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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 reported its Q4 and FY2021 financial results, with revenue hitting $327.8 million. The company achieved record gross margins, with GAAP at 52.1% and non-GAAP at 57.5%. GAAP diluted EPS stood at $0.48 and non-GAAP at $2.18. For FY2021, net revenue was flat at $1.34 billion, while net income decreased to $79.6 million or $2.08 per diluted share. Looking forward to Q1 FY2022, Synaptics expects revenue between $355 million and $385 million, with gross margins projected at 52.0% to 53.5%.
Synaptics Incorporated (NASDAQ: SYNA) has appointed Patricia Kummrow to its Board of Directors, effective July 27, 2021. Kummrow brings extensive experience from her roles at Intel Corporation and Hewlett-Packard, where she held senior management positions. Her background in engineering and knowledge of the semiconductor industry are expected to strengthen the board's expertise. Nelson Chan, Chairperson of the Board, emphasized her valuable skillset, which aligns with Synaptics' mission to enhance user experiences with connected devices.
Synaptics (SYNA) will announce its fiscal Q4 2021 financial results on August 5, 2021, after market close. A conference call for analysts and investors will take place at 2:00 p.m. PT, where management may discuss forward-looking information. Participation requires calling 1-833-614-1539 at least ten minutes prior. The call will also be available via a live and archived webcast on Synaptics' Investor Relations website. A telephonic replay will be accessible until August 13, 2021.
Synaptics Incorporated (Nasdaq: SYNA) has announced the integration of its Rio OLED touch controllers into the latest flagship smartphones from Oppo and OnePlus, enhancing touch performance on LTPO-enabled OLED displays. This technology allows for variable refresh rates, optimizing power efficiency and ensuring a seamless user experience without interference. Independent reviews highlight remarkable battery performance with the OnePlus 9, achieving over 10 hours on rigorous testing. Synaptics aims to lead in LTPO technology, addressing challenges previously limiting its wide adoption.
Synaptics (Nasdaq: SYNA) announced an irrevocable notice of redemption for its outstanding 0.50% Convertible Senior Notes totaling $525 million, due June 15, 2022. The redemption will occur on August 4, 2021, at 100% of the principal amount plus accrued interest. Noteholders can convert their notes until August 3, 2021, at a conversion rate of 13.7267 shares per $1,000 principal. The company plans to fund the cash component of the redemption and conversions using available cash. This announcement does not constitute an offer to buy or sell securities.
Synaptics Unveils AI-Enabled Touch Controller Juneau
On May 20, 2021, Synaptics (SYNA) announced Juneau, the first AI-enabled touch controller for OLED smartphones, enhancing performance and power efficiency. Key features include a 13-bit ADC for improved signal resolution, host-based processing enabling report rates over 300Hz, and an AI-based Face Detect function that eliminates the separate IR-proximity sensor, reducing BOM costs. Juneau is already qualified for mass production by major OLED manufacturers like Samsung Display Corporation, BOE, and LG Display, marking a significant advancement in smartphone technology.
Synaptics reported strong Q3 fiscal 2021 results, with revenue of $325.8 million and a GAAP gross margin of 47.7%. The non-GAAP gross margin reached a record 55.1%, while GAAP diluted EPS was $0.35 and non-GAAP diluted EPS was $2.03. Cash flow from operations hit a record $136.4 million. The company anticipates continued strength in Q4 with expected revenue between $310 million and $340 million, and a gross margin of 50.0% to 52.0%.
Synaptics (SYNA) will announce its fiscal Q3 2021 financial results on May 6, 2021, after market close. A conference call for analysts and investors will follow at 2:00 PM PT. Participants can join by calling 1-833-614-1539 with conference ID 8343487. The call will also be available via a live and archived webcast on Synaptics' investor relations website. Synaptics is focused on enhancing user engagement across various devices, integrating advanced technologies in touch, display, and biometrics.
Synaptics has announced its Selene family of ultra-slim fingerprint sensors will be integrated into Lenovo's ThinkPad X1 Carbon Gen 9 notebook. This biometric solution allows users to power on and authenticate their devices with a simple touch, enhancing security. The Match-in-Sensor™ technology isolates fingerprint data for improved protection against device threats. The collaboration aims to provide a sleek design while addressing security needs in remote work environments. The Selene sensor is also compliant with Microsoft Secure Bio and FIDO standards.
Synaptics (SYNA) has announced a private offering of $400 million in senior unsecured notes, maturing in 2029, with a fixed interest rate of 4% per year. The proceeds, estimated at $393.9 million after costs, will be used primarily to repay $100 million in revolving credit and to address part of its existing convertible senior notes due in 2022. The offering will settle on March 11, 2021, under SEC regulations.
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