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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 (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.
Synaptics has launched the AudioSmart AS33970 headset platform, the first single-chip solution enabling both Environmental Noise Cancellation (ENC) and Active Noise Cancellation (ANC). This innovative architecture significantly reduces system cost, size, and complexity while improving battery life by 35-55% compared to existing wireless headsets. The AS33970 also necessitates fewer components, making it lighter and more comfortable. This platform meets the Microsoft Teams™ Open Office Premium specification without the need for a boom mic.
Synaptics Incorporated (Nasdaq: SYNA) will report its financial results for Q1 fiscal 2022 on November 4, 2021, after market hours. The company will conduct a conference call at 2:00 p.m. PT (5:00 p.m. ET) to discuss these results and may provide forward-looking insights. Analysts and investors can join the call by dialing 1-833-614-1539, using conference ID 9484096. An archived webcast will be available on Synaptics' website after the call.
Synaptics (SYNA) has partnered with Edge Impulse to advance machine learning on embedded devices. The collaboration integrates Synaptics' Katana Ultra Low-Power Edge AI Platform with Edge Impulse's software to expedite the development of custom AI models for IoT applications. The partnership aims to enhance the efficiency of developing low-power AI devices, reducing model creation time to as little as five minutes without coding. An evaluation kit will be available by the end of 2021, allowing customers to optimize machine learning models using their datasets.
Synaptics (Nasdaq: SYNA) announced its participation in three upcoming investor conferences. CFO Dean Butler will attend the Jefferies Virtual Semiconductor Summit on August 31, 2021 and the Colliers Securities’ 2021 Institutional Investor Conference on September 9, 2021. Additionally, Butler and CEO Michael Hurlston will present at the Deutsche Bank Technology Conference on September 10, 2021, at 2:45 PM PT. For online access to the Deutsche Bank conference, a webcast will be available.
Synaptics (SYNA) announced its acquisition of DSP Group for $22.00 per share in an all-cash deal, approved by both boards. This acquisition is expected to generate $30 million in annual synergies within a year and is immediately accretive to Synaptics' non-GAAP earnings. The transaction will be financed through cash reserves and incremental debt, projected to close by the end of 2021 pending shareholder approval. DSP Group specializes in voice and wireless chipsets, which align with Synaptics' IoT and AI initiatives.
Synaptics (Nasdaq: SYNA) has announced its participation in two investor conferences. The first is at the Rosenblatt Securities Technology Summit on August 24, 2021, featuring SVP & Chief Strategy Officer Satish Ganesan and CFO Dean Butler at 11:00 AM PT. The second, the BMO 2021 Technology Summit, will have CFO Dean Butler presenting on August 25, 2021, also at 11:00 AM PT. Investors can access the webcasts via the provided links.
Synaptics focuses on enhancing user experiences across various connected devices, integrating advanced technologies in touch, display, and biometrics.
Synaptics (Nasdaq: SYNA) has announced participation in two investor conferences scheduled for August 2021. CEO Michael Hurlston will present at the KeyBanc Capital Markets Technology Leadership Forum on August 10 at 11:20 AM ET. CFO Dean Butler will attend the Oppenheimer 24th Annual Technology, Internet & Communications Conference on August 11. Synaptics specializes in enhancing user interactions with connected devices by integrating advanced connectivity and AI technologies.
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