PRO DEX INC

PDEX

Business Summary

Pro-Dex, Inc. specializes in the design, development, and manufacture of autoclavable, battery-powered and electric, multi-function surgical drivers and shavers used primarily in the orthopedic, thoracic, and craniomaxillofacial (CMF) markets. The company also provides engineering, quality and regulatory consulting services, manufactures and sells rotary air motors to a wide range of industries (a de minimis portion of business), and, beginning in fiscal 2026, sells precision machined parts and assemblies for the aerospace and defense industries through its newly acquired subsidiary, Advanced Precision Machining, LLC (APM). The company operates in a single operating segment, as the CEO allocates resources, assesses performance, and manages the business as one segment, with 98% of fiscal 2026 business relating to designing, manufacturing, and repairing medical devices.

The markets for products in the industries served by Pro-Dex's customers are intensely competitive, with several competitors having significantly greater name recognition and substantially greater financial, technical, product development, and marketing resources. The company competes in all markets with other major medical device companies and, as a provider of outsourced services, also competes with customers' own internal development and manufacturing groups. In fiscal 2026, the top three customers accounted for 92% of sales, with the largest customer accounting for 78% of sales and the next largest accounting for 8% of sales, compared to fiscal 2025 when these same two customers accounted for 75% and 12%, respectively. The company's patented adaptive torque-limiting software has been very well received in the CMF and thoracic markets.

The majority of revenue is derived from designing, developing and manufacturing surgical devices for the medical device industry, sold primarily to original equipment manufacturers under exclusive development and supply agreements. Revenue is generated from medical devices, industrial and scientific products, non-recurring engineering (NRE) and prototypes, and repairs, with discounts and other adjustments. Many significant customers place purchase orders for specific products developed under various development and/or supply agreements, and customers may request custom surgical device design or contract manufacturing of their own designs. The company's business is almost entirely driven by sales of its medical devices, and it continues to focus a significant percentage of time and resources on providing products and service to principal customers.

In fiscal 2026, medical device sales were $62.098 million, representing 80% of revenue, compared to $47.747 million, or 72% of revenue, in fiscal 2025. Repairs revenue was $12.540 million, or 16% of revenue, in fiscal 2026, compared to $18.586 million, or 28% of revenue, in fiscal 2025. Industrial and scientific sales were $1.513 million (2% of revenue) in fiscal 2026 versus $861,000 (1%) in fiscal 2025, and NRE and prototypes revenue was $1.650 million (2%) in fiscal 2026 versus $698,000 (1%) in fiscal 2025. Discounts and other adjustments reduced revenue by $253,000 in fiscal 2026 and $1.299 million in fiscal 2025.

During the second quarter of fiscal 2026, the largest customer executed an amendment to the existing supply agreement to continue supplying surgical handpieces through calendar 2028. During the third quarter of fiscal 2026, the company completed the acquisition of APM, one of its significant suppliers, to help meet increased demand from this contract extension. APM is a manufacturer located in Costa Mesa, California that manufactures several of the company's machined sub-assemblies and also manufactures parts and assemblies for the aerospace and defense industries, serving as a Prime Contractor for the U.S. Government with ITAR registrations and JCP certification. The acquisition provides a second machine shop that not only provides machined assemblies to service the largest customer but also provides machining to other customers primarily in the defense and aerospace industries.

Total sales for fiscal 2026 were $77.548 million, compared to $66.593 million in fiscal 2025. The company's backlog was $32.9 million at June 30, 2026, compared with $50.4 million at June 30, 2025. Research and development expenses were $3.3 million in fiscal 2026 and $3.6 million in fiscal 2025, excluding labor and related expenses of approximately $82,000 and $73,000 reimbursed by customers through NRE billings in fiscal 2026 and 2025, respectively. Employee turnover was 21% in fiscal 2026 and 16% in fiscal 2025, and the company had 206 employees at June 30, 2026, compared to 181 at June 30, 2025.

