Operating Results Paced by Robust Sales of
WaferSense® and 3D MRS™-Based Sensor Products
CyberOptics Corporation (Nasdaq: CYBE) today reported sales of
$22.1 million for the fourth quarter of 2021 ended December 31, an
increase of 31% from $16.9 million in the fourth quarter of 2020.
Net income for the fourth quarter of 2021, which benefitted from a
gross margin percentage of almost 50%, came to $3.4 million or
$0.45 per diluted share, an increase of 132% from earnings of $1.5
million or $0.20 per diluted share in the year-earlier quarter.
CyberOptics reported record sales and earnings in 2021. For the
full-year, sales totaled $92.8 million, an increase of 32% from
$70.1 million in 2020. Net income in 2021 was $12.8 million or
$1.69 per diluted share, up significantly from $5.7 million or
$0.77 per diluted share in 2020. CyberOptics record operating
results were driven by sales of its 3D Multi-Reflection
Suppression™ (MRS™)-based sensors and inspection and metrology
system products and WaferSense semiconductor sensors. These
products accounted for 78% of total sales in 2021, compared to 67%
in 2020.
Dr. Subodh Kulkarni, president and chief executive officer,
commented, “Our strong fourth quarter sales demonstrate that
CyberOptics is continuing to penetrate and gain traction in our
targeted surface mount technology (SMT) and semiconductor capital
equipment markets. The competitive advantages of our advanced
sensor and inspection and metrology system products are enabling us
to capitalize upon strong growth opportunities in these markets.
Demand for our MRS-based products and WaferSense sensors is
expected to remain strong for some time, making us optimistic about
CyberOptics’ outlook for the first quarter of 2022. We also see the
full year shaping up as another period of strong operating
results.”
Sales of 3D and 2D sensors increased 40% year-over-year to $7.0
million in the fourth quarter of 2021. Within this category, sales
of 3D MRS sensors rose 41% year-over-year to $5.0 million in the
fourth quarter, driven by demand for these sensors for 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 first quarter of 2022.
Sales of semiconductor sensors, principally our WaferSense line
of sensors, increased 62% year-over-year to $6.0 million in the
fourth 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 first quarter of
2022.
Sales of inspection and metrology systems rose 11%
year-over-year in the fourth quarter of 2021 to $9.1 million.
Within this product category, fourth quarter sales of SQ3000™
Multi-Function inspection and metrology systems increased 15%
year-over-year to $4.7 million. Of total SQ3000 sales, $1.1 million
was generated by sales of systems for mini-LED inspection and
metrology. SQ3000 sales related to mini-LED applications totaled
$8.0 million for the full year, up from $4.6 million in 2020, and
the mini-LED backlog at December 31, 2021 stood at $1.4 million.
Additional orders are anticipated in 2022.
Fourth quarter system sales also benefited from customer
acceptances of nearly $1.0 million for 3D MX3000™ Final Vision
Inspection systems and sensor kits for memory modules. Additional
MX3000 orders of $1.5 million were received earlier in the first
quarter of 2022, bringing our current backlog of 2D and 3D MX
products to $5.0 million. These orders are presently scheduled to
be recognized as revenue primarily in the second and third quarters
of 2022. Sales of inspection and metrology systems are forecasted
to post strong year-over-year growth in the first quarter of
2022.
CyberOptics’ backlog at December 31, 2021 totaled a record $47.3
million, up from $44.2 million at the end of the third quarter of
2021 and $23.0 million at the end of 2020. The company is
forecasting sales of $22.0 to $24.0 million for the first quarter
of 2022 ending March 31, compared to $17.7 million in the first
quarter of 2021. CyberOptics expects to report strong operating
results in the first quarter of 2022, based on the continuation of
favorable market conditions and shipments from its order backlog of
3D MRS based sensor and 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 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 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.
Fourth Quarter 2021 Conference Call and
Replay
CyberOptics will review its fourth quarter operating results in
a conference call at 4:30 P.M. Eastern today. Investors can access
the live call by dialing toll-free 888-220-8451 prior to the start
of the call and providing the conference ID: 5210085. 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: 5210085. The
replay will be available for 30 days.
CyberOptics Corporation
Consolidated Statements of Operations (Unaudited)
(In thousands, except per share amounts)
Three Months Ended Dec.
31,
Twelve Months Ended Dec.
31,
2021
2020
2021
2020
Revenue
$22,076
$16,872
$92,774
$70,117
Cost of revenue
11,127
8,947
49,608
38,900
Gross margin
10,949
7,925
43,166
31,217
Research and development expenses
2,695
2,592
10,857
9,572
Selling, general and administrative expenses
4,478
3,748
17,973
15,648
Income from operations
3,776
1,585
14,336
5,997
Interest income and other, net
(44)
31
159
357
Income before income taxes
3,732
1,616
14,495
6,354
Provision for income taxes
329
150
1,744
612
Net income
$3,403
$1,466
$12,751
$5,742
Net income per share - Basic
$0.46
$0.20
$1.74
$0.80
Net income per share - Diluted
$0.45
$0.20
$1.69
$0.77
Weighted average shares outstanding - Basic
7,364
7,264
7,320
7,215
Weighted average shares outstanding - Diluted
7,587
7,480
7,537
7,454
Condensed Consolidated Balance Sheets
Dec. 31, 2021
Dec. 31, 2020
(Unaudited)
Assets Cash and cash equivalents
$13,684
$8,399
Marketable securities
7,327
8,121
Accounts receivable, net
19,821
14,735
Inventories
27,602
20,271
Other current assets
1,672
1,576
Total current assets
70,106
53,102
Marketable securities
17,281
14,052
Long-term trade notes receivable
-
418
Intangibles and goodwill, net
1,741
1,691
Equipment and leasehold improvements
3,174
3,235
Right-of-use assets (operating leases)
2,052
2,621
Deferred tax assets
3,668
4,597
Total assets
$98,022
$79,716
Liabilities and Stockholders' Equity
Accounts payable
$10,275
$5,118
Accrued expenses
5,017
4,716
Current operating lease liabilities
864
819
Total current liabilities
16,156
10,653
Other liabilities
391
291
Long-term operating lease liabilities
2,369
3,244
Total liabilities
18,916
14,188
Total stockholders' equity
79,106
65,528
Total liabilities and stockholders' equity
$98,022
$79,716
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version on businesswire.com: https://www.businesswire.com/news/home/20220217005138/en/
Jeffrey A. Bertelsen, Chief Financial Officer 763-542-5000
Carla Furanna, Vice President of Global Marketing
952-820-5837
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