CyberOptics Reports Record Second Quarter Sales
CyberOptics Corporation (Nasdaq: CYBE) announced record sales of $25.2 million for Q2 2021, marking a 58% increase from Q2 2020's $16.0 million. Net income rose to $3.1 million, or $0.41 per diluted share, compared to $1.6 million or $0.22 per diluted share a year earlier. Strong demand for its 3D Multi-Reflection Suppression™ (MRS™) sensors and wafer sensors fueled growth. The backlog reached a record $45.3 million, and third-quarter sales are projected between $25 million to $28 million.
- Record Q2 2021 sales of $25.2 million, up 58% from $16 million in Q2 2020.
- Net income increased to $3.1 million ($0.41 per diluted share) from $1.6 million ($0.22 per diluted share) year-over-year.
- Sales growth across all product lines, particularly in 3D MRS sensors and semiconductor sensors.
- Record backlog of $45.3 million as of June 30, 2021.
- Expected lower sequential sales in Q4 2021 due to normal quarterly variability, specifically no revenue from MX memory module systems.
CyberOptics Corporation (Nasdaq: CYBE) today reported record sales of
Dr. Subodh Kulkarni, president and chief executive officer, said, “CyberOptics’ second quarter sales, which exceeded our guidance for this period, were driven by strong, double-digit sales growth from each of our product lines. Our industry-leading 3D Multi-Reflection Suppression™ (MRS™)-based sensing and inspection products and semiconductor sensors are enabling CyberOptics to take optimum advantage of the robust capital spending environment in our targeted electronics and semiconductor markets. We believe this market strength will continue into the foreseeable future, making us optimistic about our performance in coming quarters.”
Sales of 3D and 2D sensors increased
Sales of WaferSense® semiconductor sensors increased
Sales of inspection and metrology systems rose
CyberOptics’ backlog at June 30, 2021 totaled a record
Kulkarni added, “Our advanced technology platforms have positioned CyberOptics to continue capitalizing upon the attractive growth opportunities in our electronics and semiconductor markets. This makes us confident about our prospects going forward.”
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.
Second Quarter 2021 Conference Call and Replay
CyberOptics will review its second quarter operating results in a conference call at 4:30 P.M. Eastern today. Investors can access the live call by dialing toll-free 866-248-8441 prior to the start of the call and providing the conference ID: 9180687. 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: 9180687. The replay will be available for 30 days.
CyberOptics Corporation | ||||||
Consolidated Statements of Operations (Unaudited) | ||||||
(In thousands, except per share amounts) | Three Months Ended June 30, |
Six Months Ended June 30, |
||||
2021 |
2020 |
2021 |
2020 |
|||
Revenue |
|
|
|
|
|
|
Cost of revenue | 14,095 |
8,682 |
|
23,448 |
17,828 |
|
Gross margin | 11,109 |
7,314 |
|
19,488 |
14,597 |
|
Research and development expenses | 2,753 |
2,182 |
|
5,514 |
4,577 |
|
Selling, general and administrative expenses | 4,695 |
3,659 |
|
8,583 |
7,818 |
|
Income from operations | 3,661 |
1,473 |
|
5,391 |
2,202 |
|
Interest income and other | 38 |
64 |
|
60 |
328 |
|
Income before income taxes | 3,699 |
1,537 |
|
5,451 |
2,530 |
|
Provision (benefit) for income taxes | 590 |
(96 |
) |
901 |
53 |
|
Net income |
|
|
|
|
|
|
Net income per share - Basic |
|
|
|
|
|
|
Net income per share - Diluted |
|
|
|
|
|
|
Weighted average shares outstanding - Basic | 7,299 |
7,198 |
|
7,296 |
7,177 |
|
Weighted average shares outstanding - Diluted | 7,517 |
7,447 |
|
7,490 |
7,407 |
|
Condensed Consolidated Balance Sheets | ||||||
June 30, 2021 | Dec. 31, 2020 | |||||
(Unaudited) | ||||||
Assets | ||||||
Cash and cash equivalents |
|
|
||||
Marketable securities | 7,249 |
8,121 |
||||
Accounts receivable, net | 22,011 |
14,735 |
||||
Inventories | 23,266 |
20,271 |
||||
Other current assets | 1,730 |
1,576 |
||||
Total current assets | 63,823 |
53,102 |
||||
Marketable securities | 15,230 |
14,052 |
||||
Long-term trade notes receivable | 271 |
418 |
||||
Intangibles and goodwill, net | 1,749 |
1,691 |
||||
Equipment and leasehold improvements | 3,295 |
3,235 |
||||
Right-of-use assets (operating leases) | 2,334 |
2,621 |
||||
Deferred tax assets | 4,233 |
4,597 |
||||
Total assets |
|
|
||||
Liabilities and Stockholders' Equity | ||||||
Accounts payable |
|
|
||||
Accrued expenses | 5,119 |
4,716 |
||||
Current operating lease liabilities | 841 |
819 |
||||
Total current liabilities | 17,061 |
10,653 |
||||
Other liabilities | 470 |
291 |
||||
Long-term operating lease liabilities | 2,813 |
3,244 |
||||
Total liabilities | 20,344 |
14,188 |
||||
Total stockholders' equity | 70,591 |
65,528 |
||||
Total liabilities and stockholders' equity |
|
|
||||
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FAQ
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