As the earnings season continues, it was the turn of the tech-based innovative technology and product development company ADM Tronics Unlimited Inc. OTCMKTS:ADMT) time to come into the news cycle. The company came into focus yesterday after it announced its financial results for the first fiscal quarter of 2023 which ended on June 30, 2022.
On Monday, ADMT stock ended flat at $0.0510 with 10 shares, compared to a volume of 19K shares. The stock moved within a range of $0.0510 – 0.0510 after opening trade at $0.0520.
ADM Tronics Reports First Quarter of Fiscal Year 2023 Results
The company managed to generate revenues of $921408 for the quarter, which reflected a substantial 27% jump from the revenues of $721358 in the prior year period. The company noted that it had managed to record growth despite the problems it had faced owing to the continued effects of the coronavirus pandemic.
However, that is not all. The company also noted that despite the supply chain problems that had been experienced by ADM Tronic and the rise in the costs of raw materials, the company managed to maintain a healthy gross profit margin of as much as 42%.
It was around the same gross profit margin that had been clocked by the company in the prior year period. On the other hand, the research and development expenses for the fiscal quarter that ended on June 30, 2022, also went down by as much as 23% year on year.
“We hope and expect to continue the trend in increased revenues we experienced during this quarter,” stated Andre’ DiMino, President of ADMT. “We have aggressively worked to overcome the supply chain problems and increasing materials costs to preserve our gross profit margins and continue to supply our customers. It is to be noted that we are nearing the completion of our Vet-Sonotron non-invasive veterinary therapy technology. Once the development work is completed, commercialization of this technology will be a significant milestone for the Company.”
ADMT stock is trading below the 50-Day and 200-Day Moving averages of $0.0540 and $0.0969 respectively. Moreover, the stock is trading below the 20-Day moving average of $0.0590. The company has a total market capitalization of $3.45 million.