Dynatronics Corporation (DYNT)

[BooDog]

$DYNT Coming Alive! NEWS:



EAGAN, MN / ACCESSWIRE / September 23, 2021 / Dynatronics Corporation (NASDAQ:DYNT), a leading manufacturer of athletic training, physical therapy, and rehabilitation products, today reported financial results for its fourth quarter and fiscal year ended June 30, 2021, and provided an update on recent business highlights.

CEO Commentary

"Customer and dealer reaction to Dynatronics' optimization strategy confirmed the changes and decisions we made in April 2021, and our transformation remains the top priority," said John Krier, Chief Executive Officer of Dynatronics. "Customer and dealer demand forecasts have provided us the confidence to initiate revenue guidance. We anticipate good progress in FY '22, with revenues benefitting from our growing markets as we work to improve margins and build long-term value for our shareholders."

Key Financial Highlights

Q4 FY '21 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 $12.2 million and gross profit margin of 19.1% (GAAP results).

Continued product net sales of $9.8 million (non-GAAP financial measure).

Net income of $2.9 million compared to net loss of $2.3 million in the same quarter last year.

Notable events in Q4 FY '21:

Cost of sales and SG&A collectively impacted by $1.0 million in optimization activity costs.

Other Income benefitted from the $3.5 million PPP loan forgiveness, $0.9 million Employee Retention Credit, and $0.8 million gain on sale of former Tennessee manufacturing facility.

No debt, zero balance on the line of credit, and a borrowing base of approximately $5.0 million as of the end of Q4 FY '21.

Cash of $6.1 million at the end of Q4 FY '21, the highest cash position in recent years.

https://finance.yahoo.com/news/dynatronics-corporation-reports-fourth-quarter-113000136.html