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- Ultrasonic coating systems developer and manufacturer Sono-Tek Corp (NASDAQ:SOTK) reported second-quarter FY22 net sales growth of 17% year-on-year to $4.07 million, beating the consensus of $3.85 million.
- The significant shipment of multi-axis coating systems used to coat electronic diagnostic devices for rapid COVID-19 test kits and strong sales of OEM systems used in the Semiconductor and Spray Fluxing markets drove the growth.
- The gross margin expanded 440 basis points to 51.0%, primarily due to product mix. The operating margin rose to 11% compared with 5.8% in the prior year period.
- Net income was $0.344 million, up 93% Y/Y. EPS of $0.02 beat the consensus of $0.01.
- The backlog reached $6.33 million, up 45% from Q1-end and 64% from the end of FY21.
- Sono-Tek held $9.7 million in cash and equivalents. The company generated an operating cash flow of $1.2 million in the six months ended August 31.
- Outlook: Sono-Tek sees double-digit sales increases for both the Q3 and Q4 of FY22 based on backlog strength. Sono-Tek sees the growth to generate strong annual sales for FY22.
- Price Action: SOTK shares traded higher by 11.4% at $5.015 on the last check Wednesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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