CyberOptics Reports Strong Third Quarter Results
CyberOptics Corporation (Nasdaq: CYBE) reported third-quarter 2020 sales of $20.8 million, a 68% increase from $12.4 million in Q3 2019. Net income surged to $1.8 million or $0.24 per diluted share, compared to a net loss of $353,000 in the prior year. Growth was fueled by strong demand for MRS™-enabled 3D SQ3000™ systems and 2D MX600™ inspection systems. Notably, 3D MRS sales rose 95% year-over-year to $8.9 million. Despite this, the company anticipates a decline in sales for Q4 2020, forecasting revenue between $15.5 million and $17.0 million.
- Q3 2020 sales increased 68% YoY to $20.8 million.
- Net income improved to $1.8 million from a loss of $353,000 in Q3 2019.
- Sales of MRS-enabled products rose 95% YoY to $8.9 million.
- Inspection systems sales surged 141% YoY to $13.3 million.
- Order backlog of $17.7 million at the end of Q3.
- Forecasted sales decline in Q4 2020 compared to Q3 2020.
- Order backlog decreased from $24.8 million in Q2 to $17.7 million in Q3.
MINNEAPOLIS--(BUSINESS WIRE)--CyberOptics Corporation (Nasdaq: CYBE) today reported sales of
Dr. Subodh Kulkarni, president and chief executive officer, commented, “CyberOptics’ third quarter performance was driven by strong sales of Multi-Reflection Suppression™ (MRS™)-enabled 3D SQ3000™ Multi-Function inspection systems and 2D MX600™ memory module inspection systems to micro LED and memory customers. We believe CyberOptics has attained a leadership position in the high-growth markets for micro LED inspection and metrology and memory module inspection. In addition, our third quarter revenue growth benefited from robust sales of MRS-enabled 3D sensors to OEM customers. It also should be noted that our 3D MRS-enabled sensors for wafer level and advanced packaging applications were sold to several new customers in the third quarter.”
Sales of sensors and inspection and metrology systems based on 3D MRS technology increased
Sales of inspection and metrology systems increased
Sales of 3D and 2D sensors increased
During the third quarter, CyberOptics garnered two new system integrator customers for its 3D NanoResolution MRS™ sensor for wafer level and advanced packaging applications. Moreover, customer demonstrations of the recently introduced MRS-enabled WX3000™ Metrology and Inspection system that incorporates the NanoResolution sensor commenced in the third quarter. Sales of both the NanoResolution sensor and WX system are forecasted to ramp up steadily in 2021. CyberOptics believes these advanced products have positioned the company to capitalize upon significant growth opportunities in the areas of wafer-level and advanced packaging inspection and metrology.
Sales of semiconductor sensors in the third quarter of 2020 increased
CyberOptics ended the third quarter of 2020 with an order backlog of
Kulkarni said: “Through our array of advanced technologies, we are confident that CyberOptics is positioned to take advantage of the high-growth opportunities in our markets. This makes us optimistic about CyberOptics’ future.”
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-enabled 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 inspection and measurement systems and products for semiconductor advanced packaging 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; and other factors set forth in the Company’s filings with the Securities and Exchange Commission. |
Third Quarter 2020 Conference Call and Replay
CyberOptics will review its third quarter operating results in a conference call at 4:30 P.M. Eastern today. Investors can access the live call by dialing toll-free 800-437-2398 prior to the start of the call and providing the conference ID: 8105826. 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: 8105826. The replay will be available for 30 days.
| CyberOptics Corporation | ||||||||||
| Consolidated Statements of Operations (Unaudited) | ||||||||||
| (In thousands, except per share amounts) | Three Months Ended September 30, |
Nine Months Ended September 30, |
||||||||
2020 |
2019 |
2020 |
2019 |
|||||||
| Revenue |
|
|
|
|
|
|
||||
| Cost of revenue | 12,125 |
|
6,885 |
|
29,953 |
23,290 |
||||
| Gross margin | 8,695 |
|
5,506 |
|
23,292 |
19,121 |
||||
| Research and development expenses | 2,403 |
|
2,408 |
|
6,980 |
6,950 |
||||
| Selling, general and administrative expenses | 4,082 |
|
3,855 |
|
11,900 |
11,779 |
||||
| Income (loss) from operations | 2,210 |
|
(757 |
) |
4,412 |
392 |
||||
| Interest income and other | (2 |
) |
170 |
|
326 |
306 |
||||
| Income (loss) before income taxes | 2,208 |
|
(587 |
) |
4,738 |
698 |
||||
| Provision (benefit) for income taxes | 409 |
|
(234 |
) |
462 |
92 |
||||
| Net income (loss) |
|
|
( |
) |
|
|
||||
| Net income (loss) per share - Basic |
|
|
( |
) |
|
|
||||
| Net income (loss) per share - Diluted |
|
|
( |
) |
|
|
||||
| Weighted average shares outstanding - Basic | 7,240 |
|
7,117 |
|
7,198 |
7,108 |
||||
| Weighted average shares outstanding - Diluted | 7,519 |
|
7,117 |
|
7,445 |
7,245 |
||||
| Condensed Consolidated Balance Sheets | ||||||
| (In thousands) | September 30, 2020 | December 31, 2019 | ||||
| (Unaudited) | ||||||
| Assets | ||||||
| Cash and cash equivalents |
|
|
||||
| Marketable securities | 8,549 |
8,295 |
||||
| Accounts receivable, net | 18,167 |
16,059 |
||||
| Inventories | 21,285 |
15,580 |
||||
| Other current assets | 2,368 |
1,579 |
||||
| Total current assets | 56,034 |
47,349 |
||||
| Marketable securities | 13,703 |
12,168 |
||||
| Equipment and leasehold improvements, net | 3,237 |
3,341 |
||||
| Intangibles and goodwill, net | 1,652 |
1,676 |
||||
| Right-of-use assets (operating leases) | 2,710 |
2,111 |
||||
| Trade notes receivable - long term | 532 |
962 |
||||
| Deferred tax assets | 4,658 |
4,992 |
||||
| Total assets |
|
|
||||
| Liabilities and Stockholders' Equity | ||||||
| Accounts payable |
|
|
||||
| Accrued expenses | 4,443 |
3,071 |
||||
| Current operating lease liabilities | 769 |
688 |
||||
| Total current liabilities | 15,263 |
10,782 |
||||
| Other liabilities | 300 |
352 |
||||
| Long-term operating lease liabilities | 3,424 |
3,141 |
||||
| Total liabilities | 18,987 |
14,275 |
||||
| Total stockholders' equity | 63,539 |
58,324 |
||||
| Total liabilities and stockholders' equity |
|
|
