Performance Driven by Robust Sales of 3D
MRS™ Sensors and Semiconductor Products
CyberOptics Corporation (Nasdaq: CYBE) today reported sales of
$17.7 million for the first quarter of 2021 ended March 31, an
increase of 8% from $16.4 million in the first quarter of 2020. Net
income for the first quarter of 2021 was $1.4 million or $0.19 per
diluted share, compared to earnings of $844,000 or $0.11 per
diluted share in the year-earlier quarter. Net income in the first
quarter of 2021 benefited from the improvement in the gross margin
to 47% from 44% in the year-earlier period, reflecting the
increased proportion of high-margin WaferSense® semiconductor
products in the sales mix during the current quarter.
Dr. Subodh Kulkarni, president and chief executive officer,
said, “CyberOptics’ first quarter sales exceeded our previously
issued guidance for this period. Our strong sales performance was
driven by significantly higher sales of Multi-Reflection
Suppression™ (MRS) 3D sensors and WaferSense® semiconductor
products. Our industry-leading sensing, inspection and metrology
products have positioned CyberOptics to capitalize upon the robust
capital spending environment in our targeted electronics and
semiconductor markets.”
Sales of 3D and 2D sensors increased 54% year-over-year to $6.4
million in the first quarter of 2021. This growth was driven by
sales of 3D MRS sensors, which rose 37% year-over-year to $4.2
million, due to demand from OEM customers and system integrators
using these sensors for high-end semiconductor inspection and
metrology applications. Sales of 3D and 2D sensors are forecasted
to post continued strong year-over-year growth in the second
quarter of 2021.
Sales of WaferSense semiconductor sensors increased 28%
year-over-year to a new quarterly record of $5.0 million in the
first three months of 2021. Sales of these yield and process
improvement sensors are expected to post strong sequential and
year-over-year increases in the second quarter of 2021 as well,
driven in part by demand from two new semiconductor fabs during
this period.
Sales of SQ3000™ Multi-Function inspection systems rose 23%
year-over-year to $4.1 million in this year’s first quarter. This
increase was offset by significantly lower sales of legacy 2D
systems and no sales of memory module inspection systems, resulting
in sales of inspection and metrology systems falling 24%
year-over-year to $6.3 million in the first quarter of 2021.
However, since late 2020, CyberOptics has received orders valued at
$7.3 million for 3D MX3000™ memory module inspection systems, of
which $2.4 million are expected to be recognized as revenue in the
second quarter. Sales of inspection and metrology systems in the
second quarter of 2021 are forecasted to post strong, double-digit
growth on both a sequential and year-over-year basis.
CyberOptics’ backlog at March 31, 2021 totaled $32.4 million, up
from $23.0 million at December 31, 2020, reflecting strong order
backlogs of 3D MRS sensors, SQ3000 and MX3000 systems, and
semiconductor products. The Company is forecasting sales of $21.0
to $23.0 million for the second quarter of 2021 ending June 30,
compared to $16.0 million in the second quarter of 2020.
Kulkarni added, “Our advanced WaferSense and MRS sensor
technology platforms are enabling us to continue building
leadership positions in both semiconductor and SMT markets. We
believe positive market conditions will persist throughout 2021,
which is forecasted to be another period of strong operating
results for CyberOptics.”
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 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 systems and products
for semiconductor 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; the impact of the MX3000 orders on our
consolidated gross margin percentage in any future period; risks
related to cancellation or renegotiation of orders we have
received; and other factors set forth in the Company’s filings with
the Securities and Exchange Commission.
First Quarter 2021 Conference Call and
Replay
CyberOptics will review its first 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: 6373813. 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: 6373813. The
replay will be available for 30 days.
CyberOptics Corporation
Consolidated Statements of Operations (Unaudited) (In
thousands, except per share amounts)
Three Months Ended March
31,
2021
2020
Revenue
$17,732
$16,429
Cost of revenue
9,353
9,146
Gross margin
8,379
7,283
Research and development expenses
2,761
2,395
Selling, general and administrative expenses
3,888
4,159
Income from operations
1,730
729
Interest income and other
22
264
Income before income taxes
1,752
993
Provision for income taxes
311
149
Net income
$1,441
$844
Net income per share - Basic
$0.20
$0.12
Net income per share - Diluted
$0.19
$0.11
Weighted average shares outstanding - Basic
7,293
7,157
Weighted average shares outstanding - Diluted
7,463
7,367
Condensed Consolidated Balance Sheets
March 31, 2021
Dec. 31, 2020
(Unaudited)
Assets Cash and cash equivalents
$10,031
$8,399
Marketable securities
8,680
8,121
Accounts receivable, net
15,914
14,735
Inventories
20,662
20,271
Other current assets
1,655
1,576
Total current assets
56,942
53,102
Marketable securities
13,587
14,052
Long-term trade notes receivable
333
418
Intangibles and goodwill, net
1,669
1,691
Equipment and leasehold improvements
3,446
3,235
Right-of-use assets (operating leases)
2,469
2,621
Deferred tax assets
4,488
4,597
Total assets
$82,934
$79,716
Liabilities and Stockholders' Equity Accounts payable
$7,784
$5,118
Accrued expenses
3,790
4,716
Current operating lease liabilities
827
819
Total current liabilities
12,401
10,653
Other liabilities
352
291
Long-term operating lease liabilities
3,025
3,244
Total liabilities
15,778
14,188
Total stockholders' equity
67,156
65,528
Total liabilities and stockholders' equity
$82,934
$79,716
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210427005292/en/
Jeffrey A. Bertelsen, Chief Financial Officer 763-542-5000
Carla Furanna, Vice President of Global Marketing
952-820-5837
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