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.
Nortech Systems Incorporated (NASDAQ: NSYS), a provider of engineering and manufacturing solutions for complex electromedical and electromechanical products, will hold a conference call on March 17, 2023, at 8:00 a.m. Central Time to discuss its fourth quarter financial results. Hosted by CEO Jay Miller and CFO Chris Jones, participants can join via phone or webcast. Nortech Systems serves the medical, aerospace & defense, and industrial markets, with design services ranging from concept development to commercial design. The company is headquartered in Maple Grove, Minn., and operates seven manufacturing locations across the U.S., Latin America, and Asia.
Nortech Systems (NSYS) reported a strong Q3 2022 with revenue of $35.3 million, reflecting a 19.8% increase from Q3 2021. The gross margin improved to 17.9%, a rise of 6.5 percentage points. EBITDA surged to $2.4 million, tripling from $0.7 million in the prior year. Although net income decreased to $1.5 million or $0.53 per share, primarily due to prior non-recurring items, the backlog expanded by over 31% to $103 million. Management remains optimistic about sustained growth despite monitoring macroeconomic conditions.
Nortech Systems (NASDAQ: NSYS) will host a live conference call at 4:00 p.m. CT on November 10, 2022, to discuss its third quarter financial results. The call will feature Jay Miller, CEO, and Chris Jones, CFO. Participants can join by calling 888-506-0062 for US attendees or 973-528-0011 internationally, with the Access Code: 776272. Additionally, the call will be available via webcast at Nortech's webcast.
Nortech Systems, traded as NSYS, announced the issuance of Patent No. 11,412,608 for its Flex Faraday Xtreme™. This flexible printed circuit improves signal transmission while minimizing electromagnetic interference. The FFX technology is designed for complex devices in medical, industrial, and defense sectors and represents a pivotal move towards advanced assembly solutions. Although the FFX adoption will ramp up through 2023, it will not materially affect Nortech's financial results in 2022 or 2023.
Nortech Systems Incorporated (NSYS) reported a strong performance in Q2 2022, with revenue reaching $32.5 million, a 7.7% increase compared to Q2 2021. Gross profit saw a significant growth of 39.6% to $5 million, yielding a gross margin of 15.4%. EBITDA surged to $1.5 million, marking a 71.5% increase from the previous year. The company reported a net income of $720,000, a 303.7% increase from Q2 2021. The shipping backlog improved by 50% to $106.2 million, signaling strong demand across all markets.
Nortech Systems Incorporated (NASDAQ: NSYS), a provider of engineering and manufacturing solutions for complex electromagnetic products, will hold a conference call on August 10, 2022, at 4:00 p.m. CT to discuss its second quarter financial results. The call will feature CEO Jay Miller and CFO Chris Jones. Participants can join via phone or webcast. Nortech operates in the medical, aerospace, and industrial sectors, offering design and manufacturing capabilities across multiple locations in the U.S., Latin America, and Asia.
Nortech Systems (NASDAQ: NSYS) announced the election of David Graff to its board of directors, bringing extensive financial leadership and strategic expertise. Graff's background includes roles in digital services and manufacturing, having retired from Deluxe Corporation in 2019. The board's chairman and CEO expressed confidence in Graff's contributions towards achieving the company's growth objectives. With its focus on engineering and manufacturing solutions for the medical, aerospace, defense, and industrial sectors, Nortech aims to strengthen its operational capabilities.
Nortech Systems Incorporated (Nasdaq: NSYS) reported a remarkable 39% increase in revenue for Q1 2022, reaching $30.7 million compared to $22.1 million in Q1 2021. Gross profit soared by 159% to $4.0 million, with a gross margin of 13.2%. The company achieved positive net income of $138,000, recovering from a $1.6 million loss in the prior year. Nortech's total backlog increased to $97.6 million, up over 55% year-over-year. The launch of the new AOX cable technology aims to meet growing demands in automation and robotics.
Nortech Systems Incorporated (NSYS) has launched its new platform, Active Optical Xtreme (AOX), which integrates power, control, and data transmission in a compact hybrid solution. AOX utilizes a combination of fiber optic and copper technology, improving bandwidth efficiency for machine vision systems and factory automation. CEO Jay D. Miller emphasized its customization and sustainability benefits, addressing the growing demands of edge computing. The product adoption is expected to ramp up in 2022, but it will not materially affect the company's financial results for that year.
Nortech Systems Incorporated (NSYS), a prominent provider of engineering and manufacturing solutions, will host a live conference call on May 11, 2022, at 4:00 p.m. CT to discuss first-quarter financial results. The call will feature CEO Jay Miller and CFO Chris Jones. Participants can join via phone or webcast. Nortech serves various sectors, including medical and aerospace, and operates multiple manufacturing and design centers worldwide. For more details, visit www.nortechsys.com.