Business Outlook

The company's largest customer has made purchase commitments through a supply agreement to purchase surgical handpieces through calendar 2028 and has placed purchase orders for deliveries in 2027, but there can be no assurance that this customer will extend purchase commitments beyond that date. Substantially all of the backlog at June 30, 2026, as well as certain purchase orders received subsequent to June 30, 2026, are expected to be delivered during fiscal 2027.

The company is working to build top-line sales through active proposals of new medical device products with new and existing customers and/or acquisitions of other businesses. The acquisition of APM provides a second machine shop in Costa Mesa, California that services the largest customer and provides machining to other customers primarily in the defense and aerospace industries. The company continues to target new markets for access, develop new products, and update existing products, though there can be no assurance of success or that efforts will be completed concurrently with or prior to the introduction of competing products.

The company's patented adaptive torque-limiting technology and proprietary sealing solutions appeal to customers, primarily medical device distributors. The company holds US and foreign patents relating to handheld medical devices and torque-limiting screwdrivers with varying expiration dates, and the near-term expiration of patents is not expected to cause any change in revenue-generating operations as changing the legal manufacturer of medical devices is a significant undertaking. The company believes the expiration of a patent would offer minimal inducement to make such a change.

The company has historically expended a significant percentage of revenue on product development and believes significant continued product development efforts will be required to sustain growth. Continued investment in sales and marketing efforts will also be required to support future growth. The company may need to provide enhanced forms of incentive compensation to attract and retain key personnel, which could potentially dilute the holdings of other shareholders.

The company's ability to make payments on and refinance debt obligations and fund capital expenditures depends on its ability to generate cash in the future, subject to general economic, financial, competitive, regulatory and other factors. The business may not generate sufficient cash flow from operations, and the company may not have available future borrowings in an amount sufficient to pay debt obligations or fund other liquidity needs. The company may need to refinance all or a portion of debt obligations on or before maturity, and may not be able to do so on commercially reasonable terms or at all.

The company periodically invests surplus cash in marketable securities and other investments, including equity securities of publicly traded companies, to realize a positive return, though there can be no assurance a positive return will be realized. At June 30, 2026, the fair value of investments was approximately $1.7 million. These investments are subject to changes in valuation and are recorded at estimated fair value at each measurement date, with unrealized gains and losses presented in other income (expense), which can result in material upward or downward non-cash adjustments to income from quarter-to-quarter.

The company faces risks from supply chain issues, including that beginning in fiscal 2025, some suppliers began passing along tariff charges and the company has passed these tariffs on to some customers. The majority of raw materials and components are purchased from several sources, including in-house machining capabilities, with Portescap, Fischer Connectors, and Tadiran Batteries as key suppliers. There are no exclusive arrangements with suppliers, but in several instances only one supplier is used for certain high-value components, and any transition to a new or different supplier would likely result in a delay in the supply chain.

The company's operations depend on key technical and senior management personnel, and because it has a relatively small number of employees compared to other companies in the same industry, dependence on maintaining relationships with key employees is particularly significant. The medical device industry is characterized by high employee mobility and aggressive recruiting of skilled personnel, and there can be no assurance that current employees will continue to work for the company. Loss of services of key employees could have a material adverse effect on business, results of operations, and financial condition.

Risk Factors

A substantial portion of revenue is derived from a few customers, with the top three customers accounting for 92% of sales in fiscal 2026 and the largest customer accounting for 78% of sales; the loss of or material reduction in purchases from this customer would severely impact the business. The company derived 98% of revenue from medical device products and related services in fiscal 2026, making it highly dependent on this core business area. Customers may cancel, change, or delay product purchase commitments with little notice, which could reduce sales and adversely affect results of operations. The company faces intense competition from competitors with significantly greater name recognition and financial, technical, product development, and marketing resources, which could result in price or market share erosion. The company's ability to service its debt obligations requires significant cash, and its ability to generate cash depends on many factors beyond its control, including general economic, financial, competitive, regulatory and other factors.

