For second-quarter 2012, 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, exceeded its financial projections for revenue, gross margin and profitability.
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Fiscal
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Q2/2011
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Q3/2011
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Q4/2011
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Q1/2012
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Q2/2012
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Revenue
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$52.1m
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$42.8m
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$57.2m
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$54.2m
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$63m
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Exceeding the forecast $55-61m, revenue was a record $63m, rebounding by 16% on $54.2m last quarter and up 24% on $52.1m a year ago. "We continued to see positive growth and demand drivers for our Speed and Agility products, which include 100G and coherent technologies, and Access products, which support fiber-to-the-home deployments around the globe," says chairman, president & CEO Tim Jenks.
On a non-GAAP basis, gross margin was 26.5%, up on 23.9% last quarter and 26.4% a year ago, and exceeding the expected 23-25%.
Loss from continuing operations was $1.7m ($0.06 per diluted share, exceeding the expected $0.14-0.22), an improvement on $5.4m ($0.22 per diluted share) last quarter, although still down on income of $0.2m ($0.01 per diluted share) a year ago.
During the quarter, total cash, cash equivalents and short-term investments rose from $83.8m to $107.1m, primarily reflecting the sale of common stock in a private placement transaction, partially offset by growth in accounts receivable and scheduled repayment of notes payable and debt.
For third-quarter 2012, NeoPhotonics expects revenue of $60-66m, and gross margin of 26-28% (depending primarily on volume and product mix). Non-GAAP diluted loss per share should be $0.02-0.10, excluding expected amortization of intangibles and other assets of about $1.6m and the impact of stock-based compensation of about $2m, of which $1.2m is estimated to relate to gross margin.
