Axcelis Announces Financial Results For Second Quarter 2021

Rhea-AI Summary

Axcelis Technologies reported strong second quarter 2021 results, with revenue of $147.3 million, up from $132.8 million in Q1. The operating profit increased to $24 million, while net income rose to $18.9 million or $0.55 per diluted share. Gross margin improved to 43.5%. The company anticipates approximately $170 million in Q3 revenue and $625 million for the full year. CEO Mary Puma highlighted growth driven by demand in the semiconductor sector, particularly from the electrification of the automotive industry.

Positive

• Revenue growth to $147.3 million, up from $132.8 million in Q1 2021.
• Operating profit increased to $24 million from $20.3 million in Q1.
• Net income rose to $18.9 million or $0.55 per diluted share, compared to $16.5 million or $0.48 per diluted share in Q1.
• Gross margin improved to 43.5% from 42.5% in Q1.
• Q3 revenue expected to be approximately $170 million.
• Full year revenue guidance raised to exceed $625 million.

Negative

• Q3 gross margin forecasted to decline slightly to 42.5%.

BEVERLY, Mass., Aug. 4, 2021 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS), a leading supplier of enabling ion implantation solutions for the semiconductor industry, today announced financial results for the second quarter ended June 30, 2021.

Highlights for the second quarter are as follows:

• The Company reported second quarter revenue of $147.3 million, compared to $132.8 million for the first quarter of 2021. This includes quarterly system revenues above $100 million, the first time since 2004.
• Operating profit for the quarter was $24 million, compared to $20.3 million for the first quarter.
• Net income for the quarter was $18.9 million, or $0.55 per diluted share, compared to net income of $16.5 million, or $0.48 per diluted share for the first quarter.
• Gross margin for the quarter was 43.5%, compared to 42.5% in the first quarter.
• Cash, cash equivalents and restricted cash were $220.5 million on June 30, 2021, compared to $207.5 million on March 31, 2021, after the settlement of stock repurchases of $13.4 million.
• Shipped multiple high current and high energy Purion™ and legacy implant systems to multiple fab locations for a leading foundry located in China.
• Shipped multiple Purion M™ Power Series SiC medium current and Purion XE™ Power Series SiC high energy implanters to several leading SiC power device manufacturers located in Asia and Europe.

President and CEO Mary Puma commented, "Axcelis delivered strong second quarter financial performance as a result of overall strength in the semiconductor industry combined with growing demand for our Purion™ implant products, especially in the high growth power device market. The rapid acceleration of the electrification of the automotive industry is creating substantial demand for power devices and image sensors, which is driving sustainable growth for the Purion product extensions specifically developed for these markets. As a result of these market trends and the traction of our Purion base products and product line extensions, Axcelis is on track to exceed $625 million in revenue for the full year 2021. The Company is well positioned for strong sustainable growth."

Business Outlook
For the third quarter ending September 30, 2021, Axcelis expects revenues to be approximately $170 million. Gross margin in the third quarter is expected to be approximately 42.5%. Third quarter operating profit is forecasted to be approximately $32 million with earnings per diluted share of approximately $0.70. The Company also expects to exceed $625 million in revenue for the full year 2021.

Second Quarter 2021 Conference Call
The Company will host a call to discuss the results for the second quarter on Thursday, August 5, 2021 at 8:30 am ET. The call will be available to interested listeners via an audio webcast that can be accessed through the Investors page of Axcelis' website at www.axcelis.com, or by dialing 866.588.8911 (707.294.1561 outside North America). Participants calling into the conference call will be requested to provide the company name, Axcelis Technologies, and Audience Passcode: 7664896. Webcast replays will be available for 30 days following the call.

Safe Harbor Statement
This press release and the conference call contain forward-looking statements under the Private Securities Litigation Reform Act safe harbor provisions. These statements, which include our expectations for spending in our industry and guidance for future financial performance, are based on management's current expectations and should be viewed with caution. They are subject to various risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, many of which are outside the control of the Company, including that customer decisions to place orders or our product shipments may not occur when we expect, that orders may not be converted to revenue in any particular quarter, or at all, whether demand will continue for the semiconductor equipment we produce or, if not, whether we can successfully meet changing market requirements, and whether we will be able to maintain continuity of business relationships with and purchases by major customers. Increased competitive pressure on sales and pricing, increases in material and other production costs that cannot be recouped in product pricing and instability caused by changing global economic, political or financial conditions could also cause actual results to differ materially from those in our forward-looking statements. These risks and other risk factors relating to Axcelis are described more fully in the most recent Form 10-K filed by Axcelis and in other documents filed from time to time with the Securities and Exchange Commission.

