Growth Driven by Robust Sales to Micro LED
and Memory Customers
CyberOptics Corporation (Nasdaq: CYBE) today reported sales of
$20.8 million for the third quarter of 2020 ended September 30, an
increase of 68% from $12.4 million in the third quarter of 2019.
Net income for the third quarter of 2020 was $1.8 million or $0.24
per diluted share, compared to the net loss of $353,000 or $0.05
per share in the year-earlier period.
Dr. Subodh Kulkarni, president and chief executive officer,
commented, “CyberOptics’ third quarter performance was driven by
strong sales of Multi-Reflection Suppression™ (MRS™)-enabled 3D
SQ3000™ Multi-Function inspection systems and 2D MX600™ memory
module inspection systems to micro LED and memory customers. We
believe CyberOptics has attained a leadership position in the
high-growth markets for micro LED inspection and metrology and
memory module inspection. In addition, our third quarter revenue
growth benefited from robust sales of MRS-enabled 3D sensors to OEM
customers. It also should be noted that our 3D MRS-enabled sensors
for wafer level and advanced packaging applications were sold to
several new customers in the third quarter.”
Sales of sensors and inspection and metrology systems based on
3D MRS technology increased 95% year-over-year to $8.9 million in
the third quarter of 2020. These MRS-based products, together with
semiconductor sensors, accounted for 61% of total revenue in the
third quarter of 2020, compared to 66% in the year-earlier period.
The modest percentage decline was attributable largely to higher
sales of 2D MX600 memory module inspection systems in this year’s
third quarter.
Sales of inspection and metrology systems increased 141%
year-over-year to $13.3 million in the third quarter of 2020.
Within this category, sales of SQ3000 Multi-Function systems
increased 109% year-over-year to $6.9 million in the third quarter.
Micro LED-related SQ3000 sales totaled $2.2 million in the third
quarter of 2020. Approximately $1.1 million of this total was
attributable to the $2.5 million order that was received in the
second quarter. Shipments of the remaining $1.4 million of SQ
systems from this order are expected in this year’s fourth quarter.
In addition, CyberOptics received customer acceptances for $3.3
million of 2D MX600 memory module inspection systems in the third
quarter of 2020. Customer acceptances for $1.6 million of MX600
systems are anticipated in the fourth quarter. Additional orders
for SQ3000 Multi-Function systems for micro LED inspection and
metrology and 2D and 3D MX systems for memory module inspection are
anticipated in the future. Sales of inspection and metrology
systems are forecasted to decline on a year-over-year basis in this
year’s fourth quarter due to normal quarter-to-quarter
variation.
Sales of 3D and 2D sensors increased 15% year-over-year to $3.6
million in the third quarter of 2020. Growth in the current quarter
was driven by sales of 3D MRS-enabled sensors, which rose 59%
year-over-year to $2.0 million. Sales of 3D and 2D sensors are
expected to decline on a year-over-year basis in this year’s fourth
quarter.
During the third quarter, CyberOptics garnered two new system
integrator customers for its 3D NanoResolution MRS™ sensor for
wafer level and advanced packaging applications. Moreover, customer
demonstrations of the recently introduced MRS-enabled WX3000™
Metrology and Inspection system that incorporates the
NanoResolution sensor commenced in the third quarter. Sales of both
the NanoResolution sensor and WX system are forecasted to ramp up
steadily in 2021. CyberOptics believes these advanced products have
positioned the company to capitalize upon significant growth
opportunities in the areas of wafer-level and advanced packaging
inspection and metrology.
Sales of semiconductor sensors in the third quarter of 2020
increased 4% year-over-year to $3.8 million. Fourth quarter sales
of these yield and process improvement products are forecasted to
grow by double digits on a year-over-year basis.
CyberOptics ended the third quarter of 2020 with an order
backlog of $17.7 million, compared to backlog of $24.8 million at
the end of this year’s second quarter. The company is forecasting
sales of $15.5 to $17.0 million for the fourth quarter of 2020
ending December 31.
Kulkarni said: “Through our array of advanced technologies, we
are confident that CyberOptics is positioned to take advantage of
the high-growth opportunities in our markets. This makes us
optimistic about CyberOptics’ future.”
About CyberOptics
CyberOptics Corporation (www.cyberoptics.com) is a leading
global developer and manufacturer of high-precision 3D sensing
technology solutions. CyberOptics’ sensors are used for inspection
and metrology in the SMT and semiconductor markets to significantly
improve yields and productivity. By leveraging its leading edge
technologies, the Company has strategically established itself as a
global leader in high precision 3D sensors, allowing CyberOptics to
further increase its penetration of key vertical markets.
