Dynatronics Corporation (DYNT) stock soared 6.00% in the pre-market trading session at the price of $1.53 after announcing its fourth quarter and fiscal year 2021 financial results. DYNT is a medical company that offers high-quality therapeutic products to stimulate achieving optimal health. It designs, produces, and commercializes clinical products for physical therapy, rehabilitation, and pain management.
DYNT Fourth Quarter and Fiscal 2021 Financial Results
On 23rd September 2021, DYNT announced financial results for its fourth quarter and fiscal year ended 30th June 2021 and provided recent corporate updates. CEO of Dynatronics, John Krier, remarked that their “customer and dealer reaction to Dynatronics” optimization strategy supported the transformations they made in April 2021 which will remain their top priority. Customer and dealer demand have boosted their confidence to initiate revenue guidance. They anticipate higher revenue growth in fiscal 2022 as they are working on building value for their shareholders by improving margins, he added.
Fourth Quarter Fiscal 2021 Financial Highlights
DYNT reported net sales of $12.2 million for the fourth quarter ended 30th June 2021. Net sales were $8.1 million in the same period of 2020. Goss profit margin was 19.1% for the fourth quarter of fiscal 2021, compared to the gross profit margin of 17.4% in the same quarter of fiscal 2020. Net income was $2.9 million for the fourth quarter of 2021, compared to a net loss of $2.3 million in the same quarter of the previous year.
The reported net loss per share, attributable to common stockholders, was $0.16 for the fourth quarter ended 30th June 2021. The net loss attributable to common stockholders was $(0.18) for the same quarter of the previous year. DYNT reported cash of $6.1 million at the end of the fourth quarter of 2021, representing the highest cash position in recent years.
Fiscal Year 2021 Financial Summary
DYNT reported net sales of approximately $47.8 million for fiscal ended 30th June 2021. The reported gross profit margin was 27.0% for the fiscal year ended 30th June 2021. Fiscal 2021 gross profit margin on total net sales reported 28.0%, excluding $0.5 million optimization exit activity costs.
DYNT Fiscal Year 2022 Guidance
DYNT expects sales revenue of approximately $11.5 to $12.0 million in the first quarter of fiscal 2022. The expected net sales growth in procedure volume is $40 million to $45 million in fiscal year 2022. In the first quarter of fiscal 2022, the anticipated selling, general, and administrative expenses are 30% to 35% of net sales.
