Pro-Dex designs, develops, and manufactures handheld surgical power tools — primarily multi-function drivers and shavers — used in orthopedic, thoracic, and craniomaxillofacial surgeries. Pro-Dex sells almost entirely to large medical device OEMs, who in turn brand and distribute the products to hospitals and surgeons. Pro-Dex either designs a custom device for a customer under a development and supply agreement, or acts as a contract manufacturer for a customer's own design. Revenue comes primarily from device sales under multi-year exclusive supply agreements, with a meaningful recurring repair stream tied to the installed base of devices in the field. Customer concentration is extreme: the top three customers represented 94% of FY25 sales, with one undisclosed customer alone accounting for 75%. Pro-Dex manufactures at two facilities in Southern California — Irvine and Tustin — with key components sourced from outside suppliers, some of which are single-sourced. Pro-Dex argues that its patented adaptive torque-limiting software differentiates it in CMF and thoracic applications, where precise torque control during bone screw driving reduces surgical risk. Switching costs are meaningful, as changing the legal manufacturer of an FDA-regulated device requires extensive re-validation and regulatory filings. Pro-Dex's growth strategy focuses on supporting existing customers through product generations while pursuing new OEM customers in adjacent surgical applications.