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DIRTY DOZEN RESEARCH: NO AGENDA

Dynatronics Corporation
DYNT - Nasdaq $1.19
September 14, 2000

RECOMMENDATION BUY A Turnaround With A Home Run Kicker

(This report may not be reproduced)

D. Paul Cohen Dirty Dozen Research: No Agenda Tel: 415 454 6985 Fax: 415 455 0295 e-mail dpaulco@aol.com dirtydozenresearch@home.co
Securities through North American Institutional Brokers Engelman Securities

DYNT REPORT - TABLE OF CONTENTS 1 2 3 4 5 6. 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 The Company Summary and Recommendation The Turnaround The Home Run – A Potential Solution for Chronic Pain Bull Case Bear Case Markets Quarter 4, 2000 and FY 2000 Valuation Table 1 Comparative Valuations and Ratios History The Synergie Line Cellulite Treatment Does Cellulite Reduction Work? A 90% Success Rate Table 2 Youngblood/Pickens Study Microdermabrasion: The Synergie Peel Synergie Peel Plus: The Ultimate Facial Rehabilitation Products Electrotherapy Ultrasound Iontophoresis Marketing Network Management and Board of Directors Table 3 Management and Board of Directors Our Model Conclusion Model Quarterly Statement of Cash Flows Quarterly Balance Sheet

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Dirty Dozen Research: No Agenda

21 Manzanita Ave. #1000 San Rafael, CA 94901 Tel: 415 454 6985 Fax: 415 455 0295 Email dpaulco@aol.com dirtydozenresearch@home.com
Securities through North American Institutional Brokers Engelman Securities

Dynatronics Corporation
DYNT, NASDAQ ($1.19)

September 14, 2000

Recommendation: Buy
Share Data Price 52 W High 52W Low Mkt Cap mm Shares Out mm Float mm Monthly Volume Daily Volume 3 mo Share Data EPS FY 1999 EPS FY 2000 Est. EPS 2001 Sales TTM Beta Book Value mrq Owned by Inst Insiders Own Ratios Current Ratio PE 6/2000 Est PE 6/2001 Pr/Sales ttm Prc/Cash Flow ttm Prc/Book mrq ROE ttm LT Debt/Equity Values 2.3 nm 17 0.7 16.6 1.5 0.0 0.31

1.19 1.87 0.66 10.5...