Coherent, Inc. Reports Fourth Fiscal Quarter and Year-End Results

Rhea-AI Summary

Coherent, Inc. (COHR) reported Q4 fiscal 2021 results with net sales of $391.7 million, and a GAAP net income of $21.1 million or $0.85 per diluted share. This reflects a year-over-year sales increase of 23.6% from $316.8 million in Q4 FY20. For the fiscal year, net sales reached $1,487.5 million with a GAAP net loss of $106.8 million, improving from a loss of $414.1 million in FY20. Non-GAAP net income for FY21 was $150.8 million, or $6.10 per diluted share, up from $72.6 million.

Positive

• Q4 net sales increased by 23.6% YoY to $391.7 million.
• Fiscal 2021 non-GAAP net income rose to $150.8 million, compared to $72.6 million in FY20.
• Non-GAAP EPS improved over 100% YoY to $6.10.

Negative

• GAAP net loss for FY21 was $106.8 million, though improved from $414.1 million in FY20.
• Reported merger and acquisition costs of $236 million impacted net loss.

SANTA CLARA, Calif., Nov. 9, 2021 /PRNewswire/ -- Coherent, Inc. (NASDAQ, COHR), one of the world's leading providers of lasers, laser-based technologies and laser-based system solutions in a broad range of scientific, commercial and industrial applications, today announced financial results for its fourth fiscal quarter and fiscal year ended October 2, 2021.

FINANCIAL HIGHLIGHTS

	Three Months Ended												Year Ended
	Oct. 2, 2021				Jul. 3, 2021				Oct. 3, 2020				Oct. 2, 2021				Oct. 3, 2020
GAAP Results
(in millions except per share data)
Net sales	$	391.7			$	395.8			$	316.8			$	1,487.5			$	1,229.0
Net income (loss)	$	21.1			$	30.3			$	7.7			$	(106.8)			$	(414.1)
Diluted EPS	$	0.85			$	1.22			$	0.32			$	(4.38)			$	(17.18)
Non-GAAP Results
(in millions except per share data)
Net income	$	44.0			$	44.9			$	24.5			$	150.8			$	72.6
Diluted EPS	$	1.77			$	1.81			$	1.01			$	6.10			$	3.00

FOURTH FISCAL QUARTER AND FISCAL YEAR DETAILS

For the fourth fiscal quarter ended October 2, 2021, Coherent announced net sales of $391.7 million and net income, on a U.S. generally accepted accounting principles (GAAP) basis, of $21.1 million, or $0.85 per diluted share.

These results compare to net sales of $316.8 million and net income of $7.7 million, or $0.32 per diluted share, for the fourth quarter of fiscal 2020, and net sales of $395.8 million and net income of $30.3 million, or $1.22 per diluted share, for the third quarter of fiscal 2021.

Non-GAAP net income for the fourth quarter of fiscal 2021 was $44.0 million, or $1.77 per diluted share.  Non-GAAP net income for the fourth quarter of fiscal 2020 was $24.5 million, or $1.01 per diluted share. Non-GAAP net income for the third quarter of fiscal 2021 was $44.9 million, or $1.81 per diluted share. Reconciliations of GAAP to non-GAAP financial measures for the three months ended October 2, 2021, July 3, 2021, and October 3, 2020 and for the fiscal years ended October 2, 2021 and October 3, 2020 appear in the financial statements portion of this release under the heading "Reconciliation of GAAP to Non-GAAP net income (loss)."

For the fiscal year ended October 2, 2021, Coherent posted net sales of $1,487.5 million and net loss on a GAAP basis of $106.8 million, or $4.38 per diluted share, compared to the prior year net sales of $1,229.0 million and net loss on a GAAP basis of $414.1 million, or $17.18 per diluted share. The net loss for fiscal 2021 includes $182.3 million, net of tax, in merger and acquisition costs, primarily due to a merger agreement termination fee paid to Lumentum Holdings Inc. The net loss for fiscal 2020 includes $424.3 million, net of tax, in non-cash goodwill and other impairment charges, primarily related to the impairment of all goodwill and certain long-lived assets in our Industrial Lasers & Systems segment in the second quarter. For the fiscal year ended October 2, 2021, Coherent posted net income on a non-GAAP basis of $150.8 million, or $6.10 per diluted share, compared to the prior year net income on a non-GAAP basis of $72.6 million, or $3.00 per diluted share.

