MINNEAPOLIS – CyberOptics reported sales of $16.9 million for the fourth quarter, down 6.6% year-over-year and up 36% sequentially.

Net income was $168,000, a decrease of 86% compared to the same quarter of 2018.

"CyberOptics’ fourth quarter sales came in well ahead of our internal forecast,” said president and CEO Subodh Kulkarni, Ph.D. “This performance was driven by strong sales of 3-D MRS-enabled SQ3000 automated optical inspection systems and increased shipments of legacy alignment sensors. The quarterly sequential improvement in our fourth quarter operating results also is reflective of the recovery that has begun in the surface mount technology and semiconductor capital equipment markets. We are confident our line-up of 3-D MRS-enabled products and expanding family of semiconductor sensors has positioned us to take full advantage of the promising opportunities available to us in our markets.

"During the fourth quarter, we received our first purchase order for our new 3-D MRS-enabled MX3000 memory module inspection system. This order, which is expected to become revenue in the first quarter of 2020, was from a new memory customer. As a result, two of the world’s three largest memory manufacturers now use either our 2-D MX600 or 3-D MX3000 memory module inspection systems. We believe the potential market opportunity for the MX3000 system is significant. In addition, interest among potential customers continues at a high level for our MRS-based NanoResolution sensor for wafer-level and advanced packaging inspection and metrology applications. We believe our NanoResolution sensor will enable CyberOptics to capitalize on a variety of extremely promising, long-term growth opportunities."

Sales of sensors and inspection and metrology systems based on 3-D MRS technology rose 48% year-over-year in the fourth quarter to $9 million. These MRS-based products, combined with semiconductor sensors, accounted for 72% of total revenue in the quarter, up from 51% in the year-earlier period. Sales of legacy sensors and systems, excluding 2-D MX600 sales, fell 39% year-over-year.

Sales of inspection and metrology systems totaled $10.2 million, up 11% year-over-year and 83% sequentially. These increases were driven by sales of SQ3000 systems, which rose to $7.1 million in the fourth quarter, reflecting increases 91% year-over-year and 100% sequentially.

Sales of 3-D and 2-D sensors totaled $3.7 million, down 37% compared to the fourth quarter of 2018 and up 15% sequentially. Sales of 3-D MRS-enabled sensors totaled $1.9 million, down 19% year-over-year and up 50% on a quarterly sequential basis.

CyberOptics ended the fourth quarter with an order backlog of $17.7 million, up from $14.4 million at the end of the third quarter and $13.6 million at the end of 2018.

For 2019, sales totaled $59.3 million, down 8% from 2018. Net income was $774,000, down 72.4% year-over-year.

CyberOptics forecasts sales of $15 million to $16.5 million in the first quarter of 2020 ending Mar. 31. The coronavirus has made shipping and international travel difficult throughout Asia. As of today, the impact on the business has been minimal. However, they are closely monitoring the situation and will provide a further update if the impact should change significantly.

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