Viatris Inc
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Health Care : Pharmaceuticals | Mid Cap Value
Company profile

Viatris Inc. (Viatris) is a healthcare company. The Company operates through four segments: Developed Markets, Greater China, JANZ, and Emerging Markets. The Developed Markets segment comprises its operations primarily in North America and Europe. The Greater China segment includes its operations in China, Taiwan, and Hong Kong. The JANZ segment includes its operations in Japan, Australia, and New Zealand. The Emerging Markets segment encompasses its operations in Asia, the Middle East, South and Central America, Africa, and Eastern Europe, and also includes the Company’s anti-retroviral franchise. The Company's portfolio comprises of approximately 1,400 approved molecules across a range of key therapeutic areas including generic, complex generic, and biosimilar products. The Company operates approximately 50 manufacturing sites worldwide that produces oral solid doses, injectables, complex dosage forms and active pharmaceutical ingredients (APIs).

Closing Price
$15.22
Day's Change
0.20 (1.33%)
Bid
--
Ask
--
B/A Size
--
Day's High
15.26
Day's Low
14.86
Volume
(Light)
Volume:
5,773,965

10-day average volume:
9,770,235
5,773,965

Veeco Reports Third Quarter 2021 Financial Results

4:05 pm ET November 2, 2021 (Globe Newswire) Print

Third Quarter 2021 Highlights:

-- GAAP net income of $9.0 million, or $0.17 per diluted share, compared with $0.6 million, or $0.01 per diluted share in the same period last year

-- Non-GAAP net income of $20.5 million, or $0.40 per diluted share, compared with $11.0 million, or $0.22 per diluted share in the same period last year

Veeco Instruments Inc. (Nasdaq: VECO) today announced financial results for its third quarter ended September 30, 2021. Results are reported in accordance with U.S. generally accepted accounting principles ("GAAP") and are also reported adjusting for certain items ("Non-GAAP"). A reconciliation between GAAP and Non-GAAP operating results is provided at the end of this press release.

U.S. Dollars in millions, except per share data
GAAP Results                       Q3 '21         Q3 '20
Revenue                            $      150.2   $      112.1
Net income (loss)                  $      9.0     $      0.6
Diluted earnings (loss) per share  $      0.17    $      0.01
Non-GAAP Results                   Q3 '21    Q3 '20
Net income (loss)                  $   20.5  $   11.0
Operating income (loss)            $   24.3  $   14.1
Diluted earnings (loss) per share  $   0.40  $   0.22

"Veeco delivered solid year-on-year and sequential growth in the third quarter with revenue and EPS at the high end of our guidance range. Cash flow from operations was the highest in several years demonstrating the effectiveness of our transformation," commented William J. Miller, Ph.D., Chief Executive Officer. "Record semiconductor sales were the primary driver of our performance with shipments of our Laser Annealing and EUV mask blank systems.

"Once again, we are improving our outlook for 2021 and we are excited about the traction in our semiconductor business, which has been a focus of our transformation," continued Dr. Miller. "We expect to ship the first systems in the coming weeks from our new state-of-the-art San Jose semiconductor equipment manufacturing facility."

Guidance and Outlook

The following guidance is provided for Veeco's fourth quarter 2021:

-- Revenue is expected in the range of $140 million to $160 million

-- GAAP diluted earnings per share are expected in the range of $0.04 to $0.22

-- Non-GAAP diluted earnings per share are expected in the range of $0.27 to $0.45

Please refer to the tables at the end of this press release for further details.

Conference Call Information

A conference call reviewing these results has been scheduled for today, November 2, 2021 starting at 5:00pm ET. To join the call, dial 1-800-437-2398 (toll free) or 1-929-477-0577 and use passcode 3331305. Participants may also access a live webcast of the call by visiting the investor relations section of Veeco's website at ir.veeco.com. A replay of the webcast will be made available on the Veeco website that evening. We will post an accompanying slide presentation to our website prior to the beginning of the call.

About Veeco

Veeco (NASDAQ: VECO) is an innovative manufacturer of semiconductor process equipment. Our proven ion beam, laser annealing, lithography, MOCVD, and single wafer etch & clean technologies play an integral role in the fabrication and packaging of advanced semiconductor devices. With equipment designed to optimize performance, yield and cost of ownership, Veeco holds leading technology positions in the markets we serve. To learn more about Veeco's systems and service offerings, visit www.veeco.com.