"We're pleased to have delivered another quarter and full year of strong financial results with solid growth year over year. Comparing our fiscal 2021 with our fiscal 2020, we grew bookings, revenue, non-GAAP margins and EPS and our book-to-bill was greater than one resulting in the highest year-end backlog in three years," said Andy Mattes, Coherent President and CEO. "We saw broad strength across the significant majority of our end markets, with total year over year revenues growing by 21%. This strength coupled with our ongoing good to great transformation project, primarily driving improvements in our ILS segment, yielded a FY2021 non-GAAP gross margin of 40 percent, an improvement of 390 bps year over year. And finally, demonstrating the operating leverage in our business model, non-GAAP earnings per share improved by over 100% year over year. We ended fiscal 2021 with a cash position similar to fiscal 2020 after having made a $218 million dollar transaction termination payment. We continue to have a strong balance sheet, will continue to focus on operational excellence to further strengthen our overall financial results and believe we are well positioned to reach our fiscal 2022 goals."

With regard to the transaction with II-VI Incorporated, the company continues to expect the transaction to close during the first calendar quarter of 2022.

Summarized statement of operations information is as follows (unaudited, in thousands, except per share data):

		Three Months Ended									Year Ended
		Oct. 2, 2021			Jul. 3, 2021			Oct. 3, 2020			Oct. 2, 2021			Oct. 3, 2020
Net sales	$	391,674		$	395,759		$	316,751		$	1,487,468		$	1,228,999
Cost of sales(A)(B)(C)(D)(E)(F)		239,838			239,776			204,518			918,628			818,125
Gross profit		151,836			155,983			112,233			568,840			410,874
Operating expenses:
Research & development(A)(B)(E)		32,056			31,982			28,821			124,266			115,578
Selling, general & administrative(A)(B)(E)(F)		78,754			78,219			73,081			303,863			270,464
Merger and acquisition costs(G)		1,473			2,578			—			236,047			—
Goodwill and other impairment charges(H)		—			—			—			—			451,025
Amortization of intangible assets(C)		584			1,100			616			2,877			3,987
Total operating expenses		112,867			113,879			102,518			667,053			841,054
Income (loss) from operations		38,969			42,104			9,715			(98,213)			(430,180)
Other income (expense), net(B)(I)		(9,233)			(3,277)			436			(17,325)			(12,543)
Income (loss) before income taxes		29,736			38,827			10,151			(115,538)			(442,723)
Provision (benefit) for income taxes (J)		8,678			8,565			2,462			(8,787)			(28,584)
Net income (loss)	$	21,058		$	30,262		$	7,689		$	(106,751)		$	(414,139)
Net income (loss) per share:
Basic	$	0.86		$	1.24		$	0.32		$	(4.38)		$	(17.18)
Diluted	$	0.85		$	1.22		$	0.32		$	(4.38)		$	(17.18)
Shares used in computations:
Basic		24,472			24,435			24,193			24,390			24,105
Diluted		24,899			24,842			24,360			24,390			24,105

(A)	Stock-based compensation expense included in operating results is summarized below (all footnote amounts are unaudited, in thousands, except per share data):

Stock-based compensation expense		Three Months Ended									Year Ended
		Oct. 2, 2021			Jul. 3, 2021			Oct. 3, 2020			Oct. 2, 2021			Oct. 3, 2020
Cost of sales	$	1,694		$	1,720		$	1,884		$	7,675		$	5,314
Research & development		1,134			1,100			1,554			4,463			4,478
Selling, general & administrative		7,152			7,328			10,273			29,267			34,995
Impact on income (loss) from operations	$	9,980		$	10,148		$	13,711		$	41,405		$	44,787

