the same period last year. The Company plans on pursuing a 510(k) submission to the FDA when development of the human medical version is completed. The Sonotron ® is being developed for use on humans where the need for effective pain treatment without the use of drugs or opioids is very large and unmet.
Revenues for the quarter ended June 30, 2024, were $857,845 as compared to $762,689 for the same period last year, an increase of 12%. Income from operations for June 30, 2024 increased approximately 119% to $164,281 as compared to loss of $137,796 for the same period last year. Complete financial results are available in the Company's Quarterly Report on Form 10Q for June 30, 2024, available at www.sec.gov.
Financial Highlights
| | Three Months Ended | | Three Months Ended | | ||
| June 30, 2024 | | June 30, 2023 | ||||
| Net Revenues | $ | 857,845 | | $ | 762,689 | |
| Cost of sales | | 336,942 | | 437,547 | | |
| Gross Profit | 520,903 | 325,142 | ||||
| Operating expenses: | ||||||
| Research and development | 127,993 | 130,587 | ||||
| Selling, general and administrative | 228,629 | 332,351 | ||||
| Total operating expenses | 356,622 | 462,938 | ||||
| Profit (loss) from operations | | 164,281 | | (137,796 | ) | |
| Total other income | | 108,387 | | 5,535 | | |
| Profit (loss) before provision for income taxes | | 272,668 | | (132,261 | ) | |
| Total benefit (provision) for income taxes | | 500 | | - | | |
| Net profit (loss) | $ | 272,168 | $ | (132,261 | ) | |
| Basic and diluted earnings (loss) per common share | $ | 0.00 | $ | (0.00 | ) | |
| Weighted average shares of common stock outstanding - basic and diluted | 67,588,492 | 67,588,492 | ||||
About ADMT
ADMT is a diversified, technology-based developer and manufacturer of innovative technologies and products. Its core competency is its ability to conceptualize a technology, bring it through development, into manufacturing and commercialization, all in-house. ADMT has three areas of activity: Proprietary Electronic Medical Devices; Design, Engineering, Regulatory and Manufacturing Services; and, Eco-Friendly, Safe, Water-Based Formulations. The Company's headquarters, laboratories, and FDA-Registered medical device manufacturing operations are located in Northvale, NJ. ADMT's multi-disciplinary team of engineers, researchers and technologists utilize advanced technology infrastructure, for the research, development and commercialization of diversified technologies. Additional information is available at admtronics.com