Forward-looking Statements

This press release contains "forward-looking statements", within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, as amended, that are based on management's expectations, estimates, projections and assumptions. Words such as "expects," "anticipates," "plans," "believes," "scheduled," "estimates" and variations of these words and similar expressions are intended to identify forward-looking statements. Forward-looking statements include, but are not limited to, those regarding anticipated growth and trends in our businesses and markets, industry outlooks and demand drivers, our investment and growth strategies, our development of new products and technologies, our business outlook for current and future periods, the impact of the COVID-19 pandemic, our ongoing transformation initiative and the effects thereof on our operations and financial results; and other statements that are not historical facts. These statements and their underlying assumptions are subject to risks and uncertainties and are not guarantees of future performance. Factors that could cause actual results to differ materially from those expressed or implied by such statements include, without limitation: the level of demand for our products; global economic and industry conditions; the effects of regional or global health epidemics, including the effects of the COVID-19 pandemic on the Company's operations and on those of our customers and suppliers; global trade issues, including the ongoing trade disputes between the U.S. and China, and changes in trade and export license policies; our dependency on third-party suppliers and outsourcing partners; the timing of customer orders; our ability to develop, deliver and support new products and technologies; our ability to expand our current markets, increase market share and develop new markets; the concentrated nature of our customer base; our ability to obtain and protect intellectual property rights in key technologies; our ability to achieve the objectives of operational and strategic initiatives and attract, motivate and retain key employees; the variability of results among products and end-markets, and our ability to accurately forecast future results, market conditions, and customer requirements; the impact of our indebtedness, including our convertible senior notes and our capped call transactions; and other risks and uncertainties described in our SEC filings on Forms 10-K, 10-Q and 8-K, and from time-to-time in our other SEC reports. All forward-looking statements speak only to management's expectations, estimates, projections and assumptions as of the date of this press release or, in the case of any document referenced herein or incorporated by reference, the date of that document. The Company does not undertake any obligation to update or publicly revise any forward-looking statements to reflect events, circumstances or changes in expectations after the date of this press release.

-financial tables attached-

Veeco Contacts:
Investors:      Anthony Bencivenga (516) 252-1438 abencivenga@veeco.com
Media:       Kevin Long         (516) 714-3978 klong@veeco.com

Veeco Instruments Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(in thousands, except per share amounts)

(unaudited)

                                      Three months ended September 30,      Nine months ended September 30,
                                      2021               2020               2021               2020
Net sales                             $    150,246       $    112,078       $    430,305       $    315,216
Cost of sales                              87,077             62,936             252,055            177,761
Gross profit                               63,169             49,142             178,250            137,455
Operating expenses, net:
Research and development                   21,999             19,129             66,397             57,577
Selling, general, and administrative       21,603             19,415             63,325             55,541
Amortization of intangible assets          2,976              3,831              9,305              11,502
Restructuring                              --                 --                 --                 1,097
Asset impairment                           --                 --                 --                 281
Other operating expense (income), net      175                (218    )          138                (502    )
Total operating expenses, net              46,753             42,157             139,165            125,496
Operating income (loss)                    16,416             6,985              39,085             11,959
Interest expense, net                      (7,012  )          (6,194  )          (20,221 )          (16,673 )
Loss on extinguishment of debt             --                 --                 --                 (3,046  )
Income (loss) before income taxes          9,404              791                18,864             (7,760  )
Income tax expense (benefit)               411                211                1,029              530
Net income (loss)                     $    8,993         $    580           $    17,835        $    (8,290  )
Income (loss) per common share:
Basic                                 $    0.18          $    0.01          $    0.36          $    (0.17   )
Diluted                               $    0.17          $    0.01          $    0.33          $    (0.17   )
Weighted average number of shares:
Basic                                      49,021             48,341             48,968             48,327
Diluted                                    53,849             49,174             53,606             48,327

Veeco Instruments Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(in thousands)

