Today’s Stock Updates: July 14, 2023

Welcome to today’s blog post where we will be discussing some exciting updates from the stock market. In this post, we will be focusing on the recent events surrounding the stocks that I own. From record-breaking revenue reports to strong financial results, there is plenty to discuss. So, let’s dive right in and explore the latest developments in the world of stocks!

Aehr Test Systems Announces Record Financial Results for Fiscal 2023

Aehr Test Systems, a leading supplier of semiconductor test and production burn-in equipment, has reported impressive financial results for its fiscal 2023 fourth quarter and full year ended May 31, 2023.

In the fourth quarter, the company achieved record net sales of $22.3 million, up from $20.3 million in the same period last year. GAAP net income also reached a record high of $6.1 million, or $0.21 per diluted share, compared to $5.8 million, or $0.20 per diluted share, in the previous year’s fourth quarter. Non-GAAP net income, excluding stock-based compensation, was a record $6.8 million, or $0.23 per diluted share, showing growth from $6.5 million, or $0.23 per diluted share, in the same quarter last year. The company’s backlog as of May 31, 2023, stood at $24.5 million, with an effective backlog of $39.7 million.

For the full fiscal year, Aehr Test Systems achieved record net sales of $65.0 million, marking a 28% increase from the previous fiscal year. GAAP net income saw a significant rise, reaching $14.6 million, or $0.50 per diluted share, up 54% from the previous year. Non-GAAP net income was equally impressive, with a record $17.3 million, or $0.59 per diluted share, up 62% from fiscal 2022.

The strong financial performance and increasing backlog demonstrate Aehr Test Systems’ ability to capitalize on the growing demand for semiconductor test and burn-in equipment. As a result, I am recommending buying the stock, as the company is likely to experience further growth and success in the future. With a healthy cash position of $47.9 million, Aehr Test Systems is well-positioned to invest in its future endeavors and continue delivering excellent results.

Sono-Tek Corporation Reports Decreased Sales in Q1 Fiscal Year 2024

Sono-Tek Corporation (Nasdaq: SOTK), a leading developer and manufacturer of ultrasonic coating systems, recently released its financial results for the first quarter of fiscal year 2024. Net sales for the quarter were $3.6 million, representing an 11% decrease compared to the same quarter last year. This decline can be attributed to vendor delays, which pushed out planned shipments into the next quarters.

The company’s gross profit for the quarter was $1.8 million, a decrease of 16% due to lower sales. However, Sono-Tek Corporation ended the quarter with a strong financial position, boasting $12.1 million in cash, cash equivalents, and marketable securities, with no outstanding debt.

Despite the challenges faced, the company has seen a significant increase in its backlog, reaching a record high of $9.96 million. This backlog is primarily driven by new high-margin production line system orders for the green energy sector. In addition, the company expects substantial sales growth in the second quarter of fiscal year 2024, as delayed orders have already commenced shipping to customers. Furthermore, sales guidance for the fiscal year 2024 anticipates a strong rebound due to the record backlog and ongoing supply chain improvements.

Considering the positive outlook and continued progress in addressing supply chain issues, I would recommend holding onto your Sono-Tek Corporation stocks. With the record backlog and improvements in sight, this dip in sales is expected to be a temporary setback.

Daktronics Reports Strong Fiscal Year 2023 Results

Daktronics, Inc. (NASDAQ: DAKT), a leading provider of electronic display systems, has announced its fiscal year and fourth quarter 2023 financial results. The company achieved record sales of $754.2 million for the fiscal year, representing a 23.4 percent increase compared to the previous year. Additionally, sales for the fourth quarter reached $209.9 million, reflecting a growth of 29.4 percent.

Improved gross profit levels were another highlight of Daktronics’ performance, with 20.1 percent of sales for the fiscal year 2023 compared to 19.1 percent the previous year. In the fourth quarter, gross profit improved even further, reaching 24.8 percent, up from 18.5 percent in fiscal 2022.

Daktronics attributed these positive results to a series of strategic initiatives, including supply chain stabilization, temporary investments in inventory and capacity, and prudent expense management. These measures led to more effective production and order fulfillment, ultimately driving increased net sales and operating income. Adjusted operating income for the fiscal year 2023 was $26.0 million, a significant improvement from $4.0 million in the previous fiscal year.

Furthermore, the company successfully resolved the events and conditions that had cast doubts on its ability to continue as a going concern. This resolution instills confidence in Daktronics’ long-term outlook and stability.

In reflection, Reece Kurtenbach, chairman, president, and CEO of Daktronics, expressed gratitude towards the company’s stakeholders, particularly customers, employees, and suppliers, for their invaluable support. Kurtenbach emphasized the company’s strategic renewal, operational focus, and financial strength, attributing these accomplishments to the collective efforts of the entire team.

