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CyberOptics Corporation reported strong operating results for the second quarter and first six months of 2022.
For the second quarter of 2022:
- Sales totaled $27.6 million, up 9% from $25.2 million in the second quarter of 2021.
- Net income came to $4.4 million or $0.58 per diluted share, an increase of 41% from $3.1 million or $0.41 per diluted share in the year-earlier quarter. A strong gross margin, which benefited from an improved sales mix, drove a significant portion of the earnings growth in this year’s second quarter.
For the first six months of 2022:
- Sales totaled $51.8 million, up 21% from $42.9 million in the first six months of 2021.
- Net income was $8.0 million or $1.05 per diluted share, an increase of 75% from $4.6 million or $0.61 per diluted share a year ago.
Dr. Subodh Kulkarni, president and chief executive officer, commented, “CyberOptics reported strong sales and operating results for the second quarter of 2022 ending June 30, with sales at the upper end of our previously announced revenue guidance for this period. Our performance benefited from the robust, double-digit sales growth of high-margin WaferSense® semiconductor sensors as manufacturers continue to recognize significant value in these unique yield and process improvement products. Sales of 3D and 2D sensors and inspection systems were largely consistent with the strong levels recorded in last year’s second quarter.”
He continued, “Looking ahead, we are anticipating record operating results for full-year 2022. Driving CyberOptics’ performance is the steadily growing acceptance of our 3D MRS®-based sensors and inspection systems and semiconductor sensors. The competitive advantages of these advanced products are enabling CyberOptics to build leadership positions in our targeted semiconductor and high-end SMT capital equipment markets. This ongoing development bodes well for our long-term operating results.”
Sales of 3D and 2D sensors declined 4% year-over-year in the second quarter of 2022 to $6.8 million, reflecting normal fluctuations in sensor demand from its OEM customers. Within this category, sales of 3D MRS sensors increased 11% year-over-year to $4.8 million.
Sales of semiconductor sensors, principally the WaferSense line of products, increased 35% year-over-year to a record $7.4 million in the second quarter of 2022. Increasing customer awareness, combined with global demand for semiconductors, is driving the growth in WaferSense sales.
Sales of inspection and metrology systems increased 6% year-over-year to $13.3 million in the second quarter of 2022 from the robust level of $12.6 million in the year-earlier period. Second quarter sales of SQ3000™ Multi-Function inspection systems rose 33% year-over-year to a record $8.3 million as this MRS-based system continues to gain traction among existing and new customers. Second quarter systems sales also benefited from customer acceptances of $1.7 million of 3D MX3000™ Final Vision Inspection Systems for memory modules. During this year’s second quarter, CyberOptics received $5.4 million of new 3D MX orders from recurring customers that increased the Company’s MX backlog to a record $9.3 million.
CyberOptics’ backlog at June 30, 2022 reached a record $55.5 million, of which approximately $38.0 million is applicable to 2022 sales. Our second quarter backlog is up from $47.4 million at the end of this year’s first quarter and $45.3 million at June 30, 2021. The company is forecasting sales of $26.0 to $29.0 million for the third quarter of 2022 ending September 30, compared to the record sales of $27.8 million posted in the third quarter of 2021.