CyberOptics Corporation (Nasdaq: CYBE) reported sales of $17.7 million for the first quarter of 2021 ended March 31, an increase of 8% from $16.4 million in the first quarter of 2020. Net income for the first quarter of 2021 was $1.4 million or $0.19 per diluted share, compared to earnings of $844,000 or $0.11 per diluted share in the year-earlier quarter. Net income in the first quarter of 2021 benefited from the improvement in the gross margin to 47% from 44% in the year-earlier period, reflecting the increased proportion of high-margin WaferSense® semiconductor products in the sales mix during the current quarter.
Dr. Subodh Kulkarni, president, and chief executive officer said, “CyberOptics’ first-quarter sales exceeded our previously issued guidance for this period. Our strong sales performance was driven by significantly higher sales of Multi-Reflection Suppression™ (MRS) 3D sensors and WaferSense® semiconductor products. Our industry-leading sensing, inspection, and metrology products have positioned CyberOptics to capitalize upon the robust capital spending environment in our targeted electronics and semiconductor markets.”
Sales of 3D and 2D sensors increased 54% year-over-year to $6.4 million in the first quarter of 2021. This growth was driven by sales of 3D MRS sensors, which rose 37% year-over-year to $4.2 million, due to demand from OEM customers and system integrators using these sensors for high-end semiconductor inspection and metrology applications. Sales of 3D and 2D sensors are forecasted to post continued strong year-over-year growth in the second quarter of 2021.
Sales of WaferSense semiconductor sensors increased 28% year-over-year to a new quarterly record of $5.0 million in the first three months of 2021. Sales of these yield and process improvement sensors are expected to post strong sequential and year-over-year increases in the second quarter of 2021 as well, driven in part by demand from two new semiconductor fabs during this period.
Sales of SQ3000™ Multi-Function inspection systems rose 23% year-over-year to $4.1 million in this year’s first quarter. This increase was offset by significantly lower sales of legacy 2D systems and no sales of memory module inspection systems, resulting in sales of inspection and metrology systems falling 24% year-over-year to $6.3 million in the first quarter of 2021. However, since late 2020, CyberOptics has received orders valued at $7.3 million for 3D MX3000™ memory module inspection systems, of which $2.4 million are expected to be recognized as revenue in the second quarter. Sales of inspection and metrology systems in the second quarter of 2021 are forecasted to post strong, double-digit growth on both a sequential and year-over-year basis.
CyberOptics’ backlog on March 31, 2021, totaled $32.4 million, up from $23.0 million at December 31, 2020, reflecting strong order backlogs of 3D MRS sensors, SQ3000, and MX3000 systems, and semiconductor products. The Company is forecasting sales of $21.0 to $23.0 million for the second quarter of 2021 ending June 30, compared to $16.0 million in the second quarter of 2020. Kulkarni added, “Our advanced WaferSense and MRS sensor technology platforms are enabling us to continue building leadership positions in both semiconductor and SMT markets. We believe positive market conditions will persist throughout 2021, which is forecasted to be another period of strong operating results for CyberOptics.”
