Precision Optics hoping to realize more revenue
Precision Optics of Gardner is looking to the long term with revenue up slightly in the first quarter of the year but expected to grow as interest in the company’s contract work expands.
Year-over-year revenue was up 3.3 percent for the company’s first quarter, with a gross margin that increased by 1.9 percent during that time period. Per share profit was 6 cents in the first quarter of 2016 that ended on Sept. 30.
Revenue was down slightly from the previous quarter, CEO Joseph Forkey said, but with an increased level of interest from medical device companies to make use of Precision Optics’ engineering services, revenues are expected to increase not only in the near term but as those development projects transition into products.
Precision Optics is a developer and manufacturer of optical instruments with many of its products incorporating proprietary micro-optics technology. The company’s medical-instrument line includes endoscopes and endocouplers as well as custom illumination and imaging products for use in minimally invasive surgical procedures.
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