Micron Solutions, Inc. Reports Third Quarter 2022 Results
November 14 2022 - 5:02PM
Micron Solutions, Inc. (OTCQB: 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 financial results for its third quarter ended
September 30, 2022.
For the third quarter of 2022, the Company
reported $5,790,966 in net sales, as compared to $4,884,881 in the
third quarter of 2021, an 18.5% increase. This increase is due to
stronger results in the company’s core medical market. Net loss for
the third quarter of 2022 was ($139,423) compared to a net loss of
($472,113) in the third quarter of 2021. Gross margin increased to
16.3% in the third quarter of 2022, compared to 5.3% in the third
quarter of 2021. Adjusted EBITDA for the third quarter of 2022 was
$140,000 compared to ($122,000) in the third quarter of 2021.
CEO Bill Laursen commented, “Our strategic focus
on the medical market continues to yield benefits and is seen in
the improved sales, gross margin, and earnings performance in the
third quarter of 2022. Our customer and supplier relationships
continue to strengthen which has allowed us to improve our
performance in a challenging macro-economic environment.”
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 contract 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 website:
http://www.micronsolutions.com
FINANCIAL TABLES FOLLOW
Third
Quarter 2022 and 2021 (unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ In
thousands |
Q3 2022 |
|
Q3 2021 |
|
Year overYear $Change |
|
Year overyear %Change |
Net sales |
$ |
5,791 |
|
|
$ |
4,885 |
|
|
$ |
906 |
|
|
18.5 |
% |
Gross
profit |
$ |
945 |
|
|
$ |
260 |
|
|
$ |
685 |
|
|
263.5 |
% |
Gross margin |
|
16.3 |
% |
|
|
5.3 |
% |
|
|
11.0 |
% |
|
|
Net
income (loss) |
$ |
(139 |
) |
|
$ |
(472 |
) |
|
$ |
333 |
|
|
|
Earnings (loss) per share |
$ |
(0.04 |
) |
|
$ |
(0.15 |
) |
|
$ |
0.11 |
|
|
|
MICRON SOLUTIONS, INC.ADJUSTED EBITDA
RECONCILIATION (1)($ in thousands)
|
|
Q3 2022 |
|
|
Q3 2021 |
|
Net income (loss) |
$ |
(139 |
) |
|
$ |
(472 |
) |
|
Interest expense |
|
31 |
|
|
|
23 |
|
|
Depreciation and amortization |
|
173 |
|
|
|
264 |
|
|
Share-based compensation |
|
75 |
|
|
|
63 |
|
|
Gain/Loss on sale of fixed assets |
|
--- |
|
|
|
-- |
|
|
Adjusted EBITDA |
$ |
140 |
|
|
$ |
(122 |
) |
|
Adjusted EBITDA margin % |
|
2.4 |
% |
|
|
-2.5 |
% |
|
(1) Non-GAAP Financial
Measures
In addition to reporting net income (loss), a
U.S. generally accepted accounting principles (“GAAP”) measure,
this news release contains information about Adjusted EBITDA
(income from continuing operations adjusted for income taxes,
interest, depreciation and amortization, share-based compensation
expense, and certain non-recurring gain/loss on sale of fixed
assets), which is a non-GAAP measure. Share-based compensation
includes directors fees paid by means of stock grants versus cash
and the Gain/Loss on sale of fixed assets includes the gain
resulting from the sale/leaseback transaction of our primary
facility in 2021. The Company believes Adjusted EBITDA allows
investors to view its performance in a manner similar to the
methods used by management and provides additional insight into its
operating results. Adjusted EBITDA is not calculated through the
application of GAAP. Accordingly, it should not be considered as a
substitute for the GAAP measure of net income (loss) and,
therefore, should not be used in isolation of, but in conjunction
with, the GAAP measure. The use of any non-GAAP measure may produce
results that vary from the GAAP measure and may not be comparable
to a similarly defined non-GAAP measure used by other
companies.
Safe Harbor Statement
Forward-looking statements made herein,
including statements related to projections, strategic focus,
business relationships and liquidity needs, are based on current
expectations of Micron Solutions, Inc. (“our” or the “Company”)
that involve a number of risks and uncertainties and should not be
considered as guarantees of future performance. Therefore, actual
results may differ materially from what is expressed in or implied
by these forward-looking statements. The factors that could cause
our actual results of operations, financial condition, performance
or achievements to be affected materially include, but are not
limited to, our ability to obtain and retain order volumes from
customers who represent significant proportions of net sales; our
ability to maintain our pricing model, offset higher costs with
product price increases and/or decreases to our cost of sales;
variability of customer delivery requirements; the level of and
ability to generate sales of higher margin products and services;
our ability to manage our level of debt, which higher debt levels
could make the Company sensitive to the effects of economic
downturns and limit our ability to react to changes in the economy
or our industry; failure to comply with financial and other
covenants in our credit facility; the impact on the Company’s
operations and financial results due to economic uncertainty and
disruption including, but not limited to, inflation, recession
risks and the ongoing Ukraine-Russian military conflict; reliance
on revenues from exports and impact on financial results due to
economic uncertainty or downturns in foreign markets; volatility in
commodity and energy prices and our ability to offset higher costs
with price increases; continued availability of supplies or
materials and components used in manufacturing at competitive
prices, including managing disruptions in the supply chain and the
availability of certain raw materials; variations in the mix of
products sold; maintaining regulatory quality standards applicable
to our manufacturing and quality processes; and the amount and
timing of investments in capital equipment, sales and marketing,
engineering and information technology resources. The Company
assumes no obligation to update the information included in this
press release, whether as a result of new information, future
events or otherwise. More information about the Company's financial
results is included in our most recent Quarterly Reports for the
fiscal quarters ended September 30, 2022, June 30, 2022 and March
31, 2022, and in our Annual Report for the fiscal year ended
December 31, 2021, which are posted at
https://www.otcmarkets.com/stock/MICR/ and
https://micronsolutions.com/.
For more information, contact: |
|
Mr. Glen Bunnell |
Chief Financial Officer |
978.345.5000 |
Micron Solutions (AMEX:MICR)
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