Management Priorities

Management's message emphasizes the company's specialization in autoclavable, battery-powered and electric, multi-function surgical drivers and shavers for orthopedic, thoracic, and CMF markets, with patented adaptive torque-limiting technology and proprietary sealing solutions. The strategic priorities include continuing to supply surgical handpieces to the largest customer through calendar 2028 under an amended supply agreement, completing the acquisition of APM to meet increased demand and provide a second machine shop for defense and aerospace machining, and building top-line sales through active proposals of new medical device products with new and existing customers and/or acquisitions of other businesses. Management has no plans to discontinue sales relationships with existing significant customers and has no knowledge that any existing significant customer intends to terminate its relationship with the company.

View Source Annual Report on SEC.gov ↗

References

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[461] Item 1, Business — Description of Business
[462] Item 1, Business — Description of Business
[463] Item 1, Business — Description of Business
[464] Item 1, Business — Description of Business
[465] Item 1, Business — Description of Business
[466] Item 1, Business — Description of Business
[467] Item 1, Business — Description of Business
[468] Item 1, Business — Description of Business
[469] Item 1, Business — Description of Business
[470] Item 1, Business — Description of Business
[471] Item 1, Business — Description of Business
[472] Item 1, Business — Description of Business
[473] Item 1, Business — Description of Business
[474] Item 1, Business — Description of Business
[475] Item 1, Business — Description of Business
[476] Item 1, Business — Description of Business
[477] Item 1, Business — Description of Business
[478] Item 1, Business — Description of Business
[479] Item 1, Business — Description of Business
[480] Item 1, Business — Description of Business
[481] Item 1, Business — Description of Business
[482] Item 1, Business — Description of Business
[483] Item 1, Business — Description of Business
[484] Item 1, Business — Description of Business
[485] Item 1, Business — Description of Business
[486] Item 1, Business — Description of Business
[487] Item 1, Business — Description of Business
[488] Item 1, Business — Description of Business
[489] Item 1, Business — Description of Business
[490] Item 1, Business — Description of Business
[491] Item 1, Business — Description of Business
[492] Item 1, Business — Description of Business
[493] Item 1, Business — Description of Business
[494] Item 1, Business — Description of Business
[495] Item 1, Business — Description of Business
[496] Item 1, Business — Description of Business
[497] Item 1, Business — Description of Business
[498] Item 1, Business — Description of Business
[499] Item 1, Business — Description of Business
[500] Item 1, Business — Description of Business
[501] Item 1, Business — Description of Business
[502] Item 1, Business — Description of Business
[503] Item 1, Business — Description of Business
[504] Item 1, Business — Description of Business
[505] Item 1, Business — Description of Business
[506] Item 1, Business — Description of Business
[507] Item 1, Business — Description of Business
[508] Item 1, Business — Description of Business
[509] Item 1, Business — Description of Business
[510] Item 1, Business — Description of Business
[511] Item 1, Business — Description of Business
[512] Item 1, Business — Description of Business
[513] Item 1, Business — Description of Business
[514] Item 1, Business — Description of Business
[515] Item 1, Business — Description of Business
[516] Item 1, Business — Description of Business
[517] Item 1, Business — Description of Business
[518] Item 1, Business — Description of Business
[519] Item 1, Business — Description of Business
[520] Item 1, Business — Description of Business
[521] Item 1, Business — Description of Business
[522] Item 1, Business — Description of Business
[523] Item 1, Business — Description of Business
[524] Item 1, Business — Description of Business
[525] Item 1, Business — Description of Business
[526] Item 1, Business — Description of Business
[527] Item 1, Business — Description of Business
[528] Item 1, Business — Description of Business
[529] Item 1, Business — Description of Business
[530] Item 1, Business — Description of Business
[531] Item 1, Business — Description of Business
[532] Item 1, Business — Description of Business
[533] Item 1, Business — Description of Business
[534] Item 1, Business — Description of Business
[535] Item 1, Business — Description of Business
[536] Item 1, Business — Description of Business
