Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Oct 19, 2026
Pro Dex Inc (PDEX)
A forensic read on Pro Dex Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
8.7
Distress distance
Watch
Earnings quality
2
Forensic signals
28.7%
ROE
16.5%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Pro Dex Inc earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 8.7, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by cash conversion.
What the filings flag
0.48×
FY2024–FY2026
Cash conversion.Over FY2024–FY2026, cumulative operating cash flow was 0.48× cumulative net income. Reported profit is not turning into cash. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.
100d DSO
FY2025→FY2026
Receivables vs revenue.Days sales outstanding moved from 90 to 100 days FY2025→FY2026 (receivables +29% vs revenue +16%). Receivables are creeping up relative to sales. Only 48¢ of operating cash arrived for every dollar of profit reported over FY2024–FY2026 ($11.8M against $24.8M), and the receivables balance is one of the places the rest is sitting. Across FY2024–FY2026 the day count ran 94 → 90 → 100 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Deferred revenue was roughly flat (-87%) over the same period, which doesn't corroborate a benign upfront-billing explanation for the receivables build. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2025's opening balance is on file, but across the 3 fiscal years read here (FY2024–FY2026) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.
Key fundamentals
Latest Revenue$77.5M
Revenue Growth YoY+16.5%
Revenue CAGR (2yr)+20.0%
Net Margin17.6%
Free Cash Flow$6.8M
Return on Equity28.7%
Debt / Equity0.37x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Pro Dex Inc's actual 10-K/10-Q/8-K filings?