	For the fiscal quarters ended October 2, 2021, July 3, 2021, and October 3, 2020, the impact on net income (loss), net of tax was $8,696 ($0.35 per diluted share), $8,963 ($0.36 per diluted share), and $11,485 ($0.47 per diluted share), respectively. For the fiscal years ended October 2, 2021 and October 3, 2020, the impact on net income (loss), net of tax was $36,018 ($1.46 per diluted share) and $39,147 ($1.61 per diluted share), respectively.
(B)	Changes in deferred compensation plan liabilities are included in cost of sales and operating expenses while gains and losses on deferred compensation plan assets are included in other income (expense), net.  Deferred compensation expense (benefit) included in operating results is summarized below:

Deferred compensation expense (benefit)		Three Months Ended									Year Ended
		Oct. 2, 2021			Jul. 3, 2021			Oct. 3, 2020			Oct. 2, 2021			Oct. 3, 2020
Cost of sales	$	24		$	22		$	28		$	67		$	150
Research & development		350			461			504			1,399			606
Selling, general & administrative		1,799			2,034			3,614			7,457			4,590
Impact on income (loss) from operations	$	2,173		$	2,517		$	4,146		$	8,923		$	5,346

	For the fiscal quarters ended October 2, 2021, July 3, 2021, and October 3, 2020, the impact on other income (expense), net from gains or losses on deferred compensation plan assets was income of $2,308, $2,744, and $4,735, respectively. For the fiscal years ended October 2, 2021 and October 3, 2020, the impact on other income (expense), net from gains or losses on deferred compensation plan assets was income of $10,040 and $6,351, respectively.
(C)	Amortization of intangibles is included in cost of sales and operating expenses as summarized below:

Amortization of intangibles		Three Months Ended									Year Ended
		Oct. 2, 2021			Jul. 3, 2021			Oct. 3, 2020			Oct. 2, 2021			Oct. 3, 2020
Cost of sales	$	1,975		$	2,009		$	2,346		$	7,856		$	26,141
Amortization of intangible assets		584			1,100			616			2,877			3,987
Impact on income (loss) from operations	$	2,559		$	3,109		$	2,962		$	10,733		$	30,128

	For the fiscal quarters ended October 2, 2021, July 3, 2021, and October 3, 2020, the impact on net income (loss), net of tax was $2,235 net of tax ($0.09 per diluted share), $2,666 net of tax ($0.11 per diluted share), and $2,138 net of tax ($0.09 per diluted share), respectively. For the fiscal years ended October 2, 2021 and October 3, 2020, the impact on net income (loss), net of tax was $9,330 net of tax ($0.38 per diluted share) and $21,879 net of tax ($0.90 per diluted share), respectively.
(D)	For the fiscal quarters ended October 2, 2021 and July 3, 2021, the impact of inventory step-up costs related to acquisitions was $587 ($453 net of tax ($0.02 per diluted share)) and $863 ($641 net of tax ($0.03 per diluted share)), respectively. For the fiscal year ended October 2, 2021, the impact of inventory step-up costs related to acquisitions was $1,450 ($1,094 net of tax ($0.04 per diluted share)).
(E)	For the fiscal quarters ended October 2, 2021, July 3, 2021, and October 3, 2020, the impact of restructuring charges, net of a gain on the sales leaseback of a facility in the quarter ended October 3, 2020, was $3,081 ($2,690 net of tax ($0.11 per diluted share)), $160 ($146 net of tax ($0.01 per diluted share)), and $129 ($226 net of tax ($0.01 per diluted share)), respectively. For the fiscal years ended October 2, 2021 and October 3, 2020, the impact of restructuring charges, net of a gain on the sales leaseback of a facility in the fiscal year ended October 3, 2020, was $12,283 ($10,368 net of tax ($0.42 per diluted share)) and $2,659 ($2,087 net of tax ($0.09 per diluted share)), respectively.
(F)	For the fiscal quarter ended July 4, 2020 and for the fiscal year ended October 3, 2020, selling, general & administrative expense includes an accelerated compensation charge for our former CEO of $941 ($732 net of tax ($0.03 per diluted share)). For the fiscal year ended October 3, 2020, selling, general & administrative expense includes a legal settlement related to an asset recovery of $1,365 ($1,106 net of tax ($0.05 per diluted share)).
(G)	For the fiscal quarters ended October 2, 2021 and July 3, 2021, we incurred merger and acquisitions costs of $1,473 ($1,138 net of tax ($0.04 per diluted share)) and $2,578 ($1,992 net of tax ($0.08 per diluted share)), respectively. For the fiscal year ended October 2, 2021 we incurred merger and acquisitions costs of $236,047 ($182,347 net of tax ($7.43 per diluted share)), including a termination fee paid to Lumentum Holdings Inc. of $217,600.
(H)	For the fiscal year ended October 3, 2020, goodwill and other impairment charges included a $327,203 ($327,203 net of tax ($13.60 per diluted share)) charge for impairment of goodwill, a $121,350 ($94,651 net of tax ($3.90 per diluted share)) charge for impairment of long-lived assets, and a $2,472 ($2,472 net of tax ($0.10 per diluted share)) charge for impairment of an investment.
(I)	For the fiscal quarter and year ended October 2, 2021 other income (expense), net includes a loss from the dissolution of our OR Laser operations of $5,291 ($5,291 net of tax ($0.21 per diluted share)).
(J)	The fiscal quarters ended October 2, 2021, July 3, 2021, and October 3, 2020 included a non-recurring income tax charge of $2,466 ($0.10 per diluted share), $308 ($0.01 per diluted share) and $2,817 ($0.12 per diluted share), respectively. The fiscal years ended October 2, 2021 and October 3, 2020 included non-recurring income tax charge of $13,242 ($0.54 per diluted share) and $615 ($0.03 per diluted share), respectively. The fiscal quarters ended July 3, 2021 and October 3, 2020 included a benefit of $126 ($0.01 per diluted share) and a charge of $149 ($0.00 per diluted share) of excess tax charges (benefits) for employee stock-based compensation, respectively. The fiscal years ended October 2, 2021 and October 3, 2020 included $113 ($0.00 per diluted share) and $930 ($0.04 per diluted share) of excess tax benefits for employee stock-based compensation, respectively.

