Q4 2023 NVE Corp Earnings Call Transcript
Good evening, and thank you for standing by. Welcome to the NVE Conference Call on Fourth Quarter and Fiscal Year Results. (Operator Instructions)Â Please be advised that today's conference is being recorded. I would like to now hand the conference over to Dan Baker, President and CEO of NVE Corporation.
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Thanks, Dan. As Dan said, revenue and net income for the quarter were the best in our history by far. Total revenue for the boost recent quarter increased 91% to $12.8 million from $6.7 million in the prior year quarter. The increase was due to a 95% increase in product sales and a 10% increase in contract research and development revenue. Gross profit as a percentage of revenue increased to 80% for the fourth quarter of fiscal 2023 compared to 77% for the fourth quarter of fiscal 2022. The increase was primarily due to economies of scale from increased production and increased prices, partially offset by increased material and labor costs.
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