Record Sales of Semiconductor Sensors and
SQ3000™ Multi-Function Systems
CyberOptics Corporation (Nasdaq: CYBE) today reported strong
operating results for the second quarter and first six months of
2022.
For the second quarter of 2022:
- Sales totaled $27.6 million, up 9% from $25.2 million in the
second quarter of 2021.
- Net income came to $4.4 million or $0.58 per diluted share, an
increase of 41% from $3.1 million or $0.41 per diluted share in the
year-earlier quarter. A strong gross margin, which benefited from
an improved sales mix, drove a significant portion of the earnings
growth in this year’s second quarter.
For the first six months of 2022:
- Sales totaled $51.8 million, up 21% from $42.9 million in the
first six months of 2021.
- Net income was $8.0 million or $1.05 per diluted share, an
increase of 75% from $4.6 million or $0.61 per diluted share a year
ago.
Dr. Subodh Kulkarni, president and chief executive officer,
commented, “CyberOptics reported strong sales and operating results
for the second quarter of 2022 ending June 30, with sales at the
upper end of our previously announced revenue guidance for this
period. Our performance benefited from the robust, double-digit
sales growth of high-margin WaferSense® semiconductor sensors as
manufacturers continue to recognize significant value in these
unique yield and process improvement products. Sales of 3D and 2D
sensors and inspection systems were largely consistent with the
strong levels recorded in last year’s second quarter.”
He continued, “Looking ahead, we are anticipating record
operating results for full-year 2022. Driving CyberOptics’
performance is the steadily growing acceptance of our 3D MRS®-based
sensors and inspection systems and semiconductor sensors. The
competitive advantages of these advanced products are enabling
CyberOptics to build leadership positions in our targeted
semiconductor and high-end SMT capital equipment markets. This
ongoing development bodes well for our long-term operating
results.”
Sales of 3D and 2D sensors declined 4% year-over-year in the
second quarter of 2022 to $6.8 million, reflecting normal
fluctuations in sensor demand from its OEM customers. Within this
category, sales of 3D MRS sensors increased 11% year-over-year to
$4.8 million.
Sales of semiconductor sensors, principally the WaferSense line
of products, increased 35% year-over-year to a record $7.4 million
in the second quarter of 2022. Increasing customer awareness,
combined with global demand for semiconductors, is driving the
growth in WaferSense sales.
Sales of inspection and metrology systems increased 6%
year-over-year to $13.3 million in the second quarter of 2022 from
the robust level of $12.6 million in the year-earlier period.
Second quarter sales of SQ3000™ Multi-Function inspection systems
rose 33% year-over-year to a record $8.3 million as this MRS-based
system continues to gain traction among existing and new customers.
Second quarter systems sales also benefited from customer
acceptances of $1.7 million of 3D MX3000™ Final Vision Inspection
Systems for memory modules. During this year’s second quarter,
CyberOptics received $5.4 million of new 3D MX orders from
recurring customers that increased the Company’s MX backlog to a
record $9.3 million.
CyberOptics’ backlog at June 30, 2022 reached a record $55.5
million, of which approximately $38.0 million is applicable to 2022
sales. Our second quarter backlog is up from $47.4 million at the
end of this year’s first quarter and $45.3 million at June 30,
2021. The company is forecasting sales of $26.0 to $29.0 million
for the third quarter of 2022 ending September 30, compared to the
record sales of $27.8 million posted in the third quarter of
2021.
About CyberOptics
CyberOptics Corporation (www.cyberoptics.com) is a leading
global developer and manufacturer of high-precision 3D sensing
technology solutions. CyberOptics’ sensors are used for inspection
and metrology in the SMT and semiconductor markets to significantly
improve yields and productivity. By leveraging its leading edge
technologies, the Company has strategically established itself as a
global leader in high precision 3D sensors, allowing CyberOptics to
further increase its penetration of key vertical markets.
Headquartered in Minneapolis, Minnesota, CyberOptics conducts
worldwide operations through its facilities in North America, Asia
and Europe.
