Precision Optics continues diversification
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Precision Optics manufactures all their equipment in Gardner.
While year-over-year revenue was down slightly, the second quarter of 2016 fiscal report for Gardner’s Precision Optics shows continued growth in the company’s efforts to diversify its product and customer base, according to company officials.
Although revenues were down 2.2 percent in the second quarter to $955,000, income from new products was up to 71 percent for the first six months of the year, according to a statement from company CEO Joseph Forkey. Engineering services revenue was also up over the last six months to $500,000.
“The number of engineering services projects increased 70 percent year-over-year. We believe that the vast majority of these projects can eventually lead to ongoing production,” Forkey said in a statement.
The company also improved its gross margin for the quarter to 22.7 percent, up from 16.6 percent in the second quarter of 2015.
Precision Optics has been a manufacturer of optical instruments since 1982. The company currently has a line of medical instruments that include endoscopes and endocouplers as well as custom illumination and imaging products for use in minimally invasive surgical procedures. Company officials believe that advances in its proprietary micro-optics and 3D imaging technologies present significant opportunities for expanding applications to numerous potential medical products and procedures.
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