Sono-Tek Receives First Phase of Multi-System Order Valued at $600K From Innovative Medical Technology Customer

Leading ultrasonic coating systems developer and manufacturer, Sono-Tek Corporation (Nasdaq: SOTK), has received a $600K order from a medical device manufacturer.

The order represents the first part of an expected multi-phase program for additional machines. Sono-Tek anticipates shipping the order during the current fiscal year, ending February 28, 2024.

Highlights

  • The order, placed by an existing Sono-Tek customer, is the first part of an expected multi-phase program.
  • The purchaser previously ordered several identical Sono-Tek machines to manufacture its products and is now increasing its capacity to meet growing customer demand.
  • The purchaser worked with Sono-Tek’s application engineers to perfect the coating process that applies proprietary thin films onto a critical drug delivery device.
  • Sono-Tek says the order demonstrates the abilities of its application engineers to integrate Sono-Tek’s coating systems into its customers’ complex manufacturing processes.

Overview of Opportunity

  •  Global Demand Driving Large Market Opportunities: Sono-Tek is gaining market share due to global trends including increased demand for from the Company’s three targeted areas for growth – semiconductors, advanced medical devices and diagnostics and green energy, which has prompted a rise in the adoption of fuel cell and CO2 reducing systems.
  • Delivering Value: In 2022, the company received two >$1M orders from a company in the clean energy sector, driving annual sales to exceed $17M. Projects double digit revenue growth in FY2024 (ends February 29,2024).
  • Significant Cost and Environmental Benefits: Sono-Tek’s patented green method solutions enable reductions in overspray, savings in raw material, water and energy usage, and reduced emissions.
  • Strong Balance Sheet: Sono-Tek has a strong balance sheet with over $11 million in cash, cash equivalents and marketable securities, and no debt.

 About Sono-Tek

 Sono-Tek is a leading developer and manufacturer of ultrasonic coating systems for applying precise, thin film coatings to protect, strengthen or smooth surfaces on parts and components for the microelectronics, electronics, alternative energy, medical and industrial markets, including specialized glass applications in construction and automotive. The inventor of ultrasonic nozzle technology, Sono-Tek is an established innovator in rapid diagnostic technology and next-generation product development.

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Sono-Tek Receives First Phase of Multi-System Order Valued at $600K From Innovative Medical Technology Customer

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