Nortech Sys Inc Stock Price, News & Analysis

Nortech Systems Incorporated (NASDAQ: NSYS) reported net sales of $30.2 million for Q2 2021, a 36.7% increase from Q1 2021 and 14.0% compared to Q2 2020. This revenue growth is attributed to higher production volumes and enhanced supply chain operations. The gross margin improved to 11.9%, up from 7.1% in Q1 2021. The company achieved a net income of $0.2 million compared to a net loss of $1.5 million in the previous quarter. Nortech holds a customer backlog of $72 million and is targeting approximately $5 million from the Employee Retention Credit.

Nortech Systems Incorporated (NSYS) announced it will release its fiscal 2021 second quarter financial results on August 12, 2021, before market opening. The results will pertain to the period ending June 30, 2021. Nortech Systems specializes in providing engineering and manufacturing solutions for complex electromedical and electromechanical products across various sectors including medical, aerospace & defense, and industrial markets. The company operates seven manufacturing sites and design centers in the U.S., Latin America, and Asia.

Nortech Systems (NSYS) announced a cooperation and project funding agreement with Marpé Technologies and the BIRD Foundation to develop a total-body tele-dermatology scanning system. This system aims to enhance early skin cancer detection using advanced scanning and AI technology. The agreement includes a conditional grant from the BIRD Foundation to support this initiative. Jay D. Miller, CEO of Nortech, emphasized their commitment to accelerating the commercialization of Marpé's innovative skin cancer detection technology.

Nortech Systems (NASDAQ: NSYS), a provider of engineering and manufacturing solutions for electromedical and electromechanical products, announced that CEO Jay D. Miller and CFO Chris Jones have adopted trading plans under Rule 10b5-1 to purchase shares of the company's common stock. These transactions will be documented via SEC Form 4 filings. Nortech aims to enhance digital connectivity and data management for its medical, industrial, and defense customers while fostering strong workplace relationships.

Nortech Systems (NASDAQ: NSYS) announced its application for the Employee Retention Credit (ERC), projecting an estimated $5 million in funding for fiscal 2021. This initiative aims to bolster its investment in frontline workforce and increase production to meet rising customer demand for critical components. Nortech serves the medical, aerospace, defense, and industrial sectors, providing comprehensive engineering and manufacturing solutions.

Nortech Systems Incorporated (NASDAQ: NSYS) has appointed Stacy Kruse to its board of directors, enhancing its strategic focus on growth and profitability. Kruse, currently the COO and CFO of Portico Benefit Services, brings a robust financial and operational background, previously serving as CFO at Wilsons Leather and holding key positions at US Bank and Carlson Marketing Group. Her leadership is expected to strengthen the company as it pursues future objectives. The board also acknowledged the departure of Kathleen Iverson, credited for her valuable contributions during her tenure.

Nortech Systems Incorporated (Nasdaq: NSYS) reported net sales of $22.1 million for Q1 2021, a 19.6% decline from $27.4 million in Q1 2020. This drop was largely attributed to COVID-related supply chain disruptions and labor challenges. The gross margin decreased to 7.1% from 11.0% in the previous year, with a net loss of $1.6 million or $0.58 per share, compared to a net income of $0.1 million in Q1 2020. Adjusted EBITDA also showed a loss of $1.5 million, down from net income of $1.0 million. CEO Jay D. Miller expressed optimism for recovery as operations improve throughout 2021.

Nortech Systems Incorporated (Nasdaq: NSYS) will release its fiscal 2021 first quarter financial results for the period ending March 31, 2021, on May 13, before market opening. Known for providing engineering and manufacturing solutions to medical, aerospace & defense, and industrial sectors, Nortech Systems operates seven manufacturing locations and design centers globally. The company's offerings include complex electromedical devices and electromechanical systems, supporting a vertically integrated supply chain for engineered solutions.

Nortech Systems reported net sales of $104.1 million for 2020, a 10.5% decline from 2019's $116.3 million, primarily due to reduced demand amid COVID-19. Gross margin fell to 8.1% from 10.8%, with a fourth-quarter operating loss of ($3.8 million) including a $2.4 million goodwill impairment. The company focused on consolidating production facilities and improving operational capabilities, ending the year with a backlog of $48.7 million. Adjusted EBITDA decreased to $0.1 million from $2.4 million in 2019, reflecting the pandemic's impact on business.