Dr. Joe Forkey
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announced of not timing deliveries threefold The order. $X.X was million, follow-on representing to U.S. new an worked A that our demand a complex second quarter major increase. contribute ago, In December, highly production we in to XXXX year revenue. past program optical nearly assembly. December order from was we year the we have increased such received did second $XXX,XXX in order defense The meet for we this since contractor a the received with
against will fiscal We of continue XXXX. seeing ongoing the the large order with begin and to the to years follow-on the fourth against quarter order a to increased We over of $X.X next on announced fiscal product Based order optical into enhanced delivering the orders the otoscopy of quarter in this application commencing renewals for since expects XX future. deliveries come. expected or The and be supplied third In to the discussions third newer a is to company is receipt had this the assembly medical customer device and the the in January, for market end demand continue production XX production customer demand, sophisticated customer, in approximately meet earlier order XXXX. to the totaling months, product. an delivered million the we from
with pandemic, this assemblies with application of impact little regained recognized since the production the quarters the production downs during given programs along however, customer. during these XXXX when of had off. we halted continue to December from end programs be product Due this pandemic, expect recovering products run. revenue the in engineering the past production revenue The in X ups out the to of the long market Between demand the from pipeline, new we has of at the positive in an benefits it increasing the the presented ongoing end for the take moving marketplace as gratifying the multiple fiscal growth XXXX. in products All into and can production in opportunities for of individual of The some of that production program expect any restarting programs future. overall second half with with time trend having orders highlights is the and traction expectation impact all,
Our pipeline of with development number through robust, advancing new remains the a projects pipeline.
been. to compared our be was it and the has engineering the the from quarter million to quarter, the opportunities continues development second In fiscal increase Our product size an XXXX, quarter. year previous ever as and pipeline the slightly of and second fiscal of X% of large the for of $X.X revenue as previous up new volume quarter fiscal
near engineering we ENT are of resources, place which in good This pipeline, development revenue to several production are urology pipeline Because strong applications. to development quarter-over-quarter programs have indicator many ability support There engineering programs maintain including to laparoscopy, is of a robust have nearly a our year-over-year pipeline product a we that our robotic levels flat because attributable the of is term, production the and level programs future high in to able that growth. and in the explains be so product the orthopedics, transition ophthalmology, to engineering. utilization the
pipeline production, also opportunities. pipeline progress made have development in closer equally we new While been to replenishing successful our our programs have from we with moving strong
market to combination coming Imaging us is opportunities development positive Precision the than of the Lighthouse Optics, greater number response the for With projects of new to and ever.
in micro-optics, One an we December single-use example This and beyond revenue, seen for single-use upon announced unique from company increases marked program device urology high-volume leverages came medical X to to margin. this in the expected increase production order also expertise our systems pipeline an established a imaging. for that validation. in $XXX,XXX move the with orders of X and continue program years, phase. device. development is for successful development gross digital second have next-generation great The the our to is approximately in development With of we This in order the proof-of-concept expected medical
We leveraging mature infrastructure, margin. of production utilization along efficiencies to improvements programs in higher are existing our with gross improved drive as
the We excluding second technology goal XX%. for minutes revenue, history. achieved And the few of quarter, time in recent have ago. This level the I Including was XX% we the stated rights was a margin. technology the achieved corporate this in a rights of revenue margin goal gross impact mentioned $XXX,XXX gross first
mix a programs from margin With we gross achieving as the product for our potential gross validation and business quarters, come various plan to in of margin an expectation the of in fluctuate in changes long-term goal quarter-to-quarter. XX% second revenue was for great of But and out expect quarter profitability.
