4/27/2016 8:01:10 AM
Revenue grew 311 percent year-over-year and 100 percent sequentially
REDMOND, Wash.–(BUSINESS WIRE)–Apr. 27, 2016–
Inc. (NASDAQ:MVIS), a leader in innovative ultra-miniature
projection display and imaging technology, today announced its financial
and operating results for the first quarter of 2016 marked by
significant year-over-year and sequential revenue growth.
MicroVision recorded its highest quarterly product and royalty revenue
to date. MicroVision’s revenue in the first quarter 2016 was up 311
percent from the same quarter last year and 100 percent from the fourth
quarter of 2015. Gross margin for the period of 30 percent was a
significant improvement from the negative gross margin the company
reported in the first quarter last year.
The following financial results are for the three months ended March 31,
2016, compared to the three months ended March 31, 2015.
- Revenue was $3.7 million compared to $0.9 million one year ago.
Operating loss was $3.6 million, compared to a loss of $4.0 million
for the same quarter one year ago.
Net loss was $3.6 million, or $0.07 per share, compared to a loss of
$4.0 million, or $0.09 per share for the same quarter one year ago.
In the first quarter 2016 cash used in operations was $3.0 million
compared to cash provided by operations of $5.1 million for the same
period in 2015. Cash flow in the first quarter 2015 included the
receipt of an $8 million license payment.
As of March 31, 2016, backlog was $9.2 million and cash and cash
equivalents were $11.2 million. The cash balance includes funds received
during the quarter of approximately $6.3 million from an offering of the
company’s common stock.
The company will host a conference call today to discuss its first
quarter 2016 results and current business operations at 8:30 a.m. ET /
5:30 a.m. PT. Participants may join the conference call by dialing
1-888-771-4371 (for U.S. participants) or +1-847-585-4405 (for
international participants) ten minutes prior to the start of the call.
The conference call pass code number is 42377657. A live webcast of the
call can be accessed from the company’s web site in the Investor
Events Calendar section on the Investor’s page. A replay of this
call will be available after 8:00 a.m. PT the day of the conference call
through the same link or by calling 1-888-843-7419 (U.S.) or
+1-630-652-3042 (International), pass code 4237 7657#. The phone-in
replay will be available until May 4, 2016.
MicroVision is the creator of PicoP® scanning technology, an
ultra-miniature laser projection and imaging solution based on the laser
beam scanning methodology pioneered by the company. MicroVision’s
platform approach for this advanced display and imaging solution means
that it can be adapted to a wide array of applications and form factors.
It is an advanced solution for a rapidly evolving, always-on world.
Extensive research has led MicroVision to become an independently
recognized leader in the development of intellectual property.
MicroVision’s IP portfolio has been recognized by the Patent Board as a
top 50 IP portfolio among global industrial companies and has been
included in the Ocean Tomo 300 Patent Index. The company is based in
MicroVision and PicoP are trademarks of MicroVision, Inc. in the
United States and other countries. All other trademarks are the
properties of their respective owners.
Certain statements contained in this release, including those relating
to potential applications and features of MicroVision technology, and
those containing words such as “expects” are forward-looking statements
that involve a number of risks and uncertainties. Factors that could
cause actual results to differ materially from those projected in the
company’s forward-looking statements include the following: our ability
to raise additional capital when needed; products incorporating our
PicoP display engine may not achieve market acceptance, commercial
partners may not perform under agreements as anticipated, we may be
unsuccessful in identifying parties interested in paying any amounts or
amounts we deem desirable for the purchase or license of IP assets, our
or our customers’ failure to perform under open purchase orders; our
financial and technical resources relative to those of our competitors;
our ability to keep up with rapid technological change; government
regulation of our technologies; our ability to enforce our intellectual
property rights and protect our proprietary technologies; the ability to
obtain additional contract awards; the timing of commercial product
launches and delays in product development; the ability to achieve key
technical milestones in key products; dependence on third parties to
develop, manufacture, sell and market our products; potential product
liability claims; and other risk factors identified from time to time in
the company’s SEC reports, including the company’s Annual Report on Form
10-K filed with the SEC. Except as expressly required by federal
securities laws, we undertake no obligation to publicly update or revise
any forward-looking statements, whether as a result of new information,
future events, changes in circumstances or any other reason.
|March 31,||December 31,|
|Cash and cash equivalents||$||11,209||$||7,888|
|Accounts receivable, net||996||1,687|
|Other current assets||590||638|
|Total current assets||13,701||11,075|
|Property and equipment, net||1,537||1,669|
|Intangible assets, net||813||845|
|Liabilities and Shareholders’ Equity (Deficit)|
|Total current liabilities||7,439||7,704|
|Deferred revenue, net of current portion||5,903||6,149|
|Deferred rent, net of current portion||304||342|
|Commitments and contingencies|
|Shareholders’ Equity (Deficit)|
|Common stock at par value||51||47|
|Additional paid-in capital||489,734||483,171|
|Total shareholders’ deficit||2,858||(153||)|
|Total liabilities and shareholders’ equity (deficit)||$||16,504||$||14,042|
|Statement of Operations|
|(In thousands, except earnings per share data)|
Three months ended March 31,
|Cost of product revenue||2,588||1,037|
|Cost of contract revenue||1||7|
|Total cost of revenue||2,589||1,044|
|Research and development expense||2,597||1,898|
|Sales, marketing, general and administrative expense||2,068||1,921|
|Total operating expenses||4,665||3,819|
|Loss from operations||(3,553||)||(3,962||)|
|Other income, net||(3||)||–|
|Net loss per share – basic and diluted||$||(0.07||)||$||(0.09||)|
|Weighted-average shares outstanding – basic and diluted||47,566||44,963|
Source: MicroVision, Inc.