Nortech Systems Incorporated develops and manufactures complex electromedical devices, electromechanical systems, assemblies and components for medical device, medical imaging, aerospace and defense, and industrial customers. Its design services span concept development through commercial design, including medical device, software, electrical, mechanical and biomedical engineering, while its manufacturing capabilities include wire, cable and interconnect assemblies, printed circuit board assemblies, system-level assembly, integration and final test.
Recurring Nortech news includes quarterly financial results, backlog and operating-performance commentary, debt-financing updates, operational leadership changes, facility certifications and technology launches. Company updates also cover its Power over Fiber platform for EMI-sensitive applications and aerospace-quality certifications within its North American and Asian manufacturing footprint.
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Nortech Systems Incorporated (NASDAQ: NSYS) will host a live conference call on May 11, 2023, at 4:00 p.m. central time to discuss its first-quarter financial results. This call will feature CEO Jay Miller and CFO Chris Jones. Interested participants can join by calling 877-545-0523 for US or 973-528-0016 for international access, using Participant Access Code: 629822, or via webcast at here. Nortech Systems focuses on engineering and manufacturing solutions for complex electromedical and electromechanical products serving various markets, including medical, aerospace & defense, and industrial. The company operates from multiple locations in the U.S., Latin America, and Asia.
Nortech Systems reported a 6.4% increase in fourth-quarter revenue for 2022, totaling $35.6 million, and a 16.5% growth in annual revenue, reaching $134.1 million. Gross margin rose to 14.3%, up 6.3 percentage points from the prior year, contributing to a significant EBITDA turnaround from a loss to a profit of $1.2 million in Q4. The company's backlog also grew by 9.6% to $104 million as of Dec. 31, 2022. While operating expenses increased by 22.6% year-over-year due to R&D and sales engineering investments, management remains optimistic about growth and improved operations.