[537] Item 1, Business — Description of Business
[538] Item 1, Business — Description of Business
[539] Item 1, Business — Description of Business
[540] Item 1, Business — Description of Business
[541] Item 1, Business — Description of Business
[542] Item 1, Business — Description of Business
[543] Item 1, Business — Description of Business
[544] Item 1, Business — Description of Business
[545] Item 1, Business — Description of Business
[546] Item 1, Business — Description of Business
[547] Item 1, Business — Description of Business
[548] Item 1, Business — Description of Business
[549] Item 1, Business — Description of Business
[550] Item 1, Business — Description of Business
[551] Item 1, Business — Description of Business
[552] Item 1, Business — Description of Business
[553] Item 1, Business — Description of Business
[554] Item 1, Business — Description of Business
[555] Item 1, Business — Description of Business
[556] Item 1, Business — Description of Business
[557] Item 1, Business — Description of Business
[558] Item 1, Business — Description of Business
[559] Item 1, Business — Description of Business
[560] Item 1, Business — Description of Business
[561] Item 1, Business — Description of Business
[562] Item 1, Business — Description of Business
[563] Item 1, Business — Description of Business
[564] Item 1, Business — Description of Business
[565] Item 1, Business — Description of Business
[566] Item 1, Business — Description of Business
[567] Item 1, Business — Description of Business
[568] Item 1, Business — Description of Business
[569] Item 1, Business — Description of Business
[570] Item 1, Business — Description of Business
[571] Item 1, Business — Description of Business
[572] Item 1, Business — Description of Business
[573] Item 1, Business — Description of Business
[574] Item 1, Business — Description of Business
[575] Item 1, Business — Description of Business
[576] Item 1, Business — Description of Business
[577] Item 1, Business — Description of Business
[578] Item 1, Business — Description of Business
[579] Item 1, Business — Description of Business
[580] Item 1, Business — Description of Business
[581] Item 1, Business — Description of Business
[582] Item 1, Business — Description of Business
[583] Item 1, Business — Description of Business
[584] Item 1, Business — Description of Business
[585] Item 1, Business — Description of Business
[586] Item 1, Business — Description of Business
[587] Item 1, Business — Description of Business
[588] Item 1, Business — Description of Business
[589] Item 1, Business — Description of Business
[590] Item 1, Business — Description of Business
[591] Item 1, Business — Description of Business
[592] Item 1, Business — Description of Business
[593] Item 1, Business — Description of Business
[594] Item 1, Business — Description of Business
[595] Item 1, Business — Description of Business
[596] Item 1, Business — Description of Business
[597] Item 1, Business — Description of Business
[598] Item 1, Business — Description of Business
[599] Item 1, Business — Description of Business
[600] Item 1, Business — Description of Business
[601] Item 1, Business — Description of Business
[602] Item 1, Business — Description of Business
[603] Item 1, Business — Description of Business
[604] Item 1, Business — Description of Business
[605] Item 1, Business — Description of Business
[606] Item 1, Business — Description of Business
[607] Item 1, Business — Description of Business
[608] Item 1, Business — Description of Business
[609] Item 1, Business — Description of Business
[610] Item 1, Business — Description of Business
[611] Item 1, Business — Description of Business
[612] Item 1, Business — Description of Business
[613] Item 1, Business — Description of Business
[614] Item 1, Business — Description of Business
[615] Item 1, Business — Description of Business
[616] Item 1, Business — Description of Business
[617] Item 1, Business — Description of Business
[618] Item 1, Business — Description of Business
[619] Item 1, Business — Description of Business
[620] Item 1, Business — Description of Business
[621] Item 1, Business — Description of Business
[622] Item 1, Business — Description of Business
[623] Item 1, Business — Description of Business
[624] Item 1, Business — Description of Business
[625] Item 1, Business — Description of Business
[626] Item 1, Business — Description of Business
[627] Item 1, Business — Description of Business
[628] Item 1, Business — Description of Business
[629] Item 1, Business — Description of Business
[630] Item 1, Business — Description of Business
[631] Item 1, Business — Description of Business
[632] Item 1, Business — Description of Business
[633] Item 1, Business — Description of Business
