Precision Optics revenue jumps 17%
Precision Optics of Gardner, helped by higher demand for its products and the introduction of new offerings, saw a 17-percent jump in revenue growth in its latest quarter while the company cut its losses, it said Thursday.
The company, which sells to medical and biomedical companies as well as other industries, reported quarterly revenue of $1.14 million, up from $833,451 in the same quarter last year. Gross profit also rose to $312,929 from $189,232 in the same quarter in 2014. The company cut its losses from $380,434 in the previous quarter to $197,884.
"We continue to see solid demand for our traditional products as well as early market acceptance of products based on our latest technology. Our third quarter-revenues were the highest in over 10 years,” CEO Joseph Forkey said in a statement.
The revenue growth was joined by an improvement to 27.4 percent in gross margin, up from 16.6 percent in the second quarter of 2015. This increase was due to efficiencies of scale, Forkey said, alongside manufacturing efficiencies.
"Looking forward, we continue to see a strong pipeline of opportunities, particularly in the area of micro-optics and micro-assemblies based on optics designed specifically for small CMOS-based medical camera systems.
Operating losses were down to 3 center per share compared to 9 cents per share in the same quarter in 2014.
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