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NeoPhotonics Reports Fourth Quarter And Year End 2012 Financial Results

Highlights for 2012

  • NeoPhotonics reported record annual revenue of $245.4 million, an increase of $44.4 million, or 22%, from $201.0 million in 2011
  • Gross margin for 2012 was 25.0%, up from 24.9% in 2011
  • Non-GAAP gross margin for 2012 was 27.0%, up from 25.7% in 2011
  • Loss from continuing operations for 2012 was $17.7 million, up from a loss of $15.4 million in 2011
  • Non-GAAP loss from continuing operations for 2012 was $4.7 million, an improvement from a loss of $9.6 million in 2011
  • Diluted loss per share from continuing operations for 2012 was $0.62, an improvement from a loss per share of $1.45 in 2011
  • Non-GAAP diluted loss per share from continuing operations for 2012 was $0.16, an improvement from a loss per share of $0.40 in 2011
  • Adjusted EBITDA for 2012 was $9.3 million, up from $2.7 million in 2011

A reconciliation of GAAP financial measures to Non-GAAP financial measures is attached to this press release. See “Use of Non-GAAP Financial Information” below for a description of these Non-GAAP financial measures.

Outlook for the Quarter Ending March 31, 2013

The company’s current expectations for the first quarter 2013 are:
  • Revenue in the range of $50 million to $55 million, primarily reflecting seasonally lower business activity and a full quarter impact of changes in product prices negotiated in the fourth quarter
  • Non-GAAP gross margin in the range of 22% to 24%, primarily reflecting the impact of seasonality and pricing changes noted above, related lower wafer fab utilization and expectations for continued higher manufacturing costs relating to one of the company’s high speed products
  • Diluted loss per share from continuing operations in the range of $0.25 to $0.35, and on a Non-GAAP basis in the range of a loss of $0.15 to $0.25 per share

The outlook for the first quarter of 2013 excludes the results of operations from LAPIS OCU as the transaction is not yet closed. The Non-GAAP outlook for the first quarter of 2013 excludes the expected amortization of intangibles and other assets of approximately $1.3 million, the anticipated impact of stock-based compensation of approximately $1.2 million, and transaction expenses related to the acquisition of LAPIS OCU of approximately $1.2 million, of which $1.0 million is estimated to relate to cost of goods sold.

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