ADM Tronics Reports Fiscal Year 2022 - Stock News Source

NORTHVALE, NJ / ACCESS CABLE / July 8, 2022 / ADM Tronics Unlimited, Inc. (OTCQB:ADMT)a technology-based developer and manufacturer of innovative proprietary medical devices, products and technologies, today announced results for the fiscal year ending March 31, 2022.

“Our research and development of Vet-Sonotron non-invasive veterinary therapy technology continues to be our focus,” said Andre’ DiMino, president of ADMT. “Although shortages and supply chain disruptions continue to present obstacles, not only to our Vet-Sonotron efforts, but in all areas of our activities, we believe Vet-Sonotron production units will be available soon.”


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Mr. DiMino continues, “The commercialization of Vet-Sonotron will be a significant milestone for ADMT. It will also herald further development of the technology for the Sonotron Mark 2, a human medical device that, when completed, will be submitted to the FDA for 510K clearance. We are confident that Vet-Sonotron and Sonotron Mark 2 will provide our company with opportunities for significant growth.”

Revenue for the year ended March 31, 2022 was $3,206,594 compared to $3,090,631 a year ago, an increase of approximately 4%. Gross profit for the fiscal year was $1,248,638 or approximately 39% compared to $1,161,842 or approximately 38% in the prior fiscal year. Due primarily to certain non-recurring cancellations, operating expenses for the fiscal year increased to $2,377,952 compared to $1,842,320 in the prior year. R&D expenses were $615,926 compared to $655,962 in the prior year. Full 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


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March 31, 2022 March 31, 2021

net income

$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 of operations

$(1,129,314) $(680,478)

Total other income

$681,233 $14,202

Total benefit (provisions) for income taxes

$936,182 $(68,000)

Net loss)

$1,384,263 $(598,276)

Earnings per common share

$(0.02) $(0.01)

Weighted average number of common shares Values 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. Their core competency is their ability to conceptualize a technology, take it through development, to manufacturing and commercialization, all in-house. ADMT has three areas of activity: Own Electronic Medical devices; Design, engineering, regulation and manufacturing services and ecological water-based formulations. Company headquarters, laboratories, FDA-registered medical devices, and manufacturing operations are located in Northvale, NJ. ADMT’s multidisciplinary team of engineers, researchers, and technologists utilize state-of-the-art infrastructure for the research, development, and commercialization of diversified technologies. Additional information is available at admtronics.com. To receive email updates directly from the Company, please complete the form at the bottom of this page: https://admtronics.com/investor-relations/

Except for historical information contained herein, matters set forth in this press release are “forward-looking” statements (as defined in the Private Securities Litigation Reform Act of 1995), including statements about the growth and future earnings performance. Although ADMT believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, there can be no assurance that your expectations will be met. 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 SEC filings, press releases and other communications. The Company assumes no obligation to update the information contained in this press release.

Contact:
Andre’ DiMino
201-767-6040
[email protected]

FONT: ADM Tronics Unlimited, Inc.

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https://www.accesswire.com/708097/ADM-Tronics-Reports-Fiscal-Year-2022

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