                                               September 30,   December 31,
                                               2021            2020
                                               (unaudited)
Assets
Current assets:
Cash and cash equivalents                      $      121,602  $      129,625
Restricted cash                                       629             658
Short-term investments                                213,985         189,771
Accounts receivable, net                              86,759          79,991
Contract assets                                       27,467          21,246
Inventories                                           170,835         145,906
Deferred cost of sales                                635             433
Prepaid expenses and other current assets             31,592          19,301
Total current assets                                  653,504         586,931
Property, plant and equipment, net                    93,851          65,271
Operating lease right-of-use assets                   26,481          10,275
Intangible assets, net                                36,880          46,185
Goodwill                                              181,943         181,943
Deferred income taxes                                 1,440           1,440
Other assets                                          3,709           6,019
Total assets                                   $      997,808  $      898,064
Liabilities and stockholders' equity
Current liabilities:
Accounts payable                               $      48,749   $      33,656
Accrued expenses and other current liabilities        76,033          44,876
Customer deposits and deferred revenue                60,703          67,235
Income taxes payable                                  1,737           914
Total current liabilities                             187,222         146,681
Deferred income taxes                                 5,228           5,240
Long-term debt                                        331,877         321,115
Long-term operating lease liabilities                 30,325          6,305
Other liabilities                                     7,843           10,349
Total liabilities                                     562,495         489,690
Total stockholders' equity                            435,313         408,374
Total liabilities and stockholders' equity     $      997,808  $      898,064

Veeco Instruments Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP Financial Data

(in thousands, except per share amounts)

(unaudited)

                                                    Non-GAAP Adjustments
                                                    Share-Based
Three months ended September 30, 2021  GAAP         Compensation Amortization  Other      Non-GAAP
Net sales                              $  150,246                                         $    150,246
Gross profit                              63,169    620                        150             63,939
Gross margin                              42.0    %                                            42.6    %
Operating expenses                        46,753    (3,510 )     (2,976 )      (637  )         39,630
Operating income (loss)                   16,416    4,130        2,976         787      ^      24,309
Net income (loss)                         8,993     4,130        2,976         4,375    ^      20,474
Income (loss) per common share:
Basic                                  $  0.18                                            $    0.42
Diluted                                   0.17                                                 0.40
Weighted average number of shares:
Basic                                     49,021                                               49,021
Diluted                                   53,849                                               51,679

___________________________

^ - See table below for additional details.

- The non-GAAP incremental dilutive shares includes the impact of the Company's capped call transaction issued concurrently with our 2027 Notes, and as such, no incremental shares are added to the dilutive share count in periods in which the average stock price per share is below $18.46. The GAAP incremental dilutive shares does not include the impact of the Company's capped call transaction, and as such, incremental shares are added to the dilutive share count in periods in which the average stock price per share is above $13.98, and the Company is in a net income position. The average stock price for the three months ended September 30, 2021 was $22.24, and therefore 1.2 million shares were included in the non-GAAP diluted share count, and 3.3 million shares were included in the GAAP diluted share count related to the 2027 Notes.

Veeco Instruments Inc. and Subsidiaries

Other Non-GAAP Adjustments

(in thousands)

(unaudited)

Three months ended September 30, 2021
Transition expenses related to San Jose expansion project                                 $ 705
Depreciation of PP&E fair value step-up associated with the Ultratech purchase accounting   82
Subtotal                                                                                    787
Non-cash interest expense                                                                   3,663
Non-GAAP tax adjustment *                                                                   (75   )
Total Other                                                                               $ 4,375

___________________________

* - The 'with or without' method is utilized to determine the income tax effect of all Non-GAAP adjustments.

These tables include financial measures adjusted for the impact of certain items; these financial measures are therefore not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). These Non-GAAP financial measures exclude items such as: share-based compensation expense; charges relating to restructuring initiatives; non-cash asset impairments; certain other non-operating gains and losses; and acquisition-related items such as transaction costs, non-cash amortization of acquired intangible assets, and certain integration costs.

