3D MRS Technology Drives First-Mover
Advantage in Growing Micro LED Market
CyberOptics Corporation (Nasdaq: CYBE) today reported sales of
$16.0 million for the second quarter of 2020 ended June 30, an
increase of 6% from $15.0 million in the second quarter of 2019.
Net income for the second quarter of 2020 was $1.6 million or $0.22
per diluted share, up from $464,000 or $0.06 per diluted share in
the year-earlier period.
Dr. Subodh Kulkarni, president and chief executive officer,
commented, “We are pleased with CyberOptics’ overall performance in
this year’s second quarter despite the impact of the COVID-19
pandemic on our sales. Approximately $1.5 million of customer
acceptances for SQ3000™ Multi-Function inspection systems were
pushed out to this year’s third quarter as a result of travel
restrictions and the inability to gain access to customers’
factories due to quarantine measures. None of the affected orders
were cancelled, and all are expected to be booked as revenue in the
third quarter. If these orders had been accepted as scheduled,
total second quarter sales would have been at the upper end of our
previously issued guidance for this period.”
He continued: “Given the demonstrated advantages of our
Multi-Reflection Suppression™ (MRS™)-enabled 3D technology, we
believe CyberOptics has attained first-mover status in the
high-growth micro LED inspection and metrology market. Prior to the
end of the second quarter, CyberOptics received a $2.5 million
order for SQ3000 Multi-Function systems for micro LED applications.
This order is scheduled to be recognized as revenue in the third
quarter. Additional micro LED-related orders are anticipated during
the second half of 2020.”
Kulkarni added: “CyberOptics ended the second quarter of 2020
with an order backlog of $24.8 million, which includes micro
LED-related orders for SQ3000 systems and $4.9 million of 2D MX600™
orders for memory module inspection systems. Backlog was consistent
with March 31, 2020 and up significantly from a year ago. We are
forecasting sales of $19.5 to $21.5 million for the third quarter
of 2020 ending September 30.”
The new MRS-enabled WX3000™ Metrology and Inspection system for
wafer-level and advanced packaging applications, which incorporates
CyberOptics’ NanoResolution sensor, was unveiled several days ago
at the Semicon West tradeshow. Customer demonstrations are expected
to commence in the third quarter, and initial sales are anticipated
in 2021.
CyberOptics will continue marketing its NanoResolution sensor to
system integrators and OEM’s. At this time, a number of customers
are integrating this sensor into their inspection systems and are
demonstrating their systems to end-users. Revenue from these
customers is expected to ramp up in 2021. Sold either as a complete
system or as a sensor, the NanoResolution technology has positioned
CyberOptics to capitalize upon significant growth opportunities in
the areas of wafer-level and advanced packaging applications.
Earnings in the second quarter of 2020 included a tax benefit of
$340,000 from excess tax deductions for employee stock option
exercises. In addition, total operating expenses in this year’s
second quarter benefited by approximately $276,000 from jobs
support credit measures implemented by the Singapore government,
and from lower travel, trade show and other costs, all due to the
COVID-19 pandemic. We anticipate that operating expenses in the
third quarter of 2020 will increase, and be comparable to the level
in the first quarter of 2020.
Sales of sensors and inspection and metrology systems based on
3D MRS technology increased 30% year-over-year to $7.7 million in
the second quarter of 2020. These MRS-based products, combined with
semiconductor sensors, accounted for 71% of total revenue in the
second quarter of 2020, compared to 60% of total revenue in the
year-earlier period.
Sales of inspection and metrology systems declined 23%
year-over-year to $7.7 million in the second quarter of 2020, due
largely to delayed customer acceptances resulting from the COVID-19
pandemic. Sales of SQ3000 Multi-Function systems increased modestly
to $4.7 million from the level posted in last year’s second
quarter. The company received one order for a 2D MX600 memory
module inspection system during the second quarter. Consistent with
delivery schedules, no MX sales were recorded in the second
quarter. Approximately $4.0 million of MX systems are forecasted to
ship in this year’s third quarter. Sales of inspection and
metrology systems are expected to grow strongly in the third
quarter of 2020, both sequentially and on a year-over-year
basis.
