Record WaferSense® Sales Drive
Profitability
CyberOptics Corporation (Nasdaq: CYBE) today reported record
sales of $27.8 million for the third quarter of 2021 ended
September 30, an increase of 33% from $20.8 million in the third
quarter of 2020. Net income for the third quarter of 2021 was a
record $4.8 million or $0.63 per diluted share, up significantly
from earnings of $1.8 million or $0.24 per diluted share in the
year-earlier quarter.
Dr. Subodh Kulkarni, president and chief executive officer,
said, “Our line-up of 3D Multi-Reflection Suppression™ (MRS™)-based
sensing and inspection system products and WaferSense®
semiconductor sensors have positioned CyberOptics to report record
sales and operating earnings for full-year 2021. These products
have enabled us to gain traction in our targeted surface mount
technology (SMT) and semiconductor capital equipment markets. We
believe this strength will persist for some time, making us
optimistic about CyberOptics’ fourth quarter performance and
outlook for 2022.”
Kulkarni continued, “I’m pleased to report that CyberOptics has
received its first purchase order for the WX3000 Metrology and
Inspection System, incorporating the 3D NanoResolution MRS sensor,
from a large integrated device manufacturer. The WX3000 is designed
specifically for the high-growth wafer-level and advanced packaging
market and can conduct 100% inspection two to three times faster
than alternative solutions. Delivery and revenue are scheduled for
the first quarter of 2022.”
Sales of 3D and 2D sensors increased 50% year-over-year to $5.5
million in the third quarter of 2021. Sales of 3D MRS sensors rose
81% year-over-year to $3.6 million, driven by demand for these
sensors in high-end electronics and semiconductor inspection and
metrology applications. Sales of 3D and 2D sensors are forecasted
to post strong year-over-year growth in the fourth quarter of
2021.
Sales of semiconductor sensors, principally our WaferSense line
of products, increased 93% year-over-year to a record $7.4 million
in the third quarter of 2021. Ongoing demand for semiconductor
capital equipment is driving the sales growth of these yield and
process improvement sensors. Sales of semiconductor sensors are
forecasted to record strong year-over-year growth in the fourth
quarter of 2021.
Sales of inspection and metrology systems rose 12% in the third
quarter of 2021 to $14.9 million. Within this product category,
third quarter sales of SQ3000™ Multi-Function inspection systems
increased 9% year-over-year to $7.4 million. Of this total, $4.5
million was derived from sales of SQ3000 systems for mini-LED
inspection and metrology. Third quarter system sales also benefited
from customer acceptances of $4.9 million of 3D MX3000™ Final
Vision Inspection (FVI) systems for memory modules. As expected, no
MX sales are forecasted in this year’s fourth quarter due to normal
sales variability. CyberOptics’ received a new order for the MX3000
in October, raising its current backlog of MX3000 systems to $3.2
million. These orders are expected to be recognized as revenue in
the first half of 2022. Sales of inspection and metrology systems
are forecasted to post strong year-over-year growth in the fourth
quarter of 2021.
CyberOptics’ backlog at September 30, 2021 totaled $44.2
million, compared to $45.3 million at the end of this year’s second
quarter and $17.7 million at the end of the third quarter of 2020.
The Company is forecasting sales of $19.0 to $23.0 million for the
fourth quarter of 2021 ending December 31, reflecting strong
year-over-year sales growth. Shipments of some SQ3000 systems will
be deferred to the first quarter of 2022 due to customer delays in
obtaining needed equipment from other suppliers for a complete
full-line solution. CyberOptics expects to start 2022 with a strong
first quarter performance, based on the outlook for the
continuation of favorable conditions in its targeted SMT and
semiconductor capital equipment markets, as well as its backlog of
orders for SQ3000 and MX3000 system products.
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 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 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 the 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.
Third Quarter 2021 Conference Call and
Replay
CyberOptics will review its third quarter operating results in a
conference call at 4:30 P.M. Eastern today. Investors can access
the live call by dialing toll-free 800-437-2398 prior to the start
of the call and providing the conference ID: 2337823. 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: 2337823. The
replay will be available for 30 days.
CyberOptics Corporation Consolidated Statements of
Operations (Unaudited) (In thousands, except per share amounts)
Three Months Ended Sept.
30,
Nine Months Ended Sept.
30,
2021
2020
2021
2020
Revenue
$27,762
$20,820
$70,698
$53,245
Cost of revenue
15,033
12,125
38,481
29,953
Gross margin
12,729
8,695
32,217
23,292
Research and development expenses
2,648
2,403
8,162
6,980
Selling, general and administrative expenses
4,912
4,082
13,495
11,900
Income from operations
5,169
2,210
10,560
4,412
Interest income and other
143
(2)
203
326
Income before income taxes
5,312
2,208
10,763
4,738
Provision for income taxes
514
409
1,415
462
Net income
$4,798
$1,799
$9,348
$4,276
Net income per share - Basic
$0.66
$0.25
$1.28
$0.59
Net income per share - Diluted
$0.63
$0.24
$1.24
$0.57
Weighted average shares outstanding - Basic
7,324
7,240
7,305
7,198
Weighted average shares outstanding - Diluted
7,580
7,519
7,520
7,445
Condensed Consolidated Balance Sheets
Sept. 30, 2021
Dec. 31, 2020
(Unaudited)
Assets Cash and cash equivalents
$11,005
$8,399
Marketable securities
6,911
8,121
Accounts receivable, net
26,908
14,735
Inventories
20,677
20,271
Other current assets
2,295
1,576
Total current assets
67,796
53,102
Marketable securities
15,593
14,052
Long-term trade notes receivable
209
418
Intangibles and goodwill, net
1,747
1,691
Equipment and leasehold improvements
3,512
3,235
Right-of-use assets (operating leases)
2,186
2,621
Deferred tax assets
3,761
4,597
Total assets
$94,804
$79,716
Liabilities and Stockholders' Equity Accounts payable
$10,662
$5,118
Accrued expenses
5,104
4,716
Current operating lease liabilities
850
819
Total current liabilities
16,616
10,653
Other liabilities
329
291
Long-term operating lease liabilities
2,581
3,244
Total liabilities
19,526
14,188
Total stockholders' equity
75,278
65,528
Total liabilities and stockholders' equity
$94,804
$79,716
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211027005130/en/
Jeffrey A. Bertelsen, Chief Financial Officer 763-542-5000
Carla Furanna, Vice President of Global Marketing
952-820-5837
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