Net sales for the three months ended September 30, 2024, increased $3.0 million, or 25%, to $14.9 million from $11.9 million for the three months ended September 30, 2023. The increase is driven primarily by $1.1 million in increased repairs of the surgical handpiece we sell to our largest customer as well as the shipment of that customer's next generation handpiece to satisfy its limited market release.
Gross profit for the threemonths ended September 30, 2024, increased $1.5 million, or 41%, compared to the year-ago period. Gross margin increased by 4 percentage points to 35% during the three months ended September 30, 2024, compared to 31% during the corresponding year-ago period, due primarily to a favorable product mix.
Operating expenses (which include selling, general and administrative, and research and development expenses) for the quarter ended September 30, 2024, increased $312,000, or 17%, to $2.1 million compared to $1.8 million for the corresponding quarter in 2023. The increase relates primarily to increased general and administrative expenses relating to higher personnel costs and higher bonus accruals.
Our operating income for the quarter ended September 30, 2024, increased $1.2 million or 64%, to $3.0 million compared to $1.8 million for the prior fiscal year's corresponding quarter. The increase reflects our increased sales and gross profit, as described above.
Net income for the quarter ended September 30, 2024, increased to $2.5 million, or $0.75 per diluted share, compared to net loss of $615,000, or $0.17 per diluted share, for the quarter ended September 30, 2023. Our net income for the quarter ended September 30, 2024, contains unrealized gains on our marketable equity investments of $433,000 while our net loss for the quarter ended September 30, 2023, includes unrealized losses on investments of $2.6 million. All of our investments are recorded at estimated fair value, and the period-to-period valuation can be highly volatile.
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