7/28/2016 8:00:38 AM
Product revenue for the quarter grew 62 percent year-over-year; gross
margin improves to 38 percent for Q2 2016
REDMOND, Wash.–(BUSINESS WIRE)–Jul. 28, 2016–
Inc. (NASDAQ: MVIS), a leader in innovative ultra-miniature
projection display and sensing technology, today announced its financial
and operating results for the second quarter of 2016. Revenue and gross
margin both grew year-over-year and sequentially.
MicroVision’s revenue in the second quarter of 2016 was up three percent
from the same quarter last year and 12 percent from the first quarter of
2016. Product revenue was up 62 percent from the same quarter last year
and 12 percent from the prior quarter in 2016. Gross margin for the
period of 38 percent was a significant improvement from the previous
quarter and the second quarter of 2015.
The following financial results are for the three and six months ended
June 30, 2016, compared to the three and six months ended June 30, 2015.
Revenue was $4.2 million for the second quarter of 2016, compared to
$4.0 million one year ago. Revenue for the first half of 2016 was $7.9
million, compared to $4.9 million for the first half of 2015.
Operating loss for the second quarter of 2016 was $3.5 million,
compared to a loss of $2.8 million for the same quarter one year ago.
Operating loss was $7.0 million for the first half of 2016, compared
to an operating loss of $6.7 million for the same period in 2015.
Net loss for the second quarter of 2016 was $3.5 million, or $0.07 per
share, compared to a loss of $2.8 million, or $0.06 per share for the
same quarter one year ago. Net loss for the first half of 2016 was
$7.0 million, or $0.14 per share, compared to $6.7 million, or $0.15
per share for the first half of 2015.
In the second quarter of 2016, cash used in operations was $4.1
million compared to cash used in operations of $3.6 million for the
same period in 2015. For the first half of 2016, cash used in
operations was $7.1 million, compared to cash flow provided by
operations of $1.5 million for the first half of 2015.
As of June 30, 2016 backlog was $5.3 million and cash and cash
equivalents were $7.2 million.
The company will host a conference call today to discuss its second
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 43038708. 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 4303 8708#. The phone-in
replay will be available until August 4, 2016.
MicroVision is the creator of PicoP® scanning technology, an
ultra-miniature laser projection and sensing 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 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.
|June 30,||December 31,|
|Cash and cash equivalents||$||7,191||$||7,888|
|Accounts receivable, net||2,087||1,687|
|Other current assets||626||638|
|Total current assets||11,022||11,075|
|Property and equipment, net||1,324||1,669|
|Intangible assets, net||781||845|
|Liabilities and Shareholders’ Equity (Deficit)|
Total current liabilities
|Deferred revenue, net of current portion||5,654||6,149|
|Deferred rent, net of current portion||265||342|
|Commitments and contingencies|
|Shareholders’ Equity (Deficit)|
|Common stock at par value||52||47|
|Additional paid-in capital||490,459||483,171|
|Total shareholders’ equity (deficit)||108||(153||)|
|Total liabilities and shareholders’ equity (deficit)||$||13,580||$||14,042|
|Statement of Operations|
|(In thousands, except earnings per share data)|
Three months ended June 30,
Six months ended June 30,
|Cost of product revenue||2,587||2,074||5,175||3,111|
|Cost of contract revenue||5||782||6||789|
|Total cost of revenue||2,592||2,856||5,181||3,900|
|Research and development expense||2,879||2,011||5,476||3,909|
|Sales, marketing, general and administrative expense||2,171||1,946||4,239||3,867|
|Total operating expenses||5,050||3,957||9,715||7,776|
|Loss from operations||(3,487||)||(2,770||)||(7,040||)||(6,732||)|
|Other income, net||11||1||8||1|
|Net loss per share – basic and diluted||$||(0.07||)||$||(0.06||)||$||(0.14||)||$||(0.15||)|
|Weighted-average shares outstanding – basic and diluted||51,567||46,663||49,566||45,818|
Source: MicroVision, Inc.