2022-07-08 | OTCQB:ADMT | Press release

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

“Our research and development of Vet-Sonotron non-invasive veterinary therapy technology continues to be our top priority,” said Andre’ DiMino, President of ADMT. “While supply chain shortages and disruptions continue to present challenges, not only to our Vet-Sonotron efforts, but to all areas of our business, we believe that Vet-Sonotron production units should be available soon.”

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

Revenues for the year ended March 31, 2022 were $3,206,594 compared to $3,090,631 for the previous year, an increase of approximately 4%. Gross profit for the year was $1,248,638 or approximately 39% compared to $1,161,842 or approximately 38% for the prior year. Mainly due to certain non-recurring write-offs, operating expenses for the year increased to $2,377,952 compared to $1,842,320 for the previous year. R&D expenses amounted to $615,926 compared to $655,962 for the previous year. Full financial results are available in the company’s Annual Report on Form 10K at www.sec.gov.

Financial Highlights

Year ended Year ended
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

Operating loss

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

Total other income

$ 681 233 $ 14,202

Total profit (provisions) of 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 outstanding – diluted

67,588,492 67,588,492


About ADMT

ADMT is a diverse, technology-driven developer and manufacturer of innovative proprietary medical devices, technologies and products. Its core competency is its ability to conceptualize a technology, move it through development, manufacturing and marketing, all in-house. ADMT has three business areas: Proprietary Electronic Medical Devices; Design, engineering, regulatory and manufacturing services and environmentally friendly water-based formulations. The company’s headquarters, laboratories, FDA-registered medical devices and manufacturing operations are located in Northvale, NJ. ADMT’s multidisciplinary team of engineers, researchers, and technologists utilizes state-of-the-art technology infrastructure to research, develop, and commercialize diverse technologies. Additional information is available at admtronics.com. To receive email updates directly from the company, complete the form at the bottom of this page: https://admtronics.com/investor-relations/

Except for historical information contained in this press release, the matters set forth in this press release are “forward-looking” statements (as defined in the Private Securities Litigation Reform Act of 1995), including statements regarding future revenue growth and performance. Although ADMT believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there can be no assurance that its expectations will materialize. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from expectations. Factors that could contribute to these differences include those described from time to time in ADMT’s filings with the SEC, press releases and other communications. The Company assumes no obligation to update the information contained in this press release.

Contact:

André’ DiMino

201-767-6040

andre@admtronics.com

THE SOURCE: ADM Tronics Unlimited, Inc.

See the source version on accesswire.com:

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

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