Dynatronics Corp (NASDAQ:DYNT) Q4 2020 Earnings Conference Call - Final Transcript

Sep 24, 2020 • 08:30 am ET

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Dynatronics Corp (NASDAQ:DYNT) Q4 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good day, ladies and gentlemen, and welcome to your Dynatronics Fourth Quarter 2020 Earnings Call. [Operator Instructions]

At this time, it is my pleasure to turn the floor over to your host, John Krier, President and CEO. Sir, the floor is yours.

Executive
John Krier

Good morning and thank you for participating in today's call. I'm John Krier, President and Chief Executive Officer, and with me is our Principal Accounting Officer, Skyler Black. We issued a press release this morning announcing the financial results of our fourth fiscal quarter and full year ended June 30, 2020.

Today, I will provide a brief commentary. And then I will turn it over to Skyler for a financial report. At the conclusion we will have the operator open the phone lines for questions. I will now ask Skyler to remind you of our reliance on the Safe Harbor under the federal securities laws.

Executive
Skyler Black

Thank you, John. Before we begin, let me remind you that during the course of this call, we will make forward-looking statements regarding our current expectations, plans, projections and financial performance relating to our business. These forward-looking statements reflect our view as of today only and they involve risks and uncertainties that could cause our actual results to differ materially from those discussed today.

Important factors that could cause actual results to differ materially from those projected or implied by our forward-looking statements today are included in our most recent 10-K and other reports filed with the SEC. In addition, the uncertainties and risks related to the impact of the COVID-19 pandemic on the business results. We caution you not to place undue reliance on forward-looking statements that we make this morning. We undertake no obligation to update or revise forward-looking statements.

Executive
John Krier

Thank you, Skyler. By way of introduction, I have been with Dynatronics for six months. I joined the Company in March of this year to lead Dynatronics as the Chief Financial Officer and Commercial Leader. In July of this year, my role was expanded to President and Chief Executive Officer, as Brian Baker resigned due to lingering COVID-19 health issues.

Over these initial six months, I have focused a great deal of my time leading our organization through the unprecedented events of the global pandemic. Our employees across all of our sites and brands have been tremendous teammates continuously adapting to changing events and remaining committed to taking care of each other and our customers.

Today, we are providing a report on our fourth quarter and fiscal year ended June 30, 2020. Let me start by focusing on a few updates from our prior disclosures and then discuss additional key updates. In early July 2020, we disclosed that our net sales for the fourth quarter of fiscal year 2020 finished 47% to 49% lower than the same period in fiscal year 2019, which was a sequential improvement compared to the nearly 65% revenue reduction we experienced in April 2020 over the April 2019 period, since our disclosure concerning our Q4 fiscal year