Q2 revenue more than doubles for Precision Optics
Precision Optics Corp. Inc., of Gardner, said new and larger business contracts led to revenue that nearly doubled in the second quarter ending Dec. 31, according to an earnings statement.
The company, which makes advanced optical instruments, reported $1.07 billion in quarterly revenue, up from $498,667 a year ago. For the year, revenue totaled $1.9 billion, up from $1.06 billion last year.
Despite the large quarterly and yearly revenue gains of 102 and 80 percent respectively, Precision Optics posted operating losses of $252.4 million for the second quarter, and $463.1 million for the year, or 6 cents and 10 cents per share. Those losses improved by $101 million and $247 million respectively, as the company experienced lower research and development expenses along with higher sales.
Meanwhile, revenue gains were partially offset by higher selling, consulting, legal and stock-based compensation expenses, according to the company.
Precision Optics CEO Joseph Forkey said in a statement that the company expects gross margins to improve as new products mature in the coming months. Forkey said the company is “particularly excited” about recent progress on a new endoscope that utilizes a state-of-the-art image sensor and the company’s proprietary Microprecision lens technology used for medical grade imaging.
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