Pro-Dex (NASDAQ:PDEX) Issues Quarterly Earnings Results, Beats Expectations By $0.25 EPS

Key Points

• Pro-Dex beat quarterly earnings expectations: The medical-instrument supplier reported $0.92 in EPS versus the $0.67 consensus estimate, while revenue of $20.56 million slightly exceeded expectations of $20.40 million.
• Shares fell 2.5% to $61.60 despite the earnings beat. The stock has traded between $28.81 and $77.00 over the past year and carries a market rating of “Buy,” with an average analyst price target of $74.
• Insiders sold shares: The CEO and CFO collectively sold 21,535 shares in September, and insiders have sold 22,300 shares worth approximately $1.35 million over the past quarter.

Pro-Dex (NASDAQ:PDEX - Get Free Report) issued its quarterly earnings data on Thursday. The medical instruments supplier reported $0.92 EPS for the quarter, topping the consensus estimate of $0.67 by $0.25, FiscalAI reports. The business had revenue of $20.56 million for the quarter, compared to the consensus estimate of $20.40 million. Pro-Dex had a return on equity of 25.13% and a net margin of 17.62%.

Pro-Dex Stock Down 2.5%

Shares of Pro-Dex stock traded down $1.59 during trading on Thursday, reaching $61.60. The stock had a trading volume of 43,096 shares, compared to its average volume of 51,161. The company has a current ratio of 4.10, a quick ratio of 2.45 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $199.15 million, a price-to-earnings ratio of 14.92 and a beta of 0.04. The stock has a fifty day moving average price of $65.04 and a two-hundred day moving average price of $56.30. Pro-Dex has a 52 week low of $28.81 and a 52 week high of $77.00.

Analyst Ratings Changes

PDEX has been the subject of a number of research analyst reports. Ascendiant Capital Markets boosted their target price on Pro-Dex from $70.00 to $74.00 and gave the company a "buy" rating in a research note on Friday, September 11th. Weiss Ratings lowered Pro-Dex from a "buy (b)" rating to a "hold (c+)" rating in a research report on Friday, October 23rd. Finally, Zacks Research upgraded Pro-Dex from a "hold" rating to a "strong-buy" rating in a report on Tuesday, September 15th. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $74.00.

Insider Transactions at Pro-Dex

In other news, CEO Kirk Richard Lee Van, Jr. sold 19,235 shares of the firm's stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $60.58, for a total transaction of $1,165,256.30. Following the completion of the transaction, the chief executive officer directly owned 79,993 shares of the company's stock, valued at $4,845,975.94. This trade represents a 19.38% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Alisha Charlton sold 2,300 shares of the firm's stock in a transaction that occurred on Wednesday, September 9th. The stock was sold at an average price of $61.30, for a total transaction of $140,990.00. Following the transaction, the chief financial officer directly owned 21,870 shares of the company's stock, valued at $1,340,631. This represents a 9.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 22,300 shares of company stock valued at $1,351,657. 48.00% of the stock is owned by corporate insiders.

About Pro-Dex

Pro-Dex, Inc NASDAQ: PDEX designs, develops and manufactures powered surgical instruments and related products for the medical device industry. The company primarily serves original equipment manufacturers that incorporate Pro-Dex instruments into surgical systems sold under their own brands.

Its products include battery-powered and pneumatic handpieces, rotary instruments, micro-drills, saws, controllers and other specialized equipment used in orthopedic, dental, ophthalmic and other surgical applications.

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