FITCHBURG, Mass., March 30, 2023 (GLOBE NEWSWIRE) -- 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 fourth quarter and fiscal year ended December 31, 2022.

For the fourth quarter of 2022, the Company reported $5,553,941 in net sales, as compared to $4,374,960 in the fourth quarter of 2021, a 26.9% increase. This increase is due to stronger results in the company’s core medical market. Net loss for the fourth quarter of 2022 was ($222,563) compared to a net loss of ($928,491) in the fourth quarter of 2021. Gross margin increased to 10.8% in the fourth quarter of 2022, compared to 5.1% in the fourth quarter of 2021. Adjusted EBITDA for the fourth quarter of 2022 was $98,000 compared to a loss of ($517,000) in the fourth quarter of 2021.

For the fiscal year ended December 31, 2022, the Company reported $22,564,504 in net sales, as compared to $20,410,331 for the fiscal year ended December 31, 2021, a 10.6% increase. Net loss for the fiscal year of 2022 was ($1,293,138) compared to a net income of $1,726,936 for fiscal year of 2021, which included a $3,341,357 gain on the sale and leaseback transaction of the Company’s primary manufacturing facility. Gross margin increased to 12.6% for the fiscal year of 2022, compared to 9.1% for the fiscal year of 2021. Adjusted EBITDA for the fiscal year of 2022 was ($62,000) compared to ($105,000) for the fiscal year of 2021.

CEO Bill Laursen commented, “2022 was a year marked by a challenging macro-economic environment and supply chain issues. We expect these challenges to persist into 2023. In light of this, the Board and Management Team are evaluating a broad range of strategic and financial alternatives to mitigate these challenges. Micron’s focus throughout is to deliver high quality products that our customers rely on to meet their customers’ needs.”                  

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

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