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II-VI Incorporated reported record revenue of $828 million for the third quarter of fiscal 2022, reflecting a 6% year-over-year increase. Bookings surged to $1.2 billion, an impressive 48% growth compared to the same period last year, resulting in a record backlog of $2.1 billion, up 88%. GAAP EPS stood at $0.28, while non-GAAP EPS was $0.95. The company attributes its growth to strong demand in its datacom networking business and a diversified product portfolio, positioning for further momentum in the upcoming quarter.
II-VI has announced a significant expansion of its ion implanter disk refurbishing services to Asia, particularly in Hsinchu City, Taiwan, expected to launch in July 2022. This multimillion-dollar project is projected to double the company's global disk refurbishing capacity, addressing the acute semiconductor device shortages. By improving turnaround service, II-VI aims to offer clients substantial savings, averaging 30% in ownership costs over original equipment manufacturer services. The company continues to support R&D and manufacturing environments, leveraging its extensive expertise in ion implantation.
II-VI and Coherent Update Merger Timeline
On May 3, 2022, II-VI Incorporated (Nasdaq: IIVI) and Coherent, Inc. (Nasdaq: COHR) announced they have refiled their Premerger Notification with the FTC and DOJ on May 2, 2022. This move initiates a 30-day review period ahead of the anticipated acquisition of Coherent by II-VI. The refiling is part of ongoing discussions with China's SAMR regarding a revised timeline for formal approval. The companies aim to finalize the merger by June 30, 2022, with no other regulatory obstacles reported.
II-VI Incorporated (Nasdaq: IIVI) announced a live webcast and conference call on May 10, 2022, at 9:00 a.m. ET. This event will discuss the third-quarter results for FY 2022, set to be released before market opening. The call will be hosted by key executives including Dr. Chuck Mattera, the CEO. A recording will also be available post-event. II-VI is a leader in engineered materials and optoelectronic components, serving various sectors from communications to aerospace.
II-VI Incorporated (Nasdaq: IIVI) has signed renewable energy contracts for nine U.S. sites, committing to 100% renewable electricity. These agreements will provide 20 million kWh annually and avoid 5,000 metric tons of CO2 emissions. II-VI now sources approximately 30% of its electricity from renewables and aims to increase this annually. This announcement aligns with International Mother Earth Day and highlights II-VI's commitment to sustainability.
II‐VI Incorporated (Nasdaq: IIVI) announced the qualification of its 940 nm VCSEL flood illuminator modules to the AEC-Q102 quality standard for automotive applications. The growing regulatory demand for driver and occupancy monitoring systems in vehicles enhances the need for advanced infrared cameras. II-VI's modules deliver higher optical power with narrower spectral width than current infrared LEDs, boosting 2D imaging performance. Operating across -40°C to 105°C, these modules achieve high power-conversion efficiency and are available in various field of view options, supporting the automotive sector's evolving needs.
II-VI Incorporated (Nasdaq: IIVI) has launched its new L60 laser tool designed for precision shaping of superhard materials like polycrystalline diamond and ceramics. This tool utilizes a patent-pending process that offers a more cost-effective solution compared to traditional electrical-discharge machining (EDM) methods, particularly as diamond component usage increases. The L60 boasts surface precision capabilities down to ten microns, enhancing processing yields for ultrathin diamond layers. This tool complements the existing L45 model, which has demonstrated consistent high-quality performance.
II-VI's 400G ZR+ pluggable modules have showcased remarkable performance in recent 1000 km field trials conducted by Windstream Wholesale.
The trials exhibited a high transmit power of 0dBm with strong operational margins, validating performance across a production network and laboratory settings. II-VI’s modules simplify network design, reducing costs and complexity for Windstream’s operations. Power consumption was impressively low, below 20 watts per module. This collaboration enhances II-VI's development of next-gen transceivers, ensuring competitiveness in optical technology.
II-VI Incorporated (Nasdaq: IIVI) announced a major $1 billion investment in silicon carbide (SiC) over the next decade. This initiative includes large-scale factory expansions in Easton, Pennsylvania, and Kista, Sweden. By 2027, the Pennsylvania site aims to produce the equivalent of 1 million 150 mm SiC substrates annually, significantly enhancing its manufacturing capacity. The expansion will cater to the growing demand for SiC power electronics, essential for electric vehicles and renewable energy applications.
II-VI Incorporated (Nasdaq: IIVI) announced a $1 million contribution to the II-VI Foundation for 2022, marking its second consecutive year of support. The Foundation's mission is to promote STEM education, providing scholarships and funding for research initiatives. Since its inception in 2007, the Foundation has awarded over $30.6 million, impacting over 16,700 students and leading to the awarding of 71 Ph.D. and 42 M.S. degrees. This pledge aligns with II-VI's ESG initiatives aimed at fostering diversity in technical fields.
