By Sabela Ojea
Shares of Pro-Dex surged after the company swung to a profit and reported higher sales in its fiscal first quarter after seeing higher shipments and repairs in the period.
The stock was up 45% to $45.02 in postmarket trading. Through Thursday's close, shares have surged 77% since the beginning of the year.
The surgical and medical instrument manufacturing company posted a net income for the three months ended Sept. 30 of $2.5 million, or 75 cents a share, compared with a loss of $615,000, or 17 cents a share, for the same period a year earlier.
Sales rose to $14.9 million from $11.9 million a year earlier.
Overall, the company said it saw increased repairs of the surgical handpiece it sells to its largest customer, as well as shipment of a customer's next generation handpiece to satisfy its limited market release.
"We expect to ship production volumes of the new handpiece during the second half of this fiscal year," Chief Executive Richard Van Kirk said.
Write to Sabela Ojea at sabela.ojea@wsj.com
(END) Dow Jones Newswires
October 31, 2024 18:40 ET (22:40 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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