 

Summarized balance sheet information is as follows (unaudited, in thousands):
		Oct. 2, 2021			Oct. 3, 2020
ASSETS
Current assets:
Cash, cash equivalents, restricted cash and short-term investments	$	458,061		$	476,369
Accounts receivable, net		249,389			220,289
Inventories		392,241			426,756
Prepaid expenses and other assets		79,594			88,250
Total current assets		1,179,285			1,211,664
Property and equipment, net		302,613			245,678
Other assets		407,032			370,154
Total assets	$	1,888,930		$	1,827,496
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term borrowings	$	18,395		$	16,817
Accounts payable		104,539			60,225
Other current liabilities		259,281			191,016
Total current liabilities		382,215			268,058
Other long-term liabilities		638,530			632,214
Total stockholders' equity		868,185			927,224
Total liabilities and stockholders' equity	$	1,888,930		$	1,827,496

 

Reconciliation of GAAP to Non-GAAP net income (loss) (unaudited, in thousands, (other than per share data), net of tax):
		Three Months Ended									Year Ended
		Oct. 2, 2021			Jul. 3, 2021			Oct. 3, 2020			Oct. 2, 2021			Oct. 3, 2020
GAAP net income (loss)	$	21,058		$	30,262		$	7,689		$	(106,751)		$	(414,139)
Stock-based compensation expense		8,696			8,963			11,485			36,018			39,147
Amortization of intangible assets		2,235			2,666			2,138			9,330			21,879
Restructuring charges and other		2,690			146			226			10,368			2,819
Non-recurring tax expense		2,466			308			2,817			13,242			615
Tax charge (benefit) from stock-based compensation expense		—			(126)			149			(113)			(930)
Goodwill and other impairment/asset charges		—			—			—			—			423,220
Purchase accounting step-up amortization		453			641			—			1,094			—
Loss on OR Laser dissolution		5,291			—			—			5,291			—
Merger and acquisition costs		1,138			1,992			—			182,347			—
Non-GAAP net income	$	44,027		$	44,852		$	24,504		$	150,826		$	72,611
Non-GAAP net income per diluted share	$	1.77		$	1.81		$	1.01		$	6.10		$	3.00

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements relating to future events and expectations that are based on certain assumptions and contingencies, including statements regarding the strengthening of our overall financial results, reaching our fiscal 2022 goals and the expected closing timing of the transaction with II-VI Incorporated. The forward-looking statements are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. The forward-looking statements in this document are not guarantees of future results or performance and involve risks, uncertainties and assumptions that could cause actual results, performance, or trends to differ materially from those expressed in the forward-looking statements herein or in previous disclosures.