Statements regarding the Company’s anticipated performance are
forward-looking and therefore involve risks and uncertainties,
including but not limited to: a possible world-wide recession or
depression resulting from the economic consequences of the COVID-19
pandemic; the negative effect on our revenue and operating results
of the COVID-19 crisis on our customers and suppliers and the
global supply chain; market conditions in the global SMT and
semiconductor capital equipment industries; trade relations between
the United States and China and other countries; the timing of
orders and shipments of our products, particularly our 3D MRS
SQ3000 and SQ3000+ Multi-Function systems and MX systems for memory
module inspection; increasing price competition and price pressure
on our product sales, particularly our inspection and metrology
systems; the level of orders from our OEM customers; the
availability of parts required to meet customer orders;
unanticipated product development challenges; the effect of world
events on our sales, the majority of which are from foreign
customers; rapid changes in technology in the electronics and
semiconductor markets; product introductions and pricing by our
competitors; the success of our 3D technology initiatives; the
market acceptance of our SQ3000 and SQ3000+ Multi-Function systems
and products for semiconductor inspection and metrology; costly and
time consuming litigation with third parties related to
intellectual property infringement; the negative impact on our
customers and suppliers due to past and future terrorist threats
and attacks and any acts of war; the impact of lower gross margin
MX3000 orders on our consolidated gross margin percentage in any
future period; risks related to cancellation or renegotiation of
orders we have received; and other factors set forth in the
Company’s filings with the Securities and Exchange Commission.
Second Quarter 2022 Conference Call and
Replay
CyberOptics will review its second quarter operating results in
a conference call at 4:30 P.M. Eastern today. Investors can access
the live call by dialing toll-free 800-289-0720 prior to the start
of the call and providing the conference ID: 1776006. A webcast of
the live conference call, which will be archived for 30 days, can
be heard by visiting the investor relations section of the
CyberOptics website, www.cyberoptics.com. A replay of the
conference call, available one hour after the call, can be accessed
by dialing 888-203-1112 and providing the conference ID: 1776006.
The replay will be available for 30 days.
CyberOptics Corporation Consolidated
Statements of Operations (Unaudited) (In thousands, except per
share amounts)
Three Months Ended June
30,
Six Months Ended June
30,
2022
2021
2022
2021
Revenue
$27,569
$25,204
$51,815
$42,936
Cost of revenue
14,159
14,095
26,811
23,448
Gross margin
13,410
11,109
25,004
19,488
Research and development expenses
3,069
2,753
5,998
5,514
Selling, general and administrative expenses
5,359
4,695
10,060
8,583
Income from operations
4,982
3,661
8,946
5,391
Interest income and other
39
38
124
60
Income before income taxes
5,021
3,699
9,070
5,451
Provision for income taxes
632
590
1,090
901
Net income
$4,389
$3,109
$7,980
$4,550
Net income per share - Basic
$0.59
$0.43
$1.08
$0.62
Net income per share - Diluted
$0.58
$0.41
$1.05
$0.61
Weighted average shares outstanding - Basic
7,404
7,299
7,398
7,296
Weighted average shares outstanding - Diluted
7,603
7,517
7,592
7,490
Condensed Consolidated Balance Sheets
June 30, 2022
Dec. 31, 2021
(Unaudited)
Assets Cash and cash equivalents
$8,876
$13,684
Marketable securities
11,794
7,327
Accounts receivable, net
28,050
19,821
Inventories
29,645
27,602
Other current assets
2,916
1,672
Total current assets
81,281
70,106
Marketable securities
16,081
17,281
Intangibles and goodwill, net
1,708
1,741
Equipment and leasehold improvements, net
3,281
3,174
Right-of-use assets (operating leases)
1,752
2,052
Deferred tax assets
3,509
3,668
Total assets
$107,612
$98,022
Liabilities and Stockholders' Equity Accounts payable
$12,894
$10,275
Accrued expenses
4,491
5,017
Current operating lease liabilities
870
864
Total current liabilities
18,255
16,156
Other liabilities
368
391
Long-term operating lease liabilities
1,934
2,369
Total liabilities
20,557
18,916
Total stockholders' equity
87,055
79,106
Total liabilities and stockholders' equity
$107,612
$98,022
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version on businesswire.com: https://www.businesswire.com/news/home/20220727005090/en/
Jeffrey A. Bertelsen, Chief Financial Officer 763-542-5000
Carla Furanna, Vice President of Global Marketing
952-820-5837
CyberOptics (NASDAQ:CYBE)
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