Sales of 3D and 2D sensors increased 137% year-over-year to $4.7
million in the second quarter of 2020, partly reflecting weak
sensor sales in the second quarter of 2019. Growth in the current
quarter was driven by sales of 3D MRS-enabled sensors, which rose
170% year-over-year to $3.0 million. Sales of 3D and 2D sensors are
expected to decline modestly on a sequential basis in this year’s
third quarter.
Sales of semiconductor sensors in the second quarter of 2020
increased 15% year-over-year to $3.6 million. Third quarter sales
of these yield and process improvement products are forecasted to
grow modestly on both a sequential and year-over-year basis.
Kulkarni concluded: “We believe our technologies have positioned
CyberOptics to take maximum advantage of attractive opportunities
in our served markets. For this reason, we are optimistic about our
future growth prospects.”
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 crises 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-enabled SQ3000 Multi-Function
systems and MX systems for memory module inspection; increasing
price competition and price pressure on our product sales,
particularly our SMT 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 Multi-Function inspection and
measurement systems and products for semiconductor advanced
packaging 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; and other factors set forth in the Company’s filings with
the Securities and Exchange Commission.
Second Quarter 2020 Conference Call and
Replay
CyberOptics will review its second quarter operating results in
a conference call at 9:00 AM Eastern today. Investors can access
the live call by dialing toll-free 888-430-8332 prior to the start
of the call and providing the conference ID: 4630661. 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 conference ID: 4630661. 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,
2020
2019
2020
2019
Revenue
$15,996
$15,044
$32,425
$30,020
Cost of revenue
8,682
8,455
17,828
16,405
Gross margin
7,314
6,589
14,597
13,615
Research and development expenses
2,182
2,249
4,577
4,542
Selling, general and administrative expenses
3,659
3,761
7,818
7,924
Income from operations
1,473
579
2,202
1,149
Interest income and other
64
77
328
136
Income before income taxes
1,537
656
2,530
1,285
Provision (benefit) for income taxes
(96
)
192
53
326
Net income
$1,633
$464
$2,477
$959
Net income per share - Basic
$0.23
$0.07
$0.35
$0.14
Net income per share - Diluted
$0.22
$0.06
$0.33
$0.13
Weighted average shares outstanding - Basic
7,198
7,106
7,177
7,103
Weighted average shares outstanding - Diluted
7,447
7,296
7,407
7,309
Condensed Consolidated Balance Sheets (In thousands)
June 30, 2020
Dec. 31, 2019
(Unaudited)
Assets
Cash and cash equivalents
$6,609
$5,836
Marketable securities
7,971
8,295
Accounts receivable, net
14,883
16,059
Inventories
19,915
15,580
Other current assets
2,324
1,579
Total current assets
51,702
47,349
Marketable securities
14,499
12,168
Long-term trade notes receivable
790
962
Intangibles and goodwill, net
1,624
1,676
Equipment and leasehold improvements
3,034
3,341
Right-of-use assets (operating leases)
2,780
2,111
Deferred tax assets
4,981
4,992
Total assets
$79,410
$72,599
Liabilities and Stockholders' Equity
Accounts payable
$9,587
$7,023
Accrued expenses
4,202
3,071
Current operating lease liabilities
761
688
Total current liabilities
14,550
10,782
Other liabilities
298
352
Long-term operating lease liabilities
3,607
3,141
Total liabilities
18,455
14,275
Total stockholders' equity
60,955
58,324
Total liabilities and stockholders' equity
$79,410
$72,599
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200723005044/en/
Jeffrey A. Bertelsen, Chief Financial Officer 763-542-5000
Carla Furanna, Head of Global Marketing 952-820-5837
CyberOptics (NASDAQ:CYBE)
Historical Stock Chart
From Jun 2024 to Jul 2024
CyberOptics (NASDAQ:CYBE)
Historical Stock Chart
From Jul 2023 to Jul 2024