II–VI and Coherent believe that all forward-looking statements made in this press release have a reasonable basis, but there can be no assurance that management's expectations, beliefs, or projections as expressed in the forward-looking statements will actually occur or prove to be correct. In addition to general industry and global economic conditions, factors that could cause actual results to differ materially from those discussed in the forward-looking statements in this press release include, but are not limited to: (a) with respect to both Coherent's business outlook and the proposed transaction: (i) risks associated with the recovery of global and regional economies from the negative effects of the COVID-19 pandemic and related private and public sector measures; (ii) the impact of COVID-19 related matters on our business and the combined company; (iii) our ability to successfully transfer the manufacturing of our High Power Fiber Lasers and related business and operations between facilities (including in connection with the proposed transaction); (iv) our ability to successfully manage our planned site consolidation projects and other cost reduction programs and to achieve the related anticipated savings and improved operational efficiencies (including in connection with the proposed transaction); and (v) Coherent's ability to provide a safe working environment for members during the COVID-19 pandemic or any other public health crises, including pandemics or epidemics; (b) with respect to Coherent's business outlook: (i) global demand, acceptance and adoption of our products; (ii) the worldwide demand for flat panel displays and adoption of OLED for mobile displays; (iii) the pricing and availability of OLED displays; (iv) the demand for and use of our products in commercial applications; (v) our ability to generate sufficient cash to fund capital spending or debt repayment; (vi) our successful implementation of our customer design wins; (vii) our and our customers' exposure to risks associated with worldwide economic conditions; (viii) our customers' ability to cancel long-term purchase orders; (ix) the ability of our customers to forecast their own end markets; (x) our ability to accurately forecast future periods; (xi) continued timely availability of products and materials from our suppliers; (xii) our ability to timely ship our products and our customers' ability to accept such shipments; (xiii) our ability to have our customers qualify our products; (xiv) worldwide government economic policies, including trade relations between the United States and China; and (xv) our ability to manage our expanded operations; and (c) with respect to the proposed transaction between Coherent and II-VI: (i) the failure of any one or more of the assumptions stated above to prove to be correct; (ii) the conditions to the completion of the proposed transaction between II–VI and Coherent, including the receipt of any required regulatory approvals, and the risks that those conditions will not be satisfied in a timely manner or at all; (iii) the occurrence of any event, change or other circumstances that could give rise to an amendment or termination of the merger agreement relating to the proposed transaction, including the receipt by either party of an unsolicited proposal from a third party; (iv) II–VI's ability to finance the proposed transaction, the substantial indebtedness II–VI expects to incur in connection with the proposed transaction and the need to generate sufficient cash flows to service and repay such debt; (v) the possibility that the combined company may be unable to achieve expected synergies, operating efficiencies and other benefits within the expected time-frames or at all and to successfully integrate Coherent's operations with those of the combined company; (vi) the possibility that such integration may be more difficult, time-consuming or costly than expected or that operating costs and business disruption (including, without limitation, disruptions in relationships with employees, customers or suppliers) may be greater than expected in connection with the proposed transaction; (vii) litigation and any unexpected costs, charges or expenses resulting from the proposed transaction; (viii) the risk that disruption from the proposed transaction materially and adversely affects the respective businesses and operations of II–VI and Coherent; (ix) potential adverse reactions or changes to business relationships resulting from the announcement, pendency or completion of the proposed transaction; (x) the ability of II–VI and Coherent to retain and hire key employees; (xi) the purchasing patterns of customers and end users; (xii) the timely release of new products, and acceptance of such new products by the market; (xiii) the introduction of new products by competitors and other competitive responses; (xiv) II–VI's and Coherent's ability to assimilate recently acquired businesses and realize synergies, cost savings and opportunities for growth in connection therewith, together with the risks, costs, and uncertainties associated with such acquisitions; (xv) II–VI's and Coherent's ability to devise and execute strategies to respond to market conditions; (xvi) the risks to anticipated growth in industries and sectors in which II–VI and Coherent operate; (xvii) the risks to realizing the benefits of investments in research and development and commercialization of innovations; (xviii) the risks that the combined company's stock price will not trade in line with industrial technology leaders; (xix) pricing trends, including II–VI's and Coherent's ability to achieve economies of scale; and/or (xx) uncertainty as to the long-term value of II–VI common stock. Both II–VI and Coherent disclaims any obligation to update information contained in these forward-looking statements, whether as a result of new information, future events or developments, or otherwise.

