9 August 2013

NeoPhotonics’ revenue grows 34% to a record $75m in Q2

For second-quarter 2013, NeoPhotonics Corp of San Jose, CA, a vertically integrated designer and manufacturer of both indium phosphide (InP) and silica-on-silicon photonic integrated circuit (PIC)-based modules and subsystems for bandwidth-intensive, high-speed communications networks, has reported record revenue of $75m. This is up 34% on $56.1m last quarter and up 19% on $63m a year ago (and at the top end of the forecast range of $70-75m).

“NeoPhotonics continues to be a solid leader in 100G optical products for next generation networks, with our portfolio of products once again driving record quarterly revenue,” says chairman, president & CEO Tim Jenks. “We are pleased with our integration of the acquisition of the optical component unit of LAPIS Semiconductor, which closed on 29 March 2013, and is now referred to as NeoPhotonics Semiconductor,” he adds. “The NeoPhotonics Semiconductor product portfolio includes several products used in 100G networks, and added approximately 20% to our 40/100G revenue in the second quarter.”

On a non-GAAP basis, gross margin was 25%, down from 25.8% a year ago but up from 23.1% last quarter (and at the top end of the forecast 21-25%). Loss from continuing operations was $3.5m ($0.11 per diluted share), up from $1.7m ($0.06 per diluted share) a year ago but an improvement on $4.4m ($0.14 per diluted share) last quarter. Adjusted EBITDA was $1.2m, down from $1.8m a year ago but an improvement on a loss of $1.7m last quarter.

During the quarter, total cash, cash equivalents and short-term investments fell from $99.8m to $74.7m, reflecting the repayment of a portion of the firm’s bank debt outstanding (reduced from $40m to $26.3m).

For third-quarter 2013, NeoPhotonics expects revenue of $72-78m, gross margin of 24-28%, diluted loss per share from continuing operations of $0.04-$0.14 (excluding about $5.3m of expenses related to the expected amortization of intangibles, the one-time step-up in the fair value of assets acquired from LAPIS Semiconductor, and the anticipated impact of stock-based compensation: of these expenses, $3m is estimated to relate to cost of goods sold).

See related items:

NeoPhotonics’ revenue falls 9.6% to $56.1m in Q1, but 100G grows 41%

NeoPhotonics reports 22% annual revenue growth to record $245.4m

NeoPhotonics completes acquisition of LAPIS’ optical components business unit for $35.2m

NeoPhotonics reports Q3 revenue of a record $66.2m, up 54% year-on-year

NeoPhotonics reports higher-than-expected record revenue in Q2

Tags: NeoPhotonics PICs

Visit: www.neophotonics.com