FITCHBURG, Mass., Aug. 15, 2019 (GLOBE NEWSWIRE) -- Micron Solutions, Inc. (NYSE American: MICR) (the “Company”), a diversified contract manufacturing organization, through its wholly-owned subsidiary, Micron Products, Inc., producing highly-engineered, innovative components requiring precision machining and injection molding, announced results for its second quarter ended June 30, 2019.
“In the second quarter 2019, the Company reported $4,892,000 in revenue, a 4.4% increase over the first quarter 2019. Adjusted EBITDA for the period was $159,000,” said Mr. Laursen.
In comparison to Q2 2018, the Company reported a decrease in gross profit on lower net sales.
Outlook:
“We are having success converting pipeline opportunities into binding commitments. We recently received commitments from a new customer that we expect will lead to 20% revenue growth for Micron in 2020 compared to the trailing 12-month levels. We are continuing to prepare to scale and are making significant improvements to the management team, including the addition of Wayne Coll, our Chief Financial Officer. Wayne is already having an impact and has broadened the depth and skills of our executive management team. His experience in directing rapid scale ups and restructurings in the medical device industry, in both organic and acquisition growth environments, dovetails with our requirements and strategies. Additionally, to further our pipeline expansion, we have finalized agreements to increase our sales team,” concluded Mr. Laursen.
About Micron Solutions, Inc.
Micron Solutions, Inc., through its wholly-owned subsidiary, Micron Products, Inc., is a diversified contract manufacturing organization that produces highly-engineered, innovative medical device components requiring precision machining and injection molding. The Company also manufactures components, devices and equipment for military, law enforcement, industrial and automotive applications. In addition, the Company is a market leader in the production and sale of silver/silver chloride coated and conductive resin sensors used as consumable component parts in the manufacture of integrated disposable electrophysiological sensors. The Company’s strategy for growth is to build a best-in-class contract manufacturer with a specialized focus on plastic injection molding and highly-engineered medical devices and components requiring precision machining.
The Company routinely posts news and other important information on its websites:
http://www.micronsolutionsinc.com and http://www.micronproducts.com FINANCIAL TABLES FOLLOW.
Second Quarter 2019 Review
| $ In thousands | Q2 2019 | Q2 2018 | $ Change | % Change | |||||||||
| Net sales | $ | 4,892 | $ | 5,320 | $ | (428 | ) | -8.0 | |||||
| Gross profit | $ | 510 | $ | 878 | $ | (368 | ) | -41.9 | |||||
| Gross margin | 10.4 | % | 16.5 | % | |||||||||
| Net loss | $ | (471 | ) | $ | 34 | $ | (505 | ) | |||||
| Loss per share | $ | (0.16 | ) | $ | 0.01 | $ | (0.18 | ) | |||||