These risks, as well as other risks associated with the proposed transaction, are more fully discussed in the definitive joint proxy statement/prospectus included in the registration statement on Form S-4 (File No. 333-255547) filed with the U.S. Securities and Exchange Commission (the "SEC"), and thereafter amended, in connection with the proposed transaction (the "Form S-4"). While the list of factors discussed above and the list of factors presented in the Form S-4 are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. For additional information about other factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to II–VI's and Coherent's respective periodic reports and other filings with the SEC, including the risk factors contained in II–VI's and Coherent's most recent Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. Neither Coherent nor II–VI assumes any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.

Important Information and Where You Can Find It

This press release does not constitute an offer to buy or solicitation of an offer to sell any securities. In connection with the proposed transaction, II-VI and Coherent filed with the SEC the Form S-4 on April 27, 2021 (as amended on May 4, 2021 and as supplemented by Coherent in its Form 8-K, as amended, filed with the SEC on June 15, 2021), which includes a joint proxy statement of II-VI and Coherent and that also constitutes a prospectus with respect to shares of II-VI's common stock to be issued in the proposed transaction. The Form S-4 was declared effective on May 6, 2021, and II-VI and Coherent commenced mailing to their respective stockholders on or about May 10, 2021. This press release is not a substitute for the Form S-4, the definitive joint proxy statement/prospectus or any other document II-VI and/or Coherent may file with the SEC in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS OF II-VI AND COHERENT ARE URGED TO READ THE DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS, FORM S-4 AND OTHER DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY IN THEIR ENTIRETY, AS THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders are able to obtain free copies of these documents and other documents filed with the SEC by II-VI and/or Coherent through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with the SEC by Coherent may be obtained free of charge on Coherent's investor relations site at https://investors.coherent.com. Copies of the documents filed with the SEC by II-VI may be obtained free of charge on II-VI's investor relations site at https://ii-vi.com/investor-relations.

No Offer or Solicitation

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

Founded in 1966, Coherent, Inc. is one of the world's leading providers of lasers, laser-based technologies and laser-based system solutions in a broad range of scientific, commercial and industrial customers. Our common stock is listed on the Nasdaq Global Select Market and is part of the Russell 1000 and Standard & Poor's MidCap 400 Index. For more information about Coherent, visit the company's website at www.coherent.com for product and financial updates.

5100 Patrick Henry Dr. P. O. Box 54980, Santa Clara, California 95056–0980 . Telephone (408) 764-4000

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SOURCE Coherent, Inc.

FAQ

What were Coherent's Q4 earnings for fiscal 2021?

Coherent's Q4 FY21 earnings included net sales of $391.7 million and a GAAP net income of $21.1 million.

How did Coherent perform in fiscal year 2021?

In fiscal year 2021, Coherent reported net sales of $1,487.5 million and a net loss of $106.8 million on a GAAP basis.

What was Coherent's non-GAAP EPS for FY21?

Coherent's non-GAAP EPS for FY21 was $6.10, reflecting significant improvement over previous fiscal years.

What drove revenue growth for Coherent in FY21?

Coherent's revenue growth in FY21 was driven by strong performance across most end markets and an increase in bookings.

What is Coherent's stock symbol?

Coherent's stock symbol is COHR.