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CyberOptics (CYBE) Q4 Earnings Beat, Revenues Unchanged Y/Y

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CyberOptics reported fourth-quarter 2020 earnings of 20 cents per share, which surpassed the Zacks Consensus Estimate by 100%. Moreover, the figure was much better than earnings of 2 cents reported in the year-ago quarter.

The year-over-year growth benefited from solid gross margin expansion driven by increased proportion of high margin products in the sales mix, and lower operating expenses.

Revenues of $16.9 million were unchanged year over year.

Quarter Details

CyberOptics’ top line benefited from higher sales of Multi-Reflection Suppression (“MRS”) 3D sensors and WaferSense semiconductor products. Moreover, solid customer adoption of 2D MX600 memory module inspection systems was witnessed.

CyberOptics Corporation Price, Consensus and EPS Surprise

CyberOptics Corporation Price, Consensus and EPS Surprise

CyberOptics Corporation price-consensus-eps-surprise-chart | CyberOptics Corporation Quote

Notably, in January 2021, CyberOptics received orders worth $4.2 million for 3D MX3000 memory module inspection systems that will be shipped in the second and third quarters of 2021.

Inspection and metrology systems revenues declined 19% year over year to $8.2 million in the reported quarter. SQ3000 Multi-Function inspection systems revenues declined 43% year over year to $4 million due to seasonality in capital equipment sales.

Micro LED-related sales of SQ3000 Multi-Function systems totaled approximately $600k in the reported quarter. CyberOptics expects additional orders for SQ3000 Multi-Function systems for micro LED inspection and metrology and 2D and 3D MX systems for memory module inspection in the rest of 2021.

3D and 2D sensors revenues surged 37% year over year to $5 million. 3D MRS Sensors jumped 85% to $3.5 million, driven by strong demand from OEMs and system integrators using 3D MRS sensors for high-end semiconductor inspection and metrology applications.

Semiconductor sensor sales increased 21% year over year to $3.7 million.

Backlog as of Dec 31, 2020 was $23 million.

Gross profit rose 10.4% year over year to $7.9 million. Gross margin expanded 440 basis points (bps) to 47%.

Research & development expense increased 7.5% year over year to $2.6 million. However, sales, general & administration expenses decreased 11.3% to $3.7 million.

Operating income was $1.6 million, up 191.4% year over year.

Balance Sheet

As of Dec 31, 2020, cash and cash equivalents were $8.4 million.

Guidance

For first-quarter 2021, CyberOptics expects revenues between $16.5 million and $17.5 million.

Inspection and metrology systems revenues in the first quarter of 2021 are expected to decline on a year-over-year basis due to seasonality. However, top-line growth of 3D and 2D sensors, as well as semiconductor sensors, is expected to remain strong.

Zacks Rank & Stocks to Consider

CyberOptics currently has a Zacks Rank #3 (Hold).

Some etter-ranked stocks in the broader technology sector are 3D Systems (DDD - Free Report) , Zoom (ZM - Free Report) and CrowdStrike Holdings (CRWD - Free Report) . All three stocks carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

3D Systems is set to report its quarterly results on Feb 24. Zoom and CrowdStrike are set to report the same on Mar 1 and 16, respectively.

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