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    Dick Ryan

    Research Analyst at Oak Ridge Financial

    Richard Ryan is Vice President and Senior Research Analyst at Oak Ridge Financial, specializing in equity research with a focus on sectors such as industrials and companies tied to major government and defense contracts. Since joining Oak Ridge Financial in August 2022, Ryan has provided detailed investment coverage on firms involved in large-scale Navy and industrial contracts, and his research is frequently cited in discussions of labor and margin dynamics in these industries. Ryan began his investment career prior to Oak Ridge, bringing years of experience in equity analysis, and he is registered with FINRA with relevant securities licenses. Recognized for his thorough research and industry insights, Ryan has established himself as a key analyst for clients seeking specialized analysis of contract-driven public industrials.

    Dick Ryan's questions to SONO TEK (SOTK) leadership

    Dick Ryan's questions to SONO TEK (SOTK) leadership • Q4 2025

    Question

    Questioned the source of growth in the medical market, asking if it was a geographical shift away from China. Also inquired how Sonotech is seeing positive momentum in the semiconductor market despite broader industry weakness and asked about the ownership of the wafer-handling technology.

    Answer

    The company confirmed medical growth is coming from the US and EU, which demand more complex and higher-margin systems than the previously dominant China market. In semiconductors, their progress is due to offering unique coating solutions for niche applications that competitors cannot. They have partnered with another company for robotic wafer handling, which allows them to bid for larger, more integrated fab systems, though bringing the technology in-house is a future possibility.

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    Dick Ryan's questions to SONO TEK (SOTK) leadership • Q4 2024

    Question

    Inquired about the composition and timing of the $9.1 million backlog, the success rate of converting lab work into orders, and the nature of recent medical system sales to Ireland, specifically whether they were for new applications and if they faced competition for the orders.

    Answer

    The company confirmed the entire $9.1 million backlog is scheduled for delivery in fiscal 2025 and includes four high-ASP machines for two customers with significant future repeat order potential. The domestic lab has a 75% success rate in converting demos to sales, a model they are trying to replicate internationally. The sales to Ireland were to existing customers, but for new, unique implantable devices (not stents), demonstrating an expansion of the relationship. These customers came directly to Sono-Tek due to long-term partnerships, without a competitive process.

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