3D MRS-Based Sensors and Inspection Systems
and Semiconductor Sensors Post Strong Growth
CyberOptics Corporation (Nasdaq: CYBE) today reported sales of
$24.2 million for the first quarter of 2022 ended March 31, an
increase of 37% from $17.7 million in the first quarter of 2021.
Net income for the first quarter of 2022 was $3.6 million or $0.47
per diluted share, an increase of 149% from earnings of $1.4
million or $0.19 per diluted share in the year-earlier quarter.
Dr. Subodh Kulkarni, president and chief executive officer,
commented, “Each of our product groups—3D and 2D sensors,
semiconductor products and inspection/metrology systems—posted
strong, double-digit sales growth in the first quarter of 2022. The
competitive advantages of our portfolio of 3D Multi-Reflection
Suppression® (MRS®) sensors and inspection systems and WaferSense®
semiconductor sensors make us confident about CyberOptics’ second
quarter and full-year prospects.”
Kulkarni added, “We are continuing to advance our line-up of
WaferSense products and MRS-based sensors and inspection systems to
continue to enable our customers to recognize significant
improvements in yields, processes and productivity, particularly
for their advanced applications. Additionally, we are investing in
new sensor technologies to position CyberOptics for long-term
growth in our targeted semiconductor and advanced SMT capital
equipment markets.”
Sales of 3D and 2D sensors increased 27% year-over-year to $8.1
million in the first quarter of 2022. Within this category, sales
of 3D MRS sensors rose 15% year-over-year to $4.9 million in this
year’s first quarter. Semiconductor inspection and metrology
applications are continuing to generate strong demand for our 3D
MRS-based sensors. Sales of 3D and 2D sensors are forecasted to
post solid growth on a year-over-year basis in the second quarter
of 2022.
Sales of semiconductor sensors, principally our WaferSense line
of sensors, increased 34% year-over-year to $6.8 million in the
first quarter of 2022. Strong demand for semiconductor capital
equipment is driving the sales growth of these yield and process
improvement sensors. Sales of semiconductor sensors are again
forecasted to post strong double-digit growth on a year-over-year
basis in the second quarter of 2022.
Sales of inspection and metrology systems rose 49%
year-over-year in the first quarter of 2022 to $9.4 million. First
quarter sales of SQ3000™ Multi-Function inspection systems
increased 45% year-over-year to $5.9 million as this product
continues to gain traction among existing and new customers. Total
SQ3000 sales related to mini-LED applications came to $619,000 in
this year’s first quarter. New orders for mini-LED related
inspection and metrology are expected in 2022.
First quarter system sales also benefited from customer
acceptances of $1.0 million for 3D MX3000™ Final Vision Inspection
systems and sensor kits for memory modules. New orders totaling
$3.5 million for 3D MX3000 systems were received during the first
quarter, which brought our quarter-ending MX backlog to $5.9
million. Orders in the current backlog are scheduled to be
recognized as revenue over the balance of 2022. Reflecting normal
sales fluctuations of capital equipment, sales of inspection and
metrology systems are forecasted to be relatively flat on a
year-over-year basis in the second quarter of 2022.
CyberOptics’ backlog at March 31, 2022 totaled a record $47.4
million, up from $47.3 million at the end of the fourth quarter of
2021 and $32.4 million at March 31, 2021. The company is
forecasting sales of $25.0 to $28.0 million for the second quarter
of 2022 ending June 30, compared to $25.2 million reported in the
second 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.
First Quarter 2022 Conference Call and Replay
CyberOptics will review its first quarter operating results in a
conference call at 9:00 A.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: 1829279. 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: 1829279. The
replay will be available for 30 days.
CyberOptics Corporation Consolidated
Statements of Operations (Unaudited) (In thousands, except per
share amounts)
Three Months Ended March
31,
2022
2021
Revenue
$24,246
$17,732
Cost of revenue
12,652
9,353
Gross margin
11,594
8,379
Research and development expenses
2,929
2,761
Selling, general and administrative expenses
4,701
3,888
Income from operations
3,964
1,730
Interest income and other
85
22
Income before income taxes
4,049
1,752
Provision for income taxes
458
311
Net income
$3,591
$1,441
Net income per share - Basic
$0.49
$0.20
Net income per share - Diluted
$0.47
$0.19
Weighted average shares outstanding - Basic
7,393
7,293
Weighted average shares outstanding - Diluted
7,581
7,463
Condensed Consolidated Balance Sheets
March 31, 2022
Dec. 31, 2021
(Unaudited)
Assets Cash and cash equivalents
$10,226
$13,684
Marketable securities
9,079
7,327
Accounts receivable, net
22,271
19,821
Inventories
30,048
27,602
Other current assets
2,076
1,672
Total current assets
73,700
70,106
Marketable securities
18,918
17,281
Intangibles and goodwill, net
1,717
1,741
Equipment and leasehold improvements, net
3,269
3,174
Right-of-use assets (operating leases)
1,916
2,052
Deferred tax assets
3,746
3,668
Total assets
$103,266
$98,022
Liabilities and Stockholders' Equity Accounts payable
$12,346
$10,275
Accrued expenses
4,689
5,017
Current operating lease liabilities
878
864
Total current liabilities
17,913
16,156
Other liabilities
401
391
Long-term operating lease liabilities
2,152
2,369
Total liabilities
20,466
18,916
Total stockholders' equity
82,800
79,106
Total liabilities and stockholders' equity
$103,266
$98,022
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220428005077/en/
Jeffrey A. Bertelsen, Chief Financial Officer 763-542-5000
Carla Furanna, Vice President of Global Marketing
952-820-5837
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