Precision Optics Corporation, Inc. (NASDAQ:POCI), a company specializing in electromedical and electrotherapeutic apparatus, has reported the resignation of its Senior Vice President of Sales and Marketing, Jeffrey L. DiRubio, effective June 30, 2024. The announcement was made in a recent SEC filing by the Massachusetts-based company.
DiRubio, who has played a significant role in the company's sales and marketing efforts, will continue to provide his expertise to Precision Optics through a one-year consulting agreement. This agreement, which begins on July 1, 2024, and concludes on June 30, 2025, will compensate DiRubio with a total sum of $110,000, to be paid in monthly installments over the term.
In addition to the consulting arrangement, Precision Optics and DiRubio have agreed to modifications of his existing employment agreement. The amendments include a retroactive salary increase from December 1, 2023, through June 30, 2024, resulting in a lump-sum payment of $25,962. His bonus for the fiscal year ending June 30, 2024, has been set at $44,000. Furthermore, the severance provisions in his employment contract have been overridden by those in the consulting agreement. Finally, adjustments to his outstanding option agreements will allow DiRubio to exercise his vested options for one year following the termination of his continuous services.
The transition comes as Precision Optics continues to navigate the competitive landscape of the medical equipment industry. The company's engagement with DiRubio as a consultant is intended to ensure a smooth transition and maintain continuity in its operations and relationships with customers.
Precision Optics Corporation, Inc. is known for its development and manufacturing of advanced optical instruments for the medical sector. This transition and consulting agreement are part of the company's strategic initiatives as it moves forward. The information reported is based on the company's latest SEC filing.
In other recent news, Precision Optics Corporation has reported near-record revenue of $5.24 million in its Q3 FY2024 earnings call. This financial growth was driven by new and follow-on production orders, as well as an increase in engineering work. A notable event of the quarter was a record-setting $9 million order for a single-use endoscope assembly, which is projected to significantly contribute to revenues in fiscal years 2025 and 2026. Precision Optics also secured two substantial follow-on orders from the aerospace and defense market.
The company's strategy of providing baseline designs to new customers has received a positive response, potentially expediting their path to market. Precision Optics anticipates continued revenue growth and profitability through fiscal 2025 and beyond. The company also expects fourth-quarter revenues to be similar or higher than the third quarter. Engineering revenue hit a record $2.3 million, a 62% increase year-over-year, and the gross margin improved to 35.4%.
These are among the recent developments for Precision Optics Corporation, a company that continues to secure substantial orders and drive future growth through its strategic initiatives.
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