ADM Tronics Reports Fiscal Year 2023

NORTHVALE, NJ / ACCESSWIRE / July 17, 2023 / ADM Tronics Unlimited, Inc. (OTCQB:ADMT), a technology-based developer and manufacturer of innovative technologies, products, and proprietary medical devices, today announced results for fiscal year ended March 31, 2023.

For the fiscal year ended March 31, 2023, ADMT had increased revenues of approximately 15% as compared to the previous fiscal year, due to increases in its electronics manufacturing and engineering services segments. The continued supply problems for electronic components used in the manufacture of ADMT's electronic medical devices contributed to a backlog of electronics product orders from customers at the fiscal year end.

ADMT had income from operations of $30,335 for the fiscal year ended March 31, 2023, as compared to loss from operations of $1,129,952 for the previous fiscal year. Due to provision for income taxes, there was net loss of $96,322 for the fiscal year ended March 31, 2023, a reduction of over 93% as compared to net loss of $1,384,263 for the previous fiscal year.

As previously announced, during the fiscal year ended March 31, 2023, ADMT devoted research and development resources to its Sonotron^® non-invasive therapy technology for the treatment of musculoskeletal pain conditions. The Company is preparing for the upcoming commercial introduction of its Vet-Sonotron^®, non-invasive pain treatment device for the veterinary market. ADMT continues development of a medical version of the Sonotron^® for use on humans where the need for effective pain treatment without the use of drugs or opioids is very large and unmet. The company plans on pursuing a 510(k) submission to the FDA in 2024.

"We are pleased with the continued increase in our revenues despite the ongoing supply problems, which affected not only our production rates, but also the finalization of the design of our Vet-Sonotron," stated Andre' DiMino, ADMT President. "We believe the upcoming introduction of Vet-Sonotron to the veterinary market will be a milestone for the Company."

Revenues for the year ended March 31, 2023, were $3,676,785 compared to $3,206,594 for the previous year, an increase of approximately 15%. Gross profit for the fiscal year was $1,657,902 or approximately 45% as compared to $1,248,638 or approximately 39% for the previous fiscal year. Operating expenses for the fiscal year ended 3/31/23 were $1,657,902, a reduction of approximately 30% primarily due to certain non-recurring write-offs in the previous fiscal year. Complete financial results are available in the Company's Annual Report on Form 10K at www.sec.gov.