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Dynatronics Corp. Reports Operating Results (10-K/A)

August 27, 2009 | About:

Dynatronics Corp. (NASDAQ:DYNT) filed Amended Annual Report for the period ended 2008-06-30.

DYNATRONICS CORP. is involved in the design manufacture and sale of medical devices for therapeutic use by medical practitioners. Dynatronics Corp. has a market cap of $11.8 million; its shares were traded at around $0.86 with and P/S ratio of 0.3.

Highlight of Business Operations:

The issuer's revenues for the fiscal year ended June 30, 2008 were $32,592,507.

The aggregate market value of the voting and non-voting common stock held by

non-affiliates of the issuer was approximately $6.6 million as of September 18,

2008, based on the average bid and asked price on that date.

Dynatronics exports products to approximately 30 different countries.

International sales (i.e., sales outside North America) totaled $772,500 in

fiscal year 2008 compared to $711,500 in fiscal year 2007. The Company is

working to establish effective distribution for its products in international

markets. Our Salt Lake City facility is certified to the ISO 13485 quality

standard for medical device manufacturing. Many of the Company's therapy devices

carry the CE Mark, a designation required for marketing products in the European

community that signifies the device or product was manufactured pursuant to a

certified quality system. The Company has no foreign manufacturing operations.

However, we do purchase certain products and components from foreign


In fiscal year 2008, Dynatronics continued its aggressive R&D campaign,

developing four new products during the year including the Dynatron X5 Turbo

Oscillation Therapy device, the DynaPro Spinal Health System, the T3 treatment

table and the Synergie Elite AMS/MDA/light therapy system. Total R&D

expenditures for 2008 were $1,354,743, compared to $1,492,774 in 2007. R&D

expenses represented approximately 4.2% and 8.4% of the revenues of the Company

in 2008 and 2007, respectively

During fiscal year 2003, Congress enacted the Medical Device User Fee

and Modernization Act (MDUFMA). Among other things, this act imposes for the

first time a user fee on medical device manufacturers. Under the provisions of

MDUFMA, manufacturers seeking clearance to market a new device must pay a fee to

the FDA in order to have their applications reviewed. Dynatronics submits new

products for clearance primarily under section 510(k) of the Medical Device

Amendment of the FDC Act. The fee per 510(k) submission in fiscal year 2008 was

$3,066. Beginning October 1, 2008, FDA modified their fee structure pursuant to

MDUFMA II which was a reauthorization of user fees to impose annual registration

fees of approximately $1,851 per manufacturing site, with submission fees for

510(k) applications of approximately $1,847.

The Company's headquarters and principal place of business are located

at 7030 Park Centre Drive, Salt Lake City, Utah. The headquarters consist of a

single facility housing administrative offices and manufacturing space totaling

approximately 36,000 square feet. The Company owns the land and building,

subject to mortgages requiring a monthly payments totaling approximately

$27,429. The mortgages mature in 2008, 2013 and 2017. The Company also owns a

53,200 sq. ft. manufacturing facility in Ooltewah, Tennessee, and accompanying

undeveloped acreage for future expansion subject to a mortgage requiring monthly

payments of $13,278 and maturing in 2021. The Company rents office and/or

warehouse space for its newly acquired dealers in Pleasanton, California;

Houston, Texas; Detroit, Michigan; and Girard, Ohio.

1st Quarter (July-September) $2.00 $ .95 $1.36 $1.13

2nd Quarter (October-December) $1.55 $1.01 $1.45 $1.11

3rd Quarter (January-March) $1.20 $ .97 $1.27 $1.02

4th Quarter (April-June) $1.07 $ .60 $1.22 $ .97

Read the The complete Report

Rating: 3.5/5 (4 votes)


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