MINNEAPOLIS – CyberOptics reported first quarter sales of $16.4 million, an increase of 10% year-over-year.

Net income was $844,000, up 70.5% compared to the first quarter of 2019.

"CyberOptics’ first quarter results were at the high end of our previously issued guidance for this period,” said Subodh Kulkarni, Ph.D., president and CEO. “Our performance was generated by robust sales of 3-D multi-reflection suppression-enabled SQ3000 multi-function systems and 3-D MRS sensors. We also recognized revenue from sales of both 2-D and 3-D MX memory module inspection systems. Having ended the first quarter with a record backlog, we believe the second quarter of 2020 should be another strong period for CyberOptics.

"The Covid-19 pandemic has had a minimal impact on our business thus far, despite the resulting difficulties with global travel and shipping. We are closely monitoring this health crisis and its impact on our business in coming months.

"We are encouraged to report that we currently have six customers for our MRS-based sensors, including our 3-D NanoResolution sensor for advanced packaging inspection applications. These customers are at various stages of integrating our sensors into their inspection systems. Some have started demonstrating their systems to end-customers, and we believe these relationships will start contributing to revenue in a more significant way in 2021. Interest among additional potential customers also remains strong. We believe our 3-D NanoResolution MRS sensor has positioned CyberOptics to capitalize upon numerous, extremely promising growth opportunities."

Sales of sensors and inspection and metrology systems based on 3-D MRS technology increased 66% year-over-year to $7.2 million in the first quarter. As of Mar. 31, 150 customers have purchased 3-D MRS sensor and system products since their introduction. These MRS-based products, combined with semiconductor sensors, accounted for 68% of total revenue in the first quarter, compared to 57% of total revenue in the year-earlier period.

Sales of inspection and metrology systems totaled $8.4 million, up 18% year-over-year. Driving this increase was sales of SQ3000 multi-function systems, which rose 34% year-over-year to $3.3 million in the first quarter. In addition, CyberOptics recognized revenue of $1.4 million from the sale of memory module inspection systems, including the first sale of its 3-D MX3000 system to a new customer. CyberOptics received orders valued at $4.4 million for 2-D MX600 systems. These orders are scheduled to ship in the second half of 2020.

Also, during the first quarter, CyberOptics received an order valued at approximately $1.2 million for its SQ3000 multi-function systems that will be used to scale-up production of micro LED-based technology. The systems are expected to result in revenue in the second quarter. The company anticipates additional orders related to the micro LED market as 2020 progresses. Demand for the company’s SQ3000 multi-function systems is forecasted to continue at a robust level in the second quarter.

Sales of 3-D and 2-D sensors increased 10% year-over-year to $4.1 million in the first quarter. Within this category, sales of 3-D MRS-enabled sensors totaled $3.1 million, up 76% year-over-year. Demand for the company’s 3-D sensors is expected to remain strong in the second quarter.

Sales of semiconductor sensors came to $3.9 million, down modestly on a year-over-year basis. The order backlog of semiconductor sensors remains strong, although a sequential sales decline is forecasted for the second quarter.

CyberOptics ended the first quarter with an order backlog of $24.8 million, up from $17.7 million at the end of the fourth quarter. The company forecasts sales of $15.5 million to $17.5 million for the second quarter ending June 30.

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