IRVINE, CA - Pro-Dex , Inc. (NASDAQ:PDEX), a designer and producer of surgical and medical instruments, announced the results of its 2024 Annual Meeting of Shareholders, held on Thursday. Shareholders voted to elect seven members to the board of directors and ratified the appointment of Moss Adams, LLP as the company's independent accounting firm for the upcoming fiscal year.
The elected board members, Raymond (NS:RYMD) E. Cabillot, Angelita R. Domingo, William J. Farrell III, David C. Hovda, Katrina M.K. Philp, Nicholas J. Swenson, and Richard L. Van Kirk, will serve until the 2025 Annual Meeting or until their successors are elected. The election saw a range of votes for each candidate, with Angelita R. Domingo and Richard L. Van Kirk receiving the highest number of votes for, 2,333,214 and 2,333,215 respectively, and the least number of votes withheld.
The ratification of Moss Adams, LLP as the company's independent registered public accounting firm for the fiscal year ending June 30, 2025, was passed with a significant majority, garnering 2,877,914 votes for and only 9,637 against.
Additionally, shareholders approved, on a non-binding advisory basis, the compensation of the company's Named Executive Officers as detailed in the Proxy Statement filed on October 8, 2024. The advisory vote received 2,324,423 votes in favor of the executive compensation package.
In other recent news, Pro-Dex Inc. has unveiled a series of executive bonuses following a strong fiscal performance. The company's Compensation Committee approved a $70,000 bonus for Chief Executive Officer Richard L. Van Kirk and a $50,000 bonus for Chief Financial Officer Alisha K. Charlton. These bonuses, as disclosed in a recent SEC filing, were awarded due to the company's performance during the first quarter of the fiscal year 2025 and other performance metrics.
The bonuses are a testament to the company's financial health and the effective leadership of its executives, who have played a pivotal role in surpassing the company's financial targets. The decision to award the bonuses was made recently, and the payments are scheduled to be made in the upcoming bi-weekly pay period.
InvestingPro Insights
Pro-Dex's recent shareholder meeting outcomes are complemented by some intriguing financial metrics and trends. According to InvestingPro data, the company has shown impressive growth, with a 141.61% year-to-date price total return as of the latest available data. This strong performance is further supported by a 24.74% quarterly revenue growth in Q1 2025, indicating robust business momentum.
InvestingPro Tips highlight that Pro-Dex's management has been aggressively buying back shares, which often signals confidence in the company's future prospects. Additionally, the company operates with a moderate level of debt, suggesting a balanced approach to financial management.
It's worth noting that Pro-Dex is trading near its 52-week high, with its current price at 92.74% of the 52-week high. This aligns with the shareholder confidence demonstrated in the recent annual meeting.
For investors seeking more comprehensive analysis, InvestingPro offers 16 additional tips for Pro-Dex, providing a deeper understanding of the company's financial health and market position.
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