[634] Item 1, Business — Description of Business
[635] Item 1, Business — Description of Business
[636] Item 1, Business — Description of Business
[637] Item 1, Business — Description of Business
[638] Item 1, Business — Description of Business
[639] Item 1, Business — Description of Business
[640] Item 1, Business — Description of Business
[641] Item 1, Business — Description of Business
[642] Item 1, Business — Description of Business
[643] Item 1, Business — Description of Business
[644] Item 1, Business — Description of Business
[645] Item 1, Business — Description of Business
[646] Item 1, Business — Description of Business
[647] Item 1, Business — Description of Business
[648] Item 1, Business — Description of Business
[649] Item 1, Business — Description of Business
[650] Item 1, Business — Description of Business
[651] Item 1, Business — Description of Business
[652] Item 1, Business — Description of Business
[653] Item 1, Business — Description of Business
[654] Item 1, Business — Description of Business
[655] Item 1, Business — Description of Business
[656] Item 1, Business — Description of Business
[657] Item 1, Business — Description of Business
[658] Item 1, Business — Description of Business
[659] Item 1, Business — Description of Business
[660] Item 1, Business — Description of Business
[661] Item 1, Business — Description of Business
[662] Item 1, Business — Description of Business
[663] Item 1, Business — Description of Business
[664] Item 1, Business — Description of Business
[665] Item 1, Business — Description of Business
[666] Item 1, Business — Description of Business
[667] Item 1, Business — Description of Business
[668] Item 1, Business — Description of Business
[669] Item 1, Business — Description of Business
[670] Item 1, Business — Description of Business
[671] Item 1, Business — Description of Business
[672] Item 1, Business — Description of Business
[673] Item 1, Business — Description of Business
[674] Item 1, Business — Description of Business
[675] Item 1, Business — Description of Business
[676] Item 1, Business — Description of Business
[677] Item 1, Business — Description of Business
[678] Item 1, Business — Description of Business
[679] Item 1, Business — Description of Business
[680] Item 1, Business — Description of Business
[681] Item 1, Business — Description of Business
[682] Item 1, Business — Description of Business
[683] Item 1, Business — Description of Business
[684] Item 1, Business — Description of Business
[685] Item 1, Business — Description of Business
[686] Item 1, Business — Description of Business
[687] Item 1, Business — Description of Business
[688] Item 1, Business — Description of Business
[689] Item 1, Business — Description of Business
[690] Item 1, Business — Description of Business
[691] Item 1, Business — Description of Business
[692] Item 1, Business — Description of Business
[693] Item 1, Business — Description of Business
[694] Item 1, Business — Description of Business
[695] Item 1, Business — Description of Business
[696] Item 1, Business — Description of Business
[697] Item 1, Business — Description of Business
[698] Item 1, Business — Description of Business
[699] Item 1, Business — Description of Business
[700] Item 1, Business — Description of Business
[701] Item 1, Business — Description of Business
[702] Item 1, Business — Description of Business
[703] Item 1, Business — Description of Business
[704] Item 1, Business — Description of Business
[705] Item 1, Business — Description of Business
[706] Item 1, Business — Description of Business
[707] Item 1, Business — Description of Business
[708] Item 1, Business — Description of Business
[709] Item 1, Business — Description of Business
[710] Item 1, Business — Description of Business
[711] Item 1, Business — Description of Business
[712] Item 1, Business — Description of Business
[713] Item 1, Business — Description of Business
[714] Item 1, Business — Description of Business
[715] Item 1, Business — Description of Business
[716] Item 1, Business — Description of Business
[717] Item 1, Business — Description of Business
[718] Item 1, Business — Description of Business
[719] Item 1, Business — Description of Business
[720] Item 1, Business — Description of Business
[721] Item 1, Business — Description of Business
[722] Item 1, Business — Description of Business
[723] Item 1, Business — Description of Business
[724] Item 1, Business — Description of Business
[725] Item 1, Business — Description of Business
[726] Item 1, Business — Description of Business
[727] Item 1, Business — Description of Business
[728] Item 1, Business — Description of Business
[729] Item 1, Business — Description of Business
[730] Item 1, Business — Description of Business
