Precision Optics Stock Price, News & Analysis

Precision Optics Corporation (NASDAQ: POCI) announced its participation in the Planet MicroCap Showcase: VEGAS 2023, taking place on April 26-27, 2023. Dr. Joe Forkey, the CEO, will present at the event, with a webcast of the presentation available at 7:00 PM ET on April 26. The presentation will also be archived for later viewing. In addition, the management team will hold one-on-one meetings at the conference venue in Las Vegas. For those interested in booking a meeting, they can contact the event organizers or email POCI directly.

Founded in 1982, Precision Optics specializes in advanced optical instruments for medical and defense applications. The company focuses on micro-optics and 3D imaging technologies, supporting minimally invasive surgeries and surgical robotic systems.

Precision Optics Corporation (NASDAQ: POCI), based in Gardner, Massachusetts, has announced a significant development order worth approximately $1.3 million for a next-generation urological endoscopy program. This order comes from a well-known medical device company and represents a strategic shift for Precision Optics, moving from a component supplier to a developer of complete endoscope imaging systems. The product development will be conducted in collaboration with Lighthouse Imaging, showcasing the company’s expertise in micro-optics, medical systems, and digital imaging. The agreement's completion is anticipated within the next 12 months, paving the way for potential future contracts.

CEO Joe Forkey emphasized that this agreement is a significant opportunity to enhance their role in medical imaging, supporting the increasing demand for integrated optics and electronics in next-generation products.

Precision Optics Corporation (NASDAQ: POCI) has named Mahesh Lawande as its new Chief Operating Officer, effective April 24, 2023. This leadership change arises from the company's significant growth, with revenues increasing by 47% in fiscal 2022 and 76% in the first half of fiscal 2023, largely due to acquisitions. Lawande brings over 25 years of experience in medical device and aerospace/defense manufacturing, having held key roles at Siemens and Draeger. His appointment aims to enhance the company's operational capabilities to manage increasing complexity and drive continued growth and profitability. This strategic move signifies Precision Optics' commitment to scaling its operations amidst rapid expansion.

Precision Optics Corporation (NASDAQ: POCI) reported a significant 51% increase in revenue for Q2 fiscal 2023, reaching $5.89 million, compared to $3.90 million in the same quarter last year. A one-time sale contributed $600,000 to this figure. The gross margin improved to 46% from 29% year-over-year. The company achieved a net income of $634,420, a turnaround from a net loss of $(507,013) last year. Adjusted EBITDA was $993,449, up from $(72,456), indicating improved profitability. Key orders received included $750,000 from a medical device company and $2.6 million from a defense contractor.