Electro-Sensors, Inc Announces 2022 Year-End Financial Results.

MINNETONKA, Minn: Electro-Sensors, Inc. (NASDAQ: ELSE), a leading global provider of machine monitoring sensors and hazard monitoring systems, today announced financial results for the year ended December 31, 2022.

Record annual revenue of $9.0 million, up 4.9% over prior year

Gross Margin of 53.6%

Cash and investments of $9.7 million

Table in thousands, except per share data

FY22

FY21

Change

Net Sales

$

9,029

$

8,607

4.9

%

Gross Margin

53.6

%

54.3

%

(70)

bps

Operating Income (Loss)

$

(37)

$

441

(108.4)

%

Operating Income (Loss) Margin

(0.5)

%

5.0

%

(550)

bps

Income Before Income Taxes

$

72

$

459

(84.3)

%

Earnings Per Share (diluted)

$

0.03

$

.12

(75.0)

%

Net sales during 2022 increased 4.9% to $9,029,000 from $8,607,000 in the prior year. Sales growth for the year was driven primarily by increased domestic sales for agricultural and industrial automation applications.

"We are pleased to report record annual revenue for 2022," said David L. Klenk, Electro-Sensors' president. "Our growth was driven by increased sales of both our traditional wired sensor products and our HazardPROTM wireless monitoring systems."

Klenk continued, "While significant supply chain disruptions continued during the year, our team did an excellent job...