- Sono-Tek Corp (NASDAQ:SOTK) reported fourth-quarter FY22 sales growth of 22% year-on-year to $5 million. The FY22 revenue grew 15.5% Y/Y to $17.1 million.
- The Q4 gross margin expanded 513 bps to 51.1%. The FY22 margin grew 310 bps to 50.3%, driven by the strength in sales, increased efficiencies, and a favorable product mix.
- The Q4 operating margin grew 14 bps to 12.14%. The FY22 margin increased by 203 bps to 11.03%.
- Sono-Tek held $10.7 million in cash and equivalents.
- Dr. Christopher L. Coccio, Chair and CEO commented, "In addition to our traditional markets, we're currently focused on three main areas of strong global growth: Microelectronics and semiconductors, Clean Energy, including fuel cells and carbon capture, and Medical devices. All three of these areas are experiencing strong demand from long term societal needs, and they all benefit from Sono-Tek's unique thin film coating technology and systems."
- SOTK predicts Q1 is on track to generate double-digit year-over-year sales growth, assuming no logistical shipping issues.
- "For fiscal 2023, all indications point to continued strong demand for our products and we again project our highest sales year," concluded Coccio.
- Price Action: SOTK shares traded higher by 12% at $6.75 on the last check Tuesday.