These Non-GAAP financial measures may be different from Non-GAAP financial measures used by other companies. Non-GAAP financial measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. By excluding these items, Non-GAAP financial measures are intended to facilitate meaningful comparisons to historical operating results, competitors' operating results, and estimates made by securities analysts. Management is evaluated on key performance metrics including Non-GAAP Operating income (loss), which is used to determine management incentive compensation as well as to forecast future periods. These Non-GAAP financial measures may be useful to investors in allowing for greater transparency of supplemental information used by management in its financial and operational decision-making. In addition, similar Non-GAAP financial measures have historically been reported to investors; the inclusion of comparable numbers provides consistency in financial reporting. Investors are encouraged to review the reconciliation of the Non-GAAP financial measures used in this news release to their most directly comparable GAAP financial measures.

Veeco Instruments Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP Financial Data

(in thousands, except per share amounts)

(unaudited)

                                                   Non-GAAP Adjustments
                                                   Share-based
Three months ended September 30, 2020    GAAP      Compensation Amortization  Other      Non-GAAP
Net sales                              $ 112,078                                         $    112,078
Gross profit                             49,142    389                        288             49,819
Gross margin                             43.8    %                                            44.5    %
Operating expenses                       42,157    (2,553 )     (3,831 )      (28   )         35,745
Operating income (loss)                  6,985     2,942        3,831         316      ^      14,074
Net income (loss)                        580       2,942        3,831         3,654    ^      11,007
Income (loss) per common share:
Basic                                  $ 0.01                                            $    0.23
Diluted                                  0.01                                                 0.22
Weighted average number of shares:
Basic                                    48,341                                               48,341
Diluted                                  49,174                                               49,174

___________________________

^ - See table below for additional details.

Veeco Instruments Inc. and Subsidiaries

Other Non-GAAP Adjustments

(in thousands)

(unaudited)

Three months ended September 30, 2020
Release of inventory fair value step-up associated with the Ultratech purchase accounting $ 273
Depreciation of PP&E fair value step-up associated with the Ultratech purchase accounting   43
Subtotal                                                                                    316
Non-cash interest expense                                                                   3,504
Non-GAAP tax adjustment *                                                                   (166  )
Total Other                                                                               $ 3,654

__________________________

* - The 'with or without' method is utilized to determine the income tax effect of all Non-GAAP adjustments.

These tables include financial measures adjusted for the impact of certain items; these financial measures are therefore not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). These Non-GAAP financial measures exclude items such as: share-based compensation expense; charges relating to restructuring initiatives; non-cash asset impairments; certain other non-operating gains and losses; and acquisition-related items such as transaction costs, non-cash amortization of acquired intangible assets, and certain integration costs.

These Non-GAAP financial measures may be different from Non-GAAP financial measures used by other companies. Non-GAAP financial measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. By excluding these items, Non-GAAP financial measures are intended to facilitate meaningful comparisons to historical operating results, competitors' operating results, and estimates made by securities analysts. Management is evaluated on key performance metrics including Non-GAAP Operating income (loss), which is used to determine management incentive compensation as well as to forecast future periods. These Non-GAAP financial measures may be useful to investors in allowing for greater transparency of supplemental information used by management in its financial and operational decision-making. In addition, similar Non-GAAP financial measures have historically been reported to investors; the inclusion of comparable numbers provides consistency in financial reporting. Investors are encouraged to review the reconciliation of the Non-GAAP financial measures used in this news release to their most directly comparable GAAP financial measures.

Veeco Instruments Inc. and Subsidiaries

Reconciliation of GAAP Net Income (loss) to Non-GAAP Operating Income (loss)

(in thousands)

(unaudited)

                                                                                          Three months ended   Three months ended
                                                                                          September 30, 2021   September 30, 2020
GAAP Net income (loss)                                                                    $         8,993      $         580
Share-based compensation                                                                            4,130                2,942
Amortization                                                                                        2,976                3,831
Release of inventory fair value step-up associated with the Ultratech purchase accounting           --                   273
Transition expenses related to San Jose expansion project                                           705                  --
Depreciation of PP&E fair value step-up associated with the Ultratech purchase accounting           82                   43
Interest (income) expense, net                                                                      7,012                6,194
Income tax expense (benefit)                                                                        411                  211
Non-GAAP Operating income (loss)                                                          $         24,309     $         14,074

This table includes financial measures adjusted for the impact of certain items; these financial measures are therefore not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). These Non-GAAP financial measures exclude items such as: share-based compensation expense; charges relating to restructuring initiatives; non-cash asset impairments; certain other non-operating gains and losses; and acquisition-related items such as transaction costs, non-cash amortization of acquired intangible assets, and certain integration costs.

