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8-K - CURRENT REPORT - DYNATRONICS CORP | dynt_8k.htm |
Exhibit 99.1
Dynatronics Corporation provides preliminary Fourth Quarter and
Fiscal Year End 2020 sales
Eagan, Minnesota (July 8, 2020) –
Dynatronics
Corporation (NASDAQ:DYNT), a leading manufacturer of
athletic training, physical therapy, and rehabilitation products,
today announced preliminary unaudited net sales for the fiscal
fourth quarter ended June 30, 2020 and the fiscal year ended June
30, 2020.
Fourth
Quarter & Year End 2020 Update
Preliminary
unaudited fourth quarter 2020 net sales are expected to be in the
range of $7.9 million to $8.2 million, a 47% - 49% decrease
compared to $15.5 million in the fourth quarter of 2019. For
the fiscal year ended June 30, 2020, preliminary unaudited net
sales are expected to be in the range of $53.2 million to $53.5
million, a 14% – 15% decreased compared to $62.6 million in
the year ended June 30, 2019. The decrease in net sales is
primarily due to the expected decline in sales due to COVID-19
stay-at-home policies and restrictions, as well as the continued
decline in sales of physical therapy and rehabilitation
products.
About
Dynatronics Corporation
Dynatronics is a
leading medical device company committed to providing high-quality
restorative products designed to accelerate achieving optimal
health. The Company designs, manufactures, and sells a broad range
of products for clinical use in physical therapy, rehabilitation,
pain management, and athletic training. Through its distribution
channels, Dynatronics markets and sells to orthopedists, physical
therapists, chiropractors, athletic trainers, sports medicine
practitioners, clinics, hospitals, and consumers. The
Company’s products are marketed under a portfolio of
high-quality, well-known industry brands including Bird &
Cronin®,
Solaris™,
Hausmann™, Physician’s Choice®, and
PROTEAM™, among others. More information is available at
www.dynatronics.com.
Safe
Harbor Notification
This
press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act and Section 21E of the
Securities Exchange Act. Those statements include references to the
company’s expectations and similar statements. Such
forward-looking statements reflect the views of management at the
time such statements are made. These statements include our
financial guidance, including uncertainties involving the impact of
the COVID-19 pandemic on the Company’s results of operations
and financial condition, our expected revenues, gross profit, and
selling, general, and administrative expenses. These
forward-looking statements are subject to a number of risks,
uncertainties, estimates, and assumptions that may cause actual
results to differ materially from current expectations. The
contents of this release should be considered in conjunction with
the risk factors, warnings, and cautionary statements that are
contained in the company’s most recent filings with the
Securities and Exchange Commission, including the company’s
Annual Report on Form 10-K for the fiscal year ended June 30,
2019, which was filed on September 25, 2019. Dynatronics does not
undertake to update its forward-looking statements, whether as a
result of new information, future events, or
otherwise.