About Axcelis:
Axcelis (Nasdaq: ACLS), headquartered in Beverly, Mass., has been providing innovative, high-productivity solutions for the semiconductor industry for over 40 years. Axcelis is dedicated to developing enabling process applications through the design, manufacture and complete life cycle support of ion implantation systems, one of the most critical and enabling steps in the IC manufacturing process. Learn more about Axcelis at www.axcelis.com.

Company Contacts

Investor Relations:
Doug Lawson
978.787.9552

Editorial/Media:
Maureen Hart
978.787.4266

 

Axcelis Technologies, Inc.
Consolidated Statements of Operations
(In thousands, except per share amounts)
(Unaudited)
		Three months ended						Six months ended
			June 30,					June 30,
		2021			2020			2021			2020
Revenue:
Product		$	140,156		$	117,194		$	266,765		$	229,327
Services			7,118			5,771			13,285			12,629
Total revenue			147,274			122,965			280,050			241,956
Cost of revenue:
Product			76,688			65,519			147,022			132,691
Services			6,572			5,547			12,579			11,817
Total cost of revenue			83,260			71,066			159,601			144,508
Gross profit			64,014			51,899			120,449			97,448
Operating expenses:
Research and development			16,623			16,040			32,308			30,646
Sales and marketing			12,177			9,437			22,564			17,641
General and administrative			11,217			10,041			21,230			19,077
Total operating expenses			40,017			35,518			76,102			67,364
Income from operations			23,997			16,381			44,347			30,084
Other (expense) income:
Interest income			40			70			73			552
Interest expense			(1,274)			(1,299)			(2,303)			(2,602)
Other, net			(15)			421			(1,168)			(199)
Total other expense			(1,249)			(808)			(3,398)			(2,249)
Income before income taxes			22,748			15,573			40,949			27,835
Income tax provision			3,842			2,271			5,563			3,312
Net income		$	18,906		$	13,302		$	35,386		$	24,523
Net income per share:
Basic		$	0.56		$	0.40		$	1.05		$	0.74
Diluted		$	0.55		$	0.39		$	1.03		$	0.72
Shares used in computing net income per share:
Basic weighted average common shares			33,677			33,116			33,696			32,998
Diluted weighted average common shares			34,311			33,958			34,473			34,023

 

Axcelis Technologies, Inc.
Consolidated Balance Sheets
(In thousands, except per share amounts)
(Unaudited)
		June 30,			December 31,
		2021			2020
ASSETS
Current assets:
Cash and cash equivalents		$	219,731		$	203,479
Accounts receivable, net			79,544			86,865
Inventories, net			192,321			161,076
Prepaid expenses and other current assets			22,535			19,371
Total current assets			514,131			470,791
Property, plant and equipment, net			30,683			29,840
Operating lease assets			7,626			4,542
Finance lease assets, net			19,889			20,544
Long-term restricted cash			755			753
Deferred income taxes			51,386			57,851
Other assets			36,170			40,303
Total assets		$	660,640		$	624,624
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable		$	40,695		$	24,013
Accrued compensation			14,906			24,562
Warranty			4,690			4,280
Income taxes			622			654
Deferred revenue			34,112			21,221
Current portion of finance lease obligation			864			756
Other current liabilities			10,585			8,945
Total current liabilities			106,474			84,431
Long-term finance lease obligation			46,923			47,393
Long-term deferred revenue			1,406			1,837
Other long-term liabilities			11,735			9,361
Total liabilities			166,538			143,022
Stockholders' equity:
Common stock, $0.001 par value, 75,000 shares authorized; 33,657 shares issued and outstanding at June 30, 2021; 33,633 shares issued and outstanding at December 31, 2020			34			34
Additional paid-in capital			561,680			570,102
Accumulated deficit			(70,281)			(91,969)
Accumulated other comprehensive income			2,669			3,435
Total stockholders' equity			494,102			481,602
Total liabilities and stockholders' equity		$	660,640		$	624,624

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SOURCE Axcelis Technologies, Inc.

FAQ

What were Axcelis Technologies' Q2 2021 revenue results?

Axcelis Technologies reported Q2 2021 revenue of $147.3 million.

What is Axcelis' earnings per share for Q2 2021?

Axcelis' earnings per diluted share for Q2 2021 was $0.55.

What is the revenue forecast for Axcelis in Q3 2021?

Axcelis expects approximately $170 million in revenue for Q3 2021.

What is Axcelis' full-year revenue guidance for 2021?

Axcelis anticipates exceeding $625 million in revenue for the full year 2021.