These Non-GAAP financial measures may be different from Non-GAAP financial measures used by other companies. Non-GAAP financial measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. By excluding these items, Non-GAAP financial measures are intended to facilitate meaningful comparisons to historical operating results, competitors' operating results, and estimates made by securities analysts. Management is evaluated on key performance metrics including Non-GAAP Operating income (loss), which is used to determine management incentive compensation as well as to forecast future periods. These Non-GAAP financial measures may be useful to investors in allowing for greater transparency of supplemental information used by management in its financial and operational decision-making. In addition, similar Non-GAAP financial measures have historically been reported to investors; the inclusion of comparable numbers provides consistency in financial reporting. Investors are encouraged to review the reconciliation of the Non-GAAP financial measures used in this news release to their most directly comparable GAAP financial measures.

Veeco Instruments Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP Financial Data

(in millions, except per share amounts)

(unaudited)

                                                               Non-GAAP Adjustments
Guidance for the three months ending                           Share-based
December 31, 2021                       GAAP                   Compensation  Amortization  Other  Non-GAAP
Net sales                               $ 140     -  $ 160                                        $ 140     -  $ 160
Gross profit                              58      -    69      1             --            --       59      -    70
Gross margin                              41   %  -    43   %                                       41   %  -    43   %
Operating expenses                        48      -    50      (3)           (3)           (1)      41      -    43
Operating income (loss)                   10      -    19      4             3             1        18      -    27
Net income (loss)                       $ 2       -  $ 11      4             3             5      $ 14      -  $ 23
Income (loss) per diluted common share  $ 0.04    -  $ 0.22                                       $ 0.27    -  $ 0.45
Weighted average number of shares         54           54                                           52           52

____________________________

- The non-GAAP incremental dilutive shares includes the impact of the Company's capped call transaction issued concurrently with our 2027 Notes, and as such, no incremental shares are added to the dilutive share count in periods in which the average stock price per share is below $18.46. The GAAP incremental dilutive shares does not include the impact of the Company's capped call transaction, and as such, incremental shares are added to the dilutive share count in periods in which the average stock price per share is above $13.98, and the Company is in a net income position.

Veeco Instruments Inc. and Subsidiaries

Reconciliation of GAAP Net Income (loss) to Non-GAAP Operating Income (Loss)

(in millions)

(unaudited)

Guidance for the three months ending December 31, 2021
GAAP Net income (loss)                                  $ 2   -  $ 11
Share-based compensation                                  4   -    4
Amortization                                              3   -    3
Interest expense, net                                     7   -    7
Income tax expense (benefit)                              1   -    1
Other                                                     1   -    1
Non-GAAP Operating income (loss)                        $ 18  -  $ 27

Note: Amounts may not calculate precisely due to rounding.

These tables include financial measures adjusted for the impact of certain items; these financial measures are therefore not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"). These Non-GAAP financial measures exclude items such as: share-based compensation expense; charges relating to restructuring initiatives; non-cash asset impairments; certain other non-operating gains and losses; and acquisition-related items such as transaction costs, non-cash amortization of acquired intangible assets, and certain integration costs.

These Non-GAAP financial measures may be different from Non-GAAP financial measures used by other companies. Non-GAAP financial measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. By excluding these items, Non-GAAP financial measures are intended to facilitate meaningful comparisons to historical operating results, competitors' operating results, and estimates made by securities analysts. Management is evaluated on key performance metrics including Non-GAAP Operating income (loss), which is used to determine management incentive compensation as well as to forecast future periods. These Non-GAAP financial measures may be useful to investors in allowing for greater transparency of supplemental information used by management in its financial and operational decision-making. In addition, similar Non-GAAP financial measures have historically been reported to investors; the inclusion of comparable numbers provides consistency in financial reporting. Investors are encouraged to review the reconciliation of the Non-GAAP financial measures used in this news release to their most directly comparable GAAP financial measures.

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