Navigation Links
Dynatronics Announces Second Quarter Results

SALT LAKE CITY, Feb. 14, 2012 /PRNewswire/ -- Dynatronics Corporation (NASDAQ: DYNT) today announced results for its fiscal second quarter and six months ended December 31, 2011.

Sales for the quarter ended December 31, 2011, increased one percent to $8,275,430, compared to $8,199,347 for the quarter ended December 31, 2010. Sales for the six months ended December 31, 2011, also increased one percent to $16,272,232, compared to $16,118,635 for the six months ended December 31, 2010.  

Net income for the quarter ended December 31, 2011, was $46,334 ($.00 per common share), compared to net income of $67,839 ($.01 per common share) for the same quarter in the prior fiscal year. Net loss for the six-month period ended December 31, 2011, was $21,926 ($.00 per common share), compared to net income of $84,851 ($.01 per common share) for the same period in the prior fiscal year.

"With sales and gross profit margin both increasing, the $40,861 reduction in income before taxes for the current quarter can be accounted for by the $56,342 increase in R&D expense in the quarter, compared to the same quarter last year," said Kelvyn H. Cullimore Jr., chairman and president of Dynatronics. "As a result of our increased investment in R&D over the past two years, we expect to introduce a record number of new products this year, including several high-margin therapy devices as well as other specialty rehab equipment."  

"Once the products are introduced," Cullimore continued, "R&D expenditures are expected to return to more traditional levels, triggering annual savings in the range of approximately $300,000 to $400,000. Most of the new products will be released in the first six months of calendar 2012 and we plan to make formal announcements as each of our new products and product lines are introduced to the market."

In March 2011, Dynatronics began the process of introducing its own branded products to group purchasing organization (GPO) member facilities across the country. During fiscal year 2011, Dynatronics announced the signing of contracts with four GPOs: Premier, Inc., Amerinet, Inc., FirstChoice Cooperative and Champs Group Purchasing. These contracts became effective in March and June 2011. The company is in discussion with two other GPOs that contemplate issuing new contracts during 2012.  

"The process of converting GPO members to the Dynatronics' brand of product is taking longer than management originally anticipated," stated Larry K. Beardall, executive vice president of sales and marketing. "However, it is expected to gain momentum over the next several quarters and management remains optimistic about the potential of increasing business with these large national accounts and GPOs."

"We are firmly committed to investing in the future through the development of several new products and new sales opportunities with GPOs and national accounts," added Cullimore. "We believe this strategy will begin to show positive outcomes in upcoming quarters."

Dynatronics has scheduled a conference call for investors on Tuesday, February 14, 2012, at 1:30 p.m. ET. Those wishing to participate should call (800) 925-9065.

Following is a summary of the financial results as of December 31, 2011 and 2010, and for the three- and six-month periods then ended:   Summary Selected Financial DataStatement of Operations HighlightsThree Months EndedSix Months EndedDecember 31,December 31,2011201020112010Net sales




$16,118,635Cost of sales




9,997,361   Gross profit




6,121,274SG&A expenses




5,134,795R&D expenses




706,315Other expenses, net




137,387   Net income (loss) before income tax provision




142,777Income tax benefit (provision)




(57,926)Net income (loss)


$ 67,839


$84,851Diluted net income (loss) per common share


$   0.01

$  0.00

$   0.01Balance Sheet HighlightsDecember 31,June 30,20112011Cash


$384,904Accounts receivable




5,647,815Total current assets


10,432,811Total assets


14,819,181Accounts payable


2,127,163Accrued expenses


379,336Line of credit


2,583,937Total current liabilities


5,880,080Total liabilities


8,204,022Total liabilities and equity


14,819,181Dynatronics manufactures, markets and distributes advanced-technology medical devices, orthopedic soft goods and supplies, treatment tables and rehabilitation equipment for the physical therapy, sports medicine, chiropractic, podiatry, plastic surgery, dermatology and other related medical, cosmetic and aesthetic markets. More information regarding Dynatronics is available at

