NORTHVALE, NJ / ACCESSWIRE / July 8, 2022 / ADM Tronics Unlimited, Inc. (OTCQB:ADMT), a technology-based developer and manufacturer of innovative technologies, products and proprietary medical devices, today announced results for fiscal year ended March 31, 2022.
"Our research and development of the Vet-Sonotron non-invasive veterinary therapy technology continues to be our focus," stated Andre' DiMino, President of ADMT. "Although the supply chain shortages and disruptions continue to present hurdles, not only to our Vet-Sonotron efforts, but in all areas of our activities, we believe Vet-Sonotron production units should available soon."
Mr. DiMino continues, "The commercialization of the Vet-Sonotron will be a major milestone for ADMT. It will also be a prelude to further development of the technology for the Sonotron Mark 2, human medical device which, when completed, will be submitted to the FDA for 510K clearance. We are confident that the Vet-Sonotron and Sonotron Mark 2 will provide our company with opportunities for significant growth."
Revenues for the year ended March 31, 2022, were $3,206,594 compared to $3,090,631 for the previous year, an increase of approximately 4%. Gross profit for the fiscal year was $1,248,638 or approximately 39% as compared to $1,161,842 or approximately 38% for the previous fiscal year. Due primarily to certain no-recurring write-offs, operating expenses for the fiscal year increased to $2,377,952 as compared to $1,842,320 for the previous fiscal year. R&D expenses were $615,926 as compared to $655,962 for the previous fiscal year. Complete financial results are available in the Company's Annual Report on Form 10K at www.sec.gov.
Financial Highlights
| Fiscal Year Ended | Fiscal Year Ended | |||||||
| March 31, 2022 | March 31, 2021 | |||||||
Net revenues | $ | 3,206,594 | $ | 3,090,631 | ||||
Cost of sales | $ | 1,957,956 | $ | 1,928,789 | ||||
Gross Profit | $ | 1,248,638 | $ | 1,161,842 | ||||
Operating expenses | $ | 2,377,952 | $ | 1,842,320 | ||||
Loss from operations | $ | (1,129,314 | ) | $ | (680,478 | ) | ||
Total other income | $ | 681,233 | $ | 14,202 | ||||
Total benefit (provisions) from income taxes | $ | 936,182 | $ | (68,000 | ) | |||
Net (loss) | $ | 1,384,263 | $ | (598,276 | ) | |||
Earnings per common share | $ | (0.02 | ) | $ | (0.01 | ) | ||
Weighted average shares of common stock outstanding - diluted | 67,588,492 | 67,588,492 | ||||||
About ADMT
ADMT is a diversified, technology-based developer and manufacturer of innovative technologies, products and proprietary medical devices. 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, Water-Based Formulations. The Company's headquarters, laboratories, FDA-Registered medical device and 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 at admtronics.com. To receive email updates directly from the Company, fill in the form at the bottom of this page: https://admtronics.com/investor-relations/
Except for historical information contained herein, the matters set forth in this news release are "forward-looking" statements (as defined in the Private Securities Litigation Reform Act of 1995), including statements regarding future revenue growth and performance. Although ADMT believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, there can be no assurance that its expectations will be realized. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from expectations. Factors that could contribute to such differences include those described from time to time in ADMT's filings with the SEC, news releases and other communications. The Company assumes no obligation to update the information contained in this news release.
Contact:
Andre' DiMino
201-767-6040
[email protected]
SOURCE: ADM Tronics Unlimited, Inc.