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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 has launched the SmartBridge SB7900 local dimming IC, enhancing automotive LCDs with larger displays, higher contrast, and lower power consumption. This AEC-Q100 Grade 2-qualified IC integrates seamlessly with Synaptics' TDDI ICs, optimizing performance for displays up to 30 inches and resolutions up to 6K, providing greater image quality and flexibility. Key features include full-array local dimming capable of contrast ratios up to 10000:1 and programmability for enhanced image visibility. The SB7900 is currently being sampled to select customers.
Synaptics has launched KatanaConnect™, the first ultra-miniature System on Module (SoM) combining low-power Edge AI capabilities with Wi-Fi/Bluetooth connectivity. Developed with Ampak, this ready-to-use solution supports AI features in IoT devices, targeting home automation, security, and industrial applications. Measuring 33 x 32 mm, it integrates the Katana SoC with a Wi-Fi/Bluetooth combo IC, and will be available in Q1 2023. The module simplifies product development for OEMs by enabling easy integration of AI sensing technology.
Synaptics Incorporated (SYNA) reported Q1 2023 revenue of $448.1 million, a 20% increase year-over-year. The GAAP diluted EPS stood at $1.59, with a non-GAAP EPS of $3.52. Notable achievements include record GAAP gross margin of 57.1% and non-GAAP gross margin of 62.6%. Looking ahead, Synaptics expects revenue to decrease to $350M to $380M due to cautious customer demand amid macroeconomic challenges.
Synaptics (SYNA) announced its acquisition of Emza Visual Sense Ltd., a leader in ultra-low-power AI visual sensing solutions. This strategic move enhances Synaptics’ position in the Edge AI market and enables the company to immediately address human presence detection applications in the PC sector. The integration of Emza’s machine learning algorithms and Synaptics’ Katana AI SoC platform aims to improve user security and privacy. The team from Emza will join Synaptics in Israel, with the technology already available for deployment.
Synaptics (SYNA) will release its financial results for Q1 FY2023 on November 3, 2022, after market close. The company will host a conference call at 2:00 PM PT (5:00 PM ET) to discuss the results and forward-looking information, encouraging pre-registration for participation. A live and archived webcast will also be available on their Investor Relations webpage. Synaptics focuses on enhancing user engagement with connected devices through advanced technologies in touch, display, biometrics, and AI.
Synaptics (SYNA) has been added to the PHLX Semiconductor Sector Index, effective September 19, 2022. This inclusion acknowledges the company's strong fundamentals and future potential within the semiconductor industry. Michael Hurlston, CEO of Synaptics, highlighted their transformation into a leading IoT semiconductor provider over the past three years. The PHLX Index measures the performance of the 30 largest US-listed semiconductor companies, indicating a significant milestone for Synaptics and its employees in the competitive semiconductor market.
Synaptics (SYNA) has announced the launch of WNC's Smart Display platform, which uses the VS600 series processor and SyNAP™ framework. This innovative platform delivers advanced functionality including biometrics via face and voice identification, interactive gaming, augmented reality, and AI-assisted wellness. The launch aims to enhance user interaction across various devices such as monitors and kitchen appliances.
Synaptics' technology is designed to transform display devices into interactive platforms, catering to multiple market segments.
Synaptics (SYNA) announced that Hisense has selected its DBM10L with a dedicated NPU for the first AI-enabled always-on voice remote control, EFR3B86H, compatible with the 65A9H 4K OLED TV. The DBM10L offers high-performance edge-AI processing, enabling a seamless voice interaction experience in smart homes. This innovation addresses power consumption challenges, providing extended operation on just one pair of AAA batteries. The DBM10L's ultra-low-power voice engine enhances the user experience with advanced noise suppression and wake word detection, reinforcing Synaptics' commitment to next-gen technology.
Synaptics Inc. (SYNA) announced the availability of its Katana ultra-low-power Edge AI SoC platform evaluation kit within Edge Impulse’s Studio. This integration allows developers to create and optimize machine learning models tailored for low-power IoT applications, enhancing capabilities like object recognition and sound detection. The Katana platform features a multi-core architecture, combining advanced Wi-Fi and Bluetooth solutions with sensors for seamless application development. This collaboration is aimed at accelerating AI deployment across industrial and consumer sectors.
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