This press release contains forward-looking statements. Those statements include references to the company's expectations and similar statements such as the statement regarding expectations for future new product line introductions and positive outcomes from GPO contracts. Actual results may vary from the views expressed in the forward-looking statements contained in this release. The development and sale of the company's products are subject to a number of risks and uncertainties, including, but not limited to, changes in the regulatory environment, competitive factors, inventory risks due to shifts in market demand, market demand for the company's products, availability of financing at cost-effective rates, and the risk factors listed from time to time in the company's SEC reports including, but not limited to, the report on Form 10-K for the year ended June 30, 2011.

SOURCE Dynatronics Corporation
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Dynatronics Announces First Quarter Results
2. Dynatronics to Release Fiscal First Quarter Results Monday, November 14, 2011; Conference Call set for 1:30 p.m. ET
3. Dynatronics Announces Fourth Quarter and Year-end Results
4. Dynatronics to Release Fiscal Fourth Quarter and Year-end Results Wednesday, September 28, 2011; Conference Call Set for 1:00 p.m. ET
5. Dynatronics Appoints Bryan D. Alsop Vice President of Information Technology
6. Dynatronics Signs Agreement With CHAMPS Group Purchasing
7. Dynatronics Third Quarter Profits Increase 22%
8. Dynatronics to Release Fiscal Third Quarter Results Monday, May 16, 2011; Conference Call Set for 1:00 p.m. ET
9. Dynatronics Regains Compliance With NASDAQ
10. Dynatronics Selected for Inclusion in RB Milestone Portfolio
11. Dynatronics Signs Third GPO Contract in Two Months
Post Your Comments:
(Date:11/26/2015)... Nov. 26, 2015 Research and Markets ( ... "Advanced Wound Care Market by Type (Dressings, Therapy Devices, ... (In-Patient Facility, Out-Patient Facility), and Geography - Global Forecast ... --> --> The purpose ... and forecast of the global advanced wound care market. ...
(Date:11/26/2015)... -- ) has announced the ... Viscosity Drugs" report to their offering. ... of the "Self Administration of High Viscosity ... Research and Markets ( ) has ... of High Viscosity Drugs" report to their ...
(Date:11/26/2015)... 2015 ... the  "2016 Future Horizons and Growth ... Marker Testing Market: Supplier Shares, Competitive ... offering.  --> ) ... "2016 Future Horizons and Growth Strategies ...
Breaking Medicine Technology:
(Date:11/25/2015)... (PRWEB) , ... November 25, 2015 , ... Dr. John ... to learn more about hair loss treatment with the Capillus272™ Pro laser therapy cap. ... solution for thicker and fuller hair, without the need for surgery, prescription pills, or ...
(Date:11/25/2015)... , ... November 25, 2015 , ... For the first ... “ Two Organizations, One Beat ” campaign. The partnership between the two groups began ... aid in MAP International’s cause. , MAP International was founded in 1954 and is ...
(Date:11/25/2015)... ... November 25, 2015 , ... Dental professionals who would like to become ... invited to attend Dr. Mark Iacobelli’s Advanced Implant Mentoring (AIM) CE course. Courses will ... , As the co-founders of Advanced Implant Mentoring (AIM), Dr. Iacobelli and Dr. D’Orazio ...
(Date:11/25/2015)... ... 25, 2015 , ... The McHenry County law firm of Botto Gilbert ... Attorneys Francisco J. Botto and Alex C. Wimmer. Attorneys Botto and Wimmer represented the ... App (2d) 130884WC. , According to court documents, Adcock testified that on May 10, ...
(Date:11/25/2015)... (PRWEB) , ... November 25, 2015 , ... ... a double board certified facial plastic surgeon specializing in both surgical and non-surgical ... of The Skin Spa at Hobgood Facial Plastic Surgery. , Highly trained ...
Breaking Medicine News(10 mins):