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Precision Optics is located in Gardner.
September 27, 2019
Precision Optics' 2019 revenue up 69%, but losses worsen
Gardner optical equipment manufacturer Precision Optics said its fourth quarter and fiscal year revenue each rose by at least 63%, thanks to new products in the medical device field and revenue from a recently acquired company.
Revenue from Ross Optical, a Texas firm acquired in July for $2 million, was $656,000 in June, which helped increase the company’s fourth quarter revenue to $2.4 million from $1.5 million in the last quarter of fiscal 2018.
The company also attributed the growth to an increase in production revenue for medical devices including the company’s micro-precision technology.
For the year, revenue was up 69% to $6.8 million.
Despite the increased production, the company lost $614,871 for the year, a decline from the $351,390 lost in 2018, as operating expenses rose by nearly 50% for the year.
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