Headquartered in Minneapolis, Minnesota, CyberOptics conducts
worldwide operations through its facilities in North America, Asia
and Europe.
Statements regarding the Company’s
anticipated performance are forward-looking and therefore involve
risks and uncertainties, including but not limited to: a possible
world-wide recession or depression resulting from the economic
consequences of the COVID-19 pandemic; the negative effect on our
revenue and operating results of the COVID-19 crisis on our
customers and suppliers and the global supply chain; market
conditions in the global SMT and semiconductor capital equipment
industries; trade relations between the United States and China and
other countries; the timing of orders and shipments of our
products, particularly our 3D MRS-enabled SQ3000 Multi-Function
systems and MX systems for memory module inspection; increasing
price competition and price pressure on our product sales,
particularly our SMT systems; the level of orders from our OEM
customers; the availability of parts required to meet customer
orders; unanticipated product development challenges; the effect of
world events on our sales, the majority of which are from foreign
customers; rapid changes in technology in the electronics and
semiconductor markets; product introductions and pricing by our
competitors; the success of our 3D technology initiatives; the
market acceptance of our SQ3000 Multi-Function inspection and
measurement systems and products for semiconductor advanced
packaging inspection and metrology; costly and time consuming
litigation with third parties related to intellectual property
infringement; the negative impact on our customers and suppliers
due to past and future terrorist threats and attacks and any acts
of war; and other factors set forth in the Company’s filings with
the Securities and Exchange Commission.
Third Quarter 2020 Conference Call and Replay
CyberOptics will review its third quarter operating results in a
conference call at 4:30 P.M. Eastern today. Investors can access
the live call by dialing toll-free 800-437-2398 prior to the start
of the call and providing the conference ID: 8105826. A webcast of
the live conference call, which will be archived for 30 days, can
be heard by visiting the investor relations section of the
CyberOptics website, www.cyberoptics.com. A replay of the
conference call, available one hour after the call, can be accessed
by dialing 888-203-1112 and providing conference ID: 8105826. The
replay will be available for 30 days.
CyberOptics Corporation Consolidated Statements of
Operations (Unaudited) (In thousands, except per share amounts)
Three Months Ended September
30,
Nine Months Ended September
30,
2020
2019
2020
2019
Revenue
$20,820
$12,391
$53,245
$42,411
Cost of revenue
12,125
6,885
29,953
23,290
Gross margin
8,695
5,506
23,292
19,121
Research and development expenses
2,403
2,408
6,980
6,950
Selling, general and administrative expenses
4,082
3,855
11,900
11,779
Income (loss) from operations
2,210
(757
)
4,412
392
Interest income and other
(2
)
170
326
306
Income (loss) before income taxes
2,208
(587
)
4,738
698
Provision (benefit) for income taxes
409
(234
)
462
92
Net income (loss)
$1,799
($353
)
$4,276
$606
Net income (loss) per share - Basic
$0.25
($0.05
)
$0.59
$0.09
Net income (loss) per share - Diluted
$0.24
($0.05
)
$0.57
$0.08
Weighted average shares outstanding - Basic
7,240
7,117
7,198
7,108
Weighted average shares outstanding - Diluted
7,519
7,117
7,445
7,245
Condensed Consolidated Balance Sheets (In thousands)
September 30, 2020 December 31, 2019
(Unaudited) Assets Cash and cash equivalents
$5,665
$5,836
Marketable securities
8,549
8,295
Accounts receivable, net
18,167
16,059
Inventories
21,285
15,580
Other current assets
2,368
1,579
Total current assets
56,034
47,349
Marketable securities
13,703
12,168
Equipment and leasehold improvements, net
3,237
3,341
Intangibles and goodwill, net
1,652
1,676
Right-of-use assets (operating leases)
2,710
2,111
Trade notes receivable - long term
532
962
Deferred tax assets
4,658
4,992
Total assets
$82,526
$72,599
Liabilities and Stockholders' Equity Accounts payable
$10,051
$7,023
Accrued expenses
4,443
3,071
Current operating lease liabilities
769
688
Total current liabilities
15,263
10,782
Other liabilities
300
352
Long-term operating lease liabilities
3,424
3,141
Total liabilities
18,987
14,275
Total stockholders' equity
63,539
58,324
Total liabilities and stockholders' equity
$82,526
$72,599
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version on businesswire.com: https://www.businesswire.com/news/home/20201022005162/en/
Jeffrey A. Bertelsen, Chief Financial Officer 763-542-5000
Carla Furanna, Head of Global Marketing 952-820-5837
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