[731] Item 1, Business — Description of Business
[732] Item 1, Business — Description of Business
[733] Item 1, Business — Description of Business
[734] Item 1, Business — Description of Business
[735] Item 1, Business — Description of Business
[736] Item 1, Business — Description of Business
[737] Item 1, Business — Description of Business
[738] Item 1, Business — Description of Business
[739] Item 1, Business — Description of Business
[740] Item 1, Business — Description of Business
[741] Item 1, Business — Description of Business
[742] Item 1, Business — Description of Business
[743] Item 1, Business — Description of Business
[744] Item 1, Business — Description of Business
[745] Item 1, Business — Description of Business
[746] Item 1, Business — Description of Business
[747] Item 1, Business — Description of Business
[748] Item 1, Business — Description of Business
[749] Item 1, Business — Description of Business
[750] Item 1, Business — Description of Business
[751] Item 1, Business — Description of Business
[752] Item 1, Business — Description of Business
[753] Item 1, Business — Description of Business
[754] Item 1, Business — Description of Business
[755] Item 1, Business — Description of Business
[756] Item 1, Business — Description of Business
[757] Item 1, Business — Description of Business
[758] Item 1, Business — Description of Business
[759] Item 1, Business — Description of Business
[760] Item 1, Business — Description of Business
[761] Item 1, Business — Description of Business
[762] Item 1, Business — Description of Business
[763] Item 1, Business — Description of Business
[764] Item 1, Business — Description of Business
[765] Item 1, Business — Description of Business
[766] Item 1, Business — Description of Business
[767] Item 1, Business — Description of Business
[768] Item 1, Business — Description of Business
[769] Item 1, Business — Description of Business
[770] Item 1, Business — Description of Business
[771] Item 1, Business — Description of Business
[772] Item 1, Business — Description of Business
[773] Item 1, Business — Description of Business
[774] Item 1, Business — Description of Business
[775] Item 1, Business — Description of Business
[776] Item 1, Business — Description of Business
[777] Item 1, Business — Description of Business
[778] Item 1, Business — Description of Business
[779] Item 1, Business — Description of Business
[780] Item 1, Business — Description of Business
[781] Item 1, Business — Description of Business
[782] Item 1, Business — Description of Business
[783] Item 1, Business — Description of Business
[784] Item 1, Business — Description of Business
[785] Item 1, Business — Description of Business
[786] Item 1, Business — Description of Business
[787] Item 1, Business — Description of Business
[788] Item 1, Business — Description of Business
[789] Item 1, Business — Description of Business
[790] Item 1, Business — Description of Business
[791] Item 1, Business — Description of Business
[792] Item 1, Business — Description of Business
[793] Item 1, Business — Description of Business
[794] Item 1, Business — Description of Business
[795] Item 1, Business — Description of Business
[796] Item 1, Business — Description of Business
[797] Item 1, Business — Description of Business
[798] Item 1, Business — Description of Business
[799] Item 1, Business — Description of Business
[800] Item 1, Business — Description of Business
[801] Item 1, Business — Description of Business
[802] Item 1, Business — Description of Business
[803] Item 1, Business — Description of Business
[804] Item 1, Business — Description of Business
[805] Item 1, Business — Description of Business
[806] Item 1, Business — Description of Business
[807] Item 1, Business — Description of Business
[808] Item 1, Business — Description of Business
[809] Item 1, Business — Description of Business
[810] Item 1, Business — Description of Business
[811] Item 1, Business — Description of Business
[812] Item 1, Business — Description of Business
[813] Item 1, Business — Description of Business
[814] Item 1, Business — Description of Business
[815] Item 1, Business — Description of Business
[816] Item 1, Business — Description of Business
[817] Item 1, Business — Description of Business
[818] Item 1, Business — Description of Business
[819] Item 1, Business — Description of Business
[820] Item 1, Business — Description of Business
[821] Item 1, Business — Description of Business
[822] Item 1, Business — Description of Business
[823] Item 1, Business — Description of Business
[824] Item 1, Business — Description of Business
[825] Item 1, Business — Description of Business
[826] Item 1, Business — Description of Business
[827] Item 1, Business — Description of Business
