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Synaptics Inc. (NASDAQ: SYNA) is leading the revolution in human interface solutions for intelligent devices. Specializing in touch, display, and biometrics, Synaptics offers a broad portfolio of products that enhance user experiences across mobile, PC, automotive, and IoT sectors. The company's cutting-edge technologies power interfaces for touch, display, fingerprint, video, audio, voice, AI, and connectivity functions, ensuring intuitive interactions with electronic devices.
Synaptics leverages a robust R&D foundation and extensive intellectual property to deliver innovative solutions that combine functionality, ease of use, and aesthetic appeal. The company derives a significant portion of its revenue from China and operates in a single segment dedicated to developing, marketing, and selling semiconductor products used in various electronic devices.
Recent financial results indicate a period of stabilization and strategic growth. For the first quarter of fiscal 2024, Synaptics reported net revenue of $237.7 million and a GAAP net loss of $55.6 million. However, on a non-GAAP basis, the company achieved a net income of $20.3 million. In the second quarter, Synaptics' net revenue was $237.0 million, with a GAAP net loss of $9.0 million and a non-GAAP net income of $22.5 million. The third quarter continued this trend with net revenue of $237.3 million and a GAAP net loss of $18.1 million, but a non-GAAP net income of $21.0 million.
Synaptics is proactively addressing inventory challenges and focusing on growth in its Core IoT segment, particularly with its wireless product family. The recent launch of the Astra™ platform positions the company to capitalize on a $20 billion market opportunity for embedded edge AI processors in IoT devices.
The company's strategic partnerships and product innovations, such as the collaboration with Valens Semiconductor and Good Way Technology, demonstrate its commitment to expanding its market presence and delivering advanced connectivity solutions. Synaptics' DisplayLink technology, integrated into new products, offers simplified, cost-effective solutions for video conferencing and video wall markets.
With a strong balance sheet and positive cash flow, Synaptics is well-equipped to invest in future growth and navigate macroeconomic challenges. The company's long-term initiatives, including advancements in AI and connectivity technologies, are set to drive sustained growth and innovation in the coming years.
Synaptics (NASDAQ: SYNA) has appointed Vivie “YY” Lee to its Board of Directors, effective January 10, 2022. Ms. Lee possesses extensive experience in executive leadership within the technology sector, having held significant roles at companies like Anaplan and Cadence Systems. She is currently an independent director and consultant and has a mathematics background, enriching her strategic insights. Nelson Chan, Chairperson of the Board, welcomed her, stating her diverse skillset and board experience will be invaluable to Synaptics.
Synaptics has launched its S9A0H ASIC TouchPad™ solution, ensuring the highest level of firmware security compliant with NIST SP800-193. This product is designed to enhance security for PCs, especially in work-from-anywhere settings. It features advanced firmware security processes, including OS-independent protection, automatic recovery from corruption, and AI-enhanced algorithms for improved user experience. The S9A0H is compatible with both Microsoft Windows and Google Chromebook, addressing the growing need for cybersecurity and productivity in modern workplaces.
Synaptics has launched the Spyder family, the first single-chip DisplayPort/USB Type-C-to-HDMI 2.1 and HDMI 2.0 video protocol converters. This ultra-low-power solution meets the demand for high-resolution displays, ensuring efficient integration into devices. Verified by Intel, AMD, and NVIDIA, the chips provide a compact path to HDMI connectivity with reduced power consumption. The total addressable market for discrete protocol adapters is expected to reach 80.8 million units in 2022. The Spyder converters support high-quality video and are now in mass production.
Synaptics (NASDAQ: SYNA) announced that Askey is utilizing its Multimedia VS680 SoC in the OmniEdge Smart Signage solution, enhancing AI-driven interactivity. The VS680 platform features dual cameras and a neural processing unit, improving user engagement in kiosks and PoS systems. Key functionalities include biometric security and personalized interactions through smart framing and voice recognition. Askey's OmniEdge will debut in Taiwan's bus stations and tourist kiosks, reflecting a strategic move into the rapidly evolving digital signage market.
Synaptics (SYNA) announced the integration of its innovative Katana platform into Lenovo's Yoga Tab 11, delivering AI-enhanced voice processing capabilities. The Katana system-on-chip leverages advanced neural networks, enabling far-field noise suppression and acoustic echo cancellation, ensuring high-quality voice recognition in noisy environments. This collaboration, which continues a successful partnership between the two companies, aims to improve user interaction through energy-efficient technology. Future enhancements like biometric identification are also anticipated, broadening the scope of the Katana platform.
Synaptics (Nasdaq: SYNA) will participate in two upcoming investor conferences. Dean Butler, CFO, will present at the J.P. Morgan 20th Annual Tech/Auto Forum on January 5, 2022, at 1:00 PM PT, with a webcast available online. Michael Hurlston, CEO, will present at the 24th Annual Needham Virtual Growth Conference on January 12, 2022, at 11:45 AM PT, also offering a webcast. Synaptics focuses on enhancing user experiences through innovative technologies.
Synaptics (SYNA) has completed its acquisition of DSP Group for approximately $549 million in cash. This acquisition, first announced in August 2021, enhances Synaptics' portfolio in AI and voice processing technologies. The integration of DSP Group's SmartVoice and ULE wireless technologies is expected to drive cross-selling opportunities and improve Synaptics' offerings for smart connected devices. The acquisition will be financed through a $600 million senior secured term loan, with updated guidance for Q2 FY2022 projecting revenue of $410 million to $430 million and non-GAAP EPS of $3.00 to $3.20.
Synaptics Incorporated (Nasdaq: SYNA) has announced its participation in several upcoming investor conferences. CFO Dean Butler will present at Credit Suisse’s 25th Annual Technology Conference on November 30, 2021, at 2:05 PM PT, and will also present at the 5th Annual Virtual Wells Fargo TMT Summit on December 1, 2021, at 7:40 AM PT. Additionally, Butler will attend the UBS Global TMT Virtual Conference on December 7, 2021. Synaptics continues to innovate in touch, display, and biometrics technologies, enhancing user experiences across various sectors.
Synaptics Incorporated (SYNA) announced strong Q1 FY2022 results, reporting revenue of $372.7 million, exceeding expectations. The company achieved a record GAAP gross margin of 53.2% and a record non-GAAP gross margin of 58.0%. GAAP diluted EPS was $0.99, while non-GAAP diluted EPS hit $2.68. Notably, IoT revenue soared 70% YoY, constituting 55% of Q1 revenue. Looking ahead, Synaptics forecasts Q2 revenue between $390 million and $420 million and anticipates continued strong demand for its IoT products despite ongoing semiconductor supply constraints.
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