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CyberOptics Reports Strong Fourth Quarter and Record 2021 Sales and Earnings

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Operating Results Paced by Robust Sales of WaferSense® and 3D MRS™-Based Sensor Products

MINNEAPOLIS, February 17, 2022--(BUSINESS WIRE)--CyberOptics Corporation (Nasdaq: CYBE) today reported sales of $22.1 million for the fourth quarter of 2021 ended December 31, an increase of 31% from $16.9 million in the fourth quarter of 2020. Net income for the fourth quarter of 2021, which benefitted from a gross margin percentage of almost 50%, came to $3.4 million or $0.45 per diluted share, an increase of 132% from earnings of $1.5 million or $0.20 per diluted share in the year-earlier quarter.

CyberOptics reported record sales and earnings in 2021. For the full-year, sales totaled $92.8 million, an increase of 32% from $70.1 million in 2020. Net income in 2021 was $12.8 million or $1.69 per diluted share, up significantly from $5.7 million or $0.77 per diluted share in 2020. CyberOptics record operating results were driven by sales of its 3D Multi-Reflection Suppression™ (MRS™)-based sensors and inspection and metrology system products and WaferSense semiconductor sensors. These products accounted for 78% of total sales in 2021, compared to 67% in 2020.

Dr. Subodh Kulkarni, president and chief executive officer, commented, "Our strong fourth quarter sales demonstrate that CyberOptics is continuing to penetrate and gain traction in our targeted surface mount technology (SMT) and semiconductor capital equipment markets. The competitive advantages of our advanced sensor and inspection and metrology system products are enabling us to capitalize upon strong growth opportunities in these markets. Demand for our MRS-based products and WaferSense sensors is expected to remain strong for some time, making us optimistic about CyberOptics’ outlook for the first quarter of 2022. We also see the full year shaping up as another period of strong operating results."

Sales of 3D and 2D sensors increased 40% year-over-year to $7.0 million in the fourth quarter of 2021. Within this category, sales of 3D MRS sensors rose 41% year-over-year to $5.0 million in the fourth quarter, driven by demand for these sensors for high-end electronics and semiconductor inspection and metrology applications. Sales of 3D and 2D sensors are forecasted to post strong year-over-year growth in the first quarter of 2022.

Sales of semiconductor sensors, principally our WaferSense line of sensors, increased 62% year-over-year to $6.0 million in the fourth quarter of 2021. Ongoing demand for semiconductor capital equipment is driving the sales growth of these yield and process improvement sensors. Sales of semiconductor sensors are forecasted to record strong year-over-year growth in the first quarter of 2022.

Sales of inspection and metrology systems rose 11% year-over-year in the fourth quarter of 2021 to $9.1 million. Within this product category, fourth quarter sales of SQ3000™ Multi-Function inspection and metrology systems increased 15% year-over-year to $4.7 million. Of total SQ3000 sales, $1.1 million was generated by sales of systems for mini-LED inspection and metrology. SQ3000 sales related to mini-LED applications totaled $8.0 million for the full year, up from $4.6 million in 2020, and the mini-LED backlog at December 31, 2021 stood at $1.4 million. Additional orders are anticipated in 2022.

Fourth quarter system sales also benefited from customer acceptances of nearly $1.0 million for 3D MX3000™ Final Vision Inspection systems and sensor kits for memory modules. Additional MX3000 orders of $1.5 million were received earlier in the first quarter of 2022, bringing our current backlog of 2D and 3D MX products to $5.0 million. These orders are presently scheduled to be recognized as revenue primarily in the second and third quarters of 2022. Sales of inspection and metrology systems are forecasted to post strong year-over-year growth in the first quarter of 2022.

CyberOptics’ backlog at December 31, 2021 totaled a record $47.3 million, up from $44.2 million at the end of the third quarter of 2021 and $23.0 million at the end of 2020. The company is forecasting sales of $22.0 to $24.0 million for the first quarter of 2022 ending March 31, compared to $17.7 million in the first quarter of 2021. CyberOptics expects to report strong operating results in the first quarter of 2022, based on the continuation of favorable market conditions and shipments from its order backlog of 3D MRS based sensor and system products.

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 inspection and metrology 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.

Fourth Quarter 2021 Conference Call and Replay

CyberOptics will review its fourth quarter operating results in a conference call at 4:30 P.M. Eastern today. Investors can access the live call by dialing toll-free 888-220-8451 prior to the start of the call and providing the conference ID: 5210085. 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: 5210085. The replay will be available for 30 days.

CyberOptics Corporation

Consolidated Statements of Operations (Unaudited)

(In thousands, except per share amounts)

Three Months Ended Dec. 31,

Twelve Months Ended Dec. 31,

2021

2020

2021

2020

Revenue

$22,076

$16,872

$92,774

$70,117

Cost of revenue

11,127

8,947

49,608

38,900

Gross margin

10,949

7,925

43,166

31,217

Research and development expenses

2,695

2,592

10,857

9,572

Selling, general and administrative expenses

4,478

3,748

17,973

15,648

Income from operations

3,776

1,585

14,336

5,997

Interest income and other, net

(44)

31

159

357

Income before income taxes

3,732

1,616

14,495

6,354

Provision for income taxes

329

150

1,744

612

Net income

$3,403

$1,466

$12,751

$5,742

Net income per share - Basic

$0.46

$0.20

$1.74

$0.80

Net income per share - Diluted

$0.45

$0.20

$1.69

$0.77

Weighted average shares outstanding - Basic

7,364

7,264

7,320

7,215

Weighted average shares outstanding - Diluted

7,587

7,480

7,537

7,454

Condensed Consolidated Balance Sheets

Dec. 31, 2021

Dec. 31, 2020

(Unaudited)

Assets

Cash and cash equivalents

$13,684

$8,399

Marketable securities

7,327

8,121

Accounts receivable, net

19,821

14,735

Inventories

27,602

20,271

Other current assets

1,672

1,576

Total current assets

70,106

53,102

Marketable securities

17,281

14,052

Long-term trade notes receivable

-

418

Intangibles and goodwill, net

1,741

1,691

Equipment and leasehold improvements

3,174

3,235

Right-of-use assets (operating leases)

2,052

2,621

Deferred tax assets

3,668

4,597

Total assets

$98,022

$79,716

Liabilities and Stockholders' Equity

Accounts payable

$10,275

$5,118

Accrued expenses

5,017

4,716

Current operating lease liabilities

864

819

Total current liabilities

16,156

10,653

Other liabilities

391

291

Long-term operating lease liabilities

2,369

3,244

Total liabilities

18,916

14,188

Total stockholders' equity

79,106

65,528

Total liabilities and stockholders' equity

$98,022

$79,716

View source version on businesswire.com: https://www.businesswire.com/news/home/20220217005138/en/

Contacts

Jeffrey A. Bertelsen, Chief Financial Officer
763-542-5000

Carla Furanna, Vice President of Global Marketing
952-820-5837