[828] Item 1, Business — Description of Business
[829] Item 1, Business — Description of Business
[830] Item 1, Business — Description of Business
[831] Item 1, Business — Description of Business
[832] Item 1, Business — Description of Business
[833] Item 1, Business — Description of Business
[834] Item 1, Business — Description of Business
[835] Item 1, Business — Description of Business
[836] Item 1, Business — Description of Business
[837] Item 1, Business — Description of Business
[838] Item 1, Business — Description of Business
[839] Item 1, Business — Description of Business
[840] Item 1, Business — Description of Business
[841] Item 1, Business — Description of Business
[842] Item 1, Business — Description of Business
[843] Item 1, Business — Description of Business
[844] Item 1, Business — Description of Business
[845] Item 1, Business — Description of Business
[846] Item 1, Business — Description of Business
[847] Item 1, Business — Description of Business
[848] Item 1, Business — Description of Business
[849] Item 1, Business — Description of Business
[850] Item 1, Business — Description of Business
[851] Item 1, Business — Description of Business
[852] Item 1, Business — Description of Business
[853] Item 1, Business — Description of Business
[854] Item 1, Business — Description of Business
[855] Item 1, Business — Description of Business
[856] Item 1, Business — Description of Business
[857] Item 1, Business — Description of Business
[858] Item 1, Business — Description of Business
[859] Item 1, Business — Description of Business
[860] Item 1, Business — Description of Business
[861] Item 1, Business — Description of Business
[862] Item 1, Business — Description of Business
[863] Item 1, Business — Description of Business
[864] Item 1, Business — Description of Business
[865] Item 1, Business — Description of Business
[866] Item 1, Business — Description of Business
[867] Item 1, Business — Description of Business
[868] Item 1, Business — Description of Business
[869] Item 1, Business — Description of Business
[870] Item 1, Business — Description of Business
[871] Item 1, Business — Description of Business
[872] Item 1, Business — Description of Business
[873] Item 1, Business — Description of Business
[874] Item 1, Business — Description of Business
[875] Item 1, Business — Description of Business
[876] Item 1, Business — Description of Business
[877] Item 1, Business — Description of Business
[878] Item 1, Business — Description of Business
[879] Item 1, Business — Description of Business
[880] Item 1, Business — Description of Business
[881] Item 1, Business — Description of Business
[882] Item 1, Business — Description of Business
[883] Item 1, Business — Description of Business
[884] Item 1, Business — Description of Business
[885] Item 1, Business — Description of Business
[886] Item 1, Business — Description of Business
[887] Item 1, Business — Description of Business
[888] Item 1, Business — Description of Business
[889] Item 1, Business — Description of Business
[890] Item 1, Business — Description of Business
[891] Item 1, Business — Description of Business
[892] Item 1, Business — Description of Business
[893] Item 1, Business — Description of Business
[894] Item 1, Business — Description of Business
[895] Item 1, Business — Description of Business
[896] Item 1, Business — Description of Business
[897] Item 1, Business — Description of Business
[898] Item 1, Business — Description of Business
[899] Item 1, Business — Description of Business
[900] Item 1, Business — Description of Business
[901] Item 1, Business — Description of Business
[902] Item 1, Business — Description of Business
[903] Item 1, Business — Description of Business
[904] Item 1, Business — Description of Business
[905] Item 1, Business — Description of Business
[906] Item 1, Business — Description of Business
[907] Item 1, Business — Description of Business
[908] Item 1, Business — Description of Business
[909] Item 1, Business — Description of Business
[910] Item 1, Business — Description of Business
[911] Item 1, Business — Description of Business
[912] Item 1, Business — Description of Business
[913] Item 1, Business — Description of Business
[914] Item 1, Business — Description of Business
[915] Item 1, Business — Description of Business
[916] Item 1, Business — Description of Business
[917] Item 1, Business — Description of Business
[918] Item 1, Business — Description of Business
[919] Item 1, Business — Description of Business
[920] Item 1, Business — Description of Business
[921] Item 1, Business — Description of Business
[922] Item 1, Business — Description of Business
[923] Item 1, Business — Description of Business
[924] Item 1, Business — Description of Business