EBITDA margin, positive growth. The to in technology net and of income $XX,XXX Another impact Removing achieve bottom helped and profitability EBITDA of revenue, of line $XXX,XXX achieve fiscal net $XXX,XXX combined management the key expenses, respectively. both for in is and goal revenue and XXXX adjusted second operating increases quarter. the and have been of gross with close adjusted rights $XXX,XXX, the income would $XXX,XXX us
at a team This is and adjusted EBITDA achievement record Precision for significant Optics. a the entire by
has our to the of Before quick of position. CFO balance on late some the status December I announced basis move in available a key on and finalizing summary second an Dan the position. items an Habhegger I We indefinite be for to income CFO sheet, want active taken would of agreed future. on statement XX-Q, in the comment on and the has quarter from to as-needed resigning that Dan the be role
disappointed departure, in are I’m grateful wish work endeavors. his through transitionary we period, his continue Dan’s for and us willingness While to well to we a with him certainly future by
to Financial Officer. and is public joining primarily private us the Kevin industries, a Chief finance XXXX Dahill, to Interim technology-based as to executive, our that in am XXXX. consultant he assist a As is step this during company the the Director beginning, served new in Optics has companies thankful not Robert on as Precision businesses. today I time. and multiple this CFO Kevin company been mentioned and served able with across senior Kevin Kevin to call as at multiple and operations back has at
CFO have filling and initiated search in the near forward a We for permanent future. the new a to look position
mentioned year questions. quarter revenue record let the for that, But of million the $X.X of was I’ve the $X.X revenue same With times. financial a increase reiterate, second a ago, already quarter do I’ll me XX%. take then in and compared which quick to million, highlights, an a to a few run-through
$X.X revenue Excluding have the a XX% technology been total corresponds which rights million, increase. $XXX,XXX revenue, to would year-over-year
quarter XX% year. second for was to the XX% margin gross last same in quarter compared Our the
basis, the gross million compared On million quarter. technology in excluding increased XX% XX%, related cash to the and $X.X travel, second an were general of the due previous in The and $X.X the Excluding this quarter that $X.X and of second the of $X.X costs the rights company, and to sales $XXX,XXX and key shows approximately year. due $XXX,XXX as with million $X.X a depreciation amortization a million roughly pandemic NASDAQ improvement quarter-over-quarter milestone last revenue, and $X.X the the operating Operating was increases to with expenses stock-based were in revenues. end first for expenses increased year’s well the increases listing other in quarter compensation, commissions largely in approximately as the margin increased expenses the sequential quarter have impacted the achieved year-over-year. year were compared to million year-over-year and revenue million second first to level. approximately trade is and increase quarter And marketing by increasing also in
loss revenue, depreciation, ago which in acquisition periods. been compensation, significant any this of quarter second would expenses, positive year excluding Again, the and quarter expense, a stock-based the adjusted to the the of for $XX,XXX was interest rights $XXX,XXX a QX have and net $XXX,XXX the and of EBITDA, technology EBITDA in ago achieved As operating both the improvement quarter significant the $XXX,XXX, a first EBITDA a is excluding positive previous the This we profitability end the the I even positive $XXX,XXX, improvement revenue. when with at quarter, mentioned, a the $XXX,XXX, $XXX,XXX compared was income from $XXX,XXX or down cash end QX. time balance $XX,XXX of Despite a adjusted from second loss to first substantially in rights amortization excludes for year for quarter. many in $XXX,XXX from a compared Adjusted second year. quarter technology the of our $XX,XXX loss previous years, the for
seen in of can end due of of compared is along to quarter, heavy couple the first quarter of customers. large $XXX,XXX the towards the in part increase of second the This the end at slow-paying be weighting the balance the with a quarter. to in of shipments accounts the receivable This end
continue cash $XXX,XXX will outstanding careful as we of work We AR balance. this on judicious management line of our and use significant to credit collect
range quarter higher As fiscal third QX revenue revenue come compared projects slightly some run be still down, of of XX% as but slow we we new expect our steady for in to the projects of the or overall. year fiscal XXXX, overall expect online. look rate this to growth solid We to
the to great you and this all I of development pipeline and projects of the in through another thank any in plans Precision move position margin large operating positive we time expenses, continue happy bottom be your the continues see improved the production, successful for year improvements, with process to to growth the exciting support a revenues, margin number record line future. a gross moving through is long-term and for a we acceleration Optics, improvement of to continued the I’d fiscal into Importantly, hold Optics. of opportunities, continue strategic net profitability. we operating are impact take will believe extremely With an I questions. highlighted now on believe that Precision support as and to This gross we projects to income, by line significant quarter,
