Precision medical device components maker Micron Solutions reported improvements with its finances during the first three months of 2017–even as it faced challenges related to validation requirements.
“We have made several improvements in quality systems, capacity and our ability to meet customer requirements. We believe we have laid a solid foundation for further improvement and are focused on returning to profitability,” Micron CEO Salvatore Emma Jr. said in a news release.
For the quarter ended March 31, Micron saw a net loss of $214,000 off $5.3 million in revenue – an improvement from the same period a year ago, when the company lost $384,000 off $5.0 million in sales.
Micron (Fitchburg, Mass.) among other things makes highly-engineered medical device components through its Micron Products subsidiary. The medical device parts require precision machining and injection molding. Increased sales came from thermoplastic injection molded products, as well as tooling sales. Sensors and orthopedic implant components and instruments saw lower sales.
“The company successfully completed several validation projects for our customers related to new product introductions. We are working with several medical device customers to provide more value through vertical integration across their supply chain and allowing us to provide more services. Services such as clean-room packaging, heat treating, and other outsourced processes have been added to our repertoire,” Emma said.
“We are also pleased to announce that our bank has notified the company that the renewal of its credit facility has been approved with substantially the same terms of the existing agreement,” Emma said.
The company had $265,000 of cash on hand and working capital of $1.1 million as of March 31, versus $380,000 of cash on hand and $1.5 million in working capital at the end of 2016.
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