With a strong standing heading into fiscal year 2024, Daktronics will begin with a product order backlog of $401 million.

Personal Thoughts:

The impressive fiscal year 2023 results showcased by Daktronics certainly reflect the positive impact of the strategic initiatives implemented by the company. The combination of improved gross profit levels, effective supply chain management, and prudent expense control demonstrates the strength and resilience of Daktronics’ business model. The successful resolution of the significant doubts surrounding its ability to continue operating provides a significant confidence boost.

As an investor, these results indicate that Daktronics is on an upward trajectory. With increased sales and improved profitability, the company has positioned itself for continued success in the electronic display industry. Considering these positive developments, I would recommend buying Daktronics stock. The strong financial performance and strategic renewal exhibited by the company make it an attractive investment opportunity for long-term growth.

PROCEPT BioRobotics: Announcing Financial Results for Q2 2023

PROCEPT BioRobotics Corporation (Nasdaq: PRCT), a surgical robotics company focused on advancing patient care in urology, has announced that it will be reporting its financial results for the second quarter of 2023. The company will release the results before market open on Thursday, July 27, 2023, followed by a conference call at 8:00 a.m. Eastern Time.

PROCEPT BioRobotics is known for its AquaBeam Robotic System, an advanced surgical robotic system used in minimally invasive urologic surgery, specifically for the treatment of benign prostatic hyperplasia (BPH). BPH, a common prostate disease, affects approximately 40 million men in the United States.

The AquaBeam Robotic System incorporates Aquablation therapy, a safe and effective treatment for males suffering from lower urinary tract symptoms (LUTS) due to BPH, regardless of prostate size and shape or surgeon experience. With a focus on delivering durable outcomes, PROCEPT BioRobotics aims to provide transformative solutions in the field of urology.

As an investor, the announcement of financial results is always an important event. It provides insights into the company’s performance and helps evaluate the potential of the investment. While I eagerly await the release of these results, I must assess the overall trajectory of the company.

If the financial results indicate positive growth, it may be an opportune time to consider purchasing more stocks in PROCEPT BioRobotics. The advancements in their AquaBeam Robotic System and the potential to improve patient care in urology make this an attractive investment option.

However, if the results reflect a decline in performance, it would be prudent to reevaluate the investment. Negative growth and potential challenges in the market could mean it is time to sell the stock.

It’s crucial to keep an eye on the company’s clinical evidence, as it plays a significant role in establishing PROCEPT BioRobotics as a trusted player in the urology field. The positive clinical evidence not only indicates the effectiveness and safety of their products but also provides assurance to investors.

As an investor in PROCEPT BioRobotics, I am optimistic about their innovative solutions in urology. The potential to impact millions of men suffering from BPH is immense, and the company’s focus on delivering durable outcomes makes them stand out in the market. I eagerly await the financial results and remain confident in the company’s ability to drive positive change in urologic surgery.

AirSculpt Technologies Reports Strong Q2 Revenue Growth; Recommends Buying the Stock

AirSculpt Technologies, Inc. (NASDAQ: AIRS), a leading provider of premium body contouring procedures, has announced its unaudited preliminary financial results for the second quarter ended June 30, 2023. The company expects a revenue of approximately $55.7 million, indicating a remarkable 12.2% increase compared to the prior year.

According to Todd Magazine, the Chief Executive Officer of AirSculpt Technologies, Inc., this outstanding performance speaks to the continued demand for AirSculpt’s services. Magazine expressed his satisfaction with the company’s strong performance in the first half of the year, highlighting the focus on revenue growth through their de novo expansion program and cost restructuring.

Notably, AirSculpt Technologies reaffirmed its revenue guidance for 2023, remaining unchanged at $187 million to $192 million. The company is also set to open five new centers this year, with three already in operation and two more expected to open ahead of schedule in July.

These positive financial results and expansion plans demonstrate the company’s ability to capitalize on the increasing demand for premium body contouring procedures. As an investor, this news instills confidence in the future prospects of AirSculpt Technologies.

The strong revenue growth and successful opening of new centers indicate the potential for further market share capture and increased profitability. Therefore, I recommend buying the stock as it shows promising momentum and solid financial performance, with the potential for long-term growth.

It is worth mentioning that the company will no longer include pre-opening de novo and relocation costs as an adjustment to calculate Adjusted EBITDA in future filings. This revision aligns with the interpretations for non-GAAP financial reporting provided by the U.S. Securities and Exchange Commission (SEC). However, this change does not impact historical income from operations or future expected income.

Investors should keep an eye out for the complete second-quarter results, which will be reported on August 11, 2023. The upcoming report will provide a comprehensive overview of AirSculpt Technologies’ financial health and give additional insights into their growth strategy going forward.

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