[925] Item 1, Business — Description of Business
[926] Item 1, Business — Description of Business
[927] Item 1, Business — Description of Business
[928] Item 1, Business — Description of Business
[929] Item 1, Business — Description of Business
[930] Item 1, Business — Description of Business
[931] Item 1, Business — Description of Business
[932] Item 1, Business — Description of Business
[933] Item 1, Business — Description of Business
[934] Item 1, Business — Description of Business
[935] Item 1, Business — Description of Business
[936] Item 1, Business — Description of Business
[937] Item 1, Business — Description of Business
[938] Item 1, Business — Description of Business
[939] Item 1, Business — Description of Business
[940] Item 1, Business — Description of Business
[941] Item 1, Business — Description of Business
[942] Item 1, Business — Description of Business
[943] Item 1, Business — Description of Business
[944] Item 1, Business — Description of Business
[945] Item 1, Business — Description of Business
[946] Item 1, Business — Description of Business
[947] Item 1, Business — Description of Business
[948] Item 1, Business — Description of Business
[949] Item 1, Business — Description of Business
[950] Item 1, Business — Description of Business
[951] Item 1, Business — Description of Business
[952] Item 1, Business — Description of Business
[953] Item 1, Business — Description of Business
[954] Item 1, Business — Description of Business
[955] Item 1, Business — Description of Business
[956] Item 1, Business — Description of Business
[957] Item 1, Business — Description of Business
[958] Item 1, Business — Description of Business
[959] Item 1, Business — Description of Business
[960] Item 1, Business — Description of Business
[961] Item 1, Business — Description of Business
[962] Item 1, Business — Description of Business
[963] Item 1, Business — Description of Business
[964] Item 1, Business — Description of Business
[965] Item 1, Business — Description of Business
[966] Item 1, Business — Description of Business
[967] Item 1, Business — Description of Business
[968] Item 1, Business — Description of Business
[969] Item 1, Business — Description of Business
[970] Item 1, Business — Description of Business
[971] Item 1, Business — Description of Business
[972] Item 1, Business — Description of Business
[973] Item 1, Business — Description of Business
[974] Item 1, Business — Description of Business
[975] Item 1, Business — Description of Business
[976] Item 1, Business — Description of Business
[977] Item 1, Business — Description of Business
[978] Item 1, Business — Description of Business
[979] Item 1, Business — Description of Business
[980] Item 1, Business — Description of Business
[981] Item 1, Business — Description of Business
[982] Item 1, Business — Description of Business
[983] Item 1, Business — Description of Business
[984] Item 1, Business — Description of Business
[985] Item 1, Business — Description of Business
[986] Item 1, Business — Description of Business
[987] Item 1, Business — Description of Business
[988] Item 1, Business — Description of Business
[989] Item 1, Business — Description of Business
[990] Item 1, Business — Description of Business
[991] Item 1, Business — Description of Business
[992] Item 1, Business — Description of Business
[993] Item 1, Business — Description of Business
[994] Item 1, Business — Description of Business
[995] Item 1, Business — Description of Business
[996] Item 1, Business — Description of Business
[997] Item 1, Business — Description of Business
[998] Item 1, Business — Description of Business
[999] Item 1, Business — Description of Business
[1000] Item 1, Business — Description of Business

Analysis on 9/3/2026

Recent Material Events

2026-09-03Material Event

Pro-Dex, Inc. reported fiscal 2026 fourth quarter and full-year financial results for the period ended June 30, 2026. For the quarter ended June 30, 2026, net sales increased 17% to $20.4 million from $17.5 million, driven by revenue from a customer's next-generation orthopedic handpiece. Gross profit rose 103% to $7.1 million with margins expanding to 35%, while operating income grew 163% to $3.5 million and net income reached $2.9 million, or $0.87 per diluted share. For the full fiscal year, net sales increased 16% to $77.5 million from $66.6 million, resulting in net income of $13.7 million, or $4.12 per diluted share, compared to $9.0 million previously. The company also completed the acquisition of Advanced Precision Machining, LLC (APM) on February 9, 2026. Pro-Dex, Inc. specializes in the design, development, and manufacture of surgical drivers and shavers for orthopedic and related medical markets.

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