Medical, defense contract manufacturer Micron Solutions lost $1.4M in 2017
City of Fitchburg
Micron Solutions' facility in Fitchburg
Despite a 2.4 percent increase in net sales, Fitchburg contract manufacturer Micron Solutions saw its net loss nearly double to nearly $1.4 million last year.
The company, which specializes in manufacturing components for medical, military, law enforcement and automotive industries, released its financial results Monday, reporting net sales of $20.1 million in 2017, but that small $465,000 increase from 2016 wasn’t enough to come close to breaking even on the year.
Per share, that’s a loss of 48 cents for the year, 23-cents-per-share worse than in 2016.
In the fourth quarter, the company lost $364,000 on net sales of just over $4.5 million, the latter of which was a decrease from the $4.8 million reported for the fourth quarter in 2016.
The company attributed those losses to decreases in set sales of thermoplastic injection molding and orthopedic implant components.
In a statement, President and CEO Salvatore Emma Jr. said the company’s outlook for 2018 is strong thanks to a busy schedule of manufacturing and shipping medical, defense and sensor products.
Several new opportunities include new and existing customers in the medical and defense industry, Emma said.
“The Company’s plastic injection molding and machining capabilities, engineering expertise, regulatory systems, along with a strong commitment to customer success, is attracting new revenue from prospects who view Micron as a complete solution provider,” he said.
Earlier this month, Micron announced a multi-year contract worth at least $3 million with its largest customer for injection molded products, but Micron would not name the customer.
The company in 2017 manufactured non-lethal projectiles for the Royal Canadian Mounted Police and components for use in weapon sights for the U.S. military.
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