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Health Care : Biotechnology | Small Cap Growth
Company profile

Vir Biotechnology, Inc. is a commercial-stage immunology company focused on combining immunologic insights with technologies to treat and prevent serious infectious diseases. It has assembled four technology platforms focused on antibodies, T cells, innate immunity, and small interfering ribonucleic acid (siRNA), through internal development, collaborations, and acquisitions. The Company's pipeline consists of sotrovimab and other product candidates targeting COVID-19, hepatitis B virus (HBV), influenza A virus, and human immunodeficiency virus (HIV). Its product candidates include Sotrovimab and VIR-7832, VIR-2218, VIR-3434, VIR-2482, VIR-1111. It is engaged in developing differentiated monoclonal antibodies (mAbs) as well as vaccines and small molecules that focuses is on treating and preventing severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). VIR-2218 and VIR-3434, are for the treatment of HBV. VIR-2482 is an investigational IM administered influenza A-neutralizing mAb.

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Last Trade
Delayed
$29.98
-0.16 (-0.53%)
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$30.14
Day's Change
0.23 (0.77%)
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Day's High
30.95
Day's Low
29.35
Volume
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Volume:
859,204

10-day average volume:
895,288
859,204

Veeco Reports Third Quarter 2022 Financial Results

4:05 pm ET November 7, 2022 (Globe Newswire) Print
Veeco Reports Third Quarter 2022 Financial ResultsGlobeNewswireNovember 07, 2022

Third Quarter 2022 Highlights:

  • Revenues of $171.9 million, compared with $150.2 million in the same period last year
  • GAAP net income of $15.0 million, or $0.27 per diluted share, compared with $9.0 million, or $0.17 per diluted share in the same period last year
  • Non-GAAP net income of $26.0 million, or $0.45 per diluted share, compared with $20.5 million, or $0.40 per diluted share in the same period last year

PLAINVIEW, N.Y., Nov. 07, 2022 (GLOBE NEWSWIRE) -- Veeco Instruments Inc. (Nasdaq: VECO) today announced financial results for its third quarter ended September 30, 2022. 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 ResultsQ3 '22Q3 '21
Revenue$171.9$150.2
Net income$15.0$9.0
Diluted earnings per share$0.27$0.17



Non-GAAP ResultsQ3 '22Q3 '21
Operating income$28.4$24.3
Net income$26.0$20.5
Diluted earnings per share$0.45$0.40

"With significant contributions from our laser annealing product line, as well as systems for advanced packaging and EUV mask blank production, we achieved another record revenue quarter in our semiconductor business which drove robust year-on-year revenue growth for the company," commented Bill Miller, Veeco's Chief Executive Officer. "Despite the challenging current macro environment, we continue to invest in executing our growth strategy, are well positioned with attractive technologies and we are optimistic about expanding our served available market."

Guidance and Outlook

The following guidance is provided for Veeco's fourth quarter 2022:

  • Revenue is expected in the range of $150 million to $170 million
  • GAAP diluted earnings per share are expected in the range of $0.05 to $0.23
  • Non-GAAP diluted earnings per share are expected in the range of $0.24 to $0.40

Conference Call Information

A conference call reviewing these results has been scheduled for today, November 7, 2022 starting at 5:00pm ET. To join the call, dial 1-866-580-3963 (toll free) or 1-786-697-3501 and use password VECOQ32022. 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) 252-1438abencivenga@veeco.com
Media:Kevin Long(516) 714-3978klong@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,
2022202120222021
Net sales$171,913$150,246$492,338$430,305
Cost of sales101,96287,077292,109252,055
Gross profit69,95163,169200,229178,250
Operating expenses, net:
Research and development27,10421,99977,23766,397
Selling, general, and administrative22,14421,60367,98763,325
Amortization of intangible assets2,5052,9767,5149,305
Other operating expense (income), net634175587138
Total operating expenses, net52,38746,753153,325139,165
Operating income17,56416,41646,90439,085
Interest expense, net(2,315)(7,012)(7,753)(20,221)
Income before income taxes15,2499,40439,15118,864
Income tax expense (benefit)2084111,1251,029
Net income$15,041$8,993$38,026$17,835
Income per common share:
Basic$0.30$0.18$0.76$0.36
Diluted$0.27$0.17$0.70$0.33
Weighted average number of shares:
Basic49,88749,02149,83148,968
Diluted65,15153,84965,09053,606





Veeco Instruments Inc. and Subsidiaries


Condensed Consolidated Balance Sheets

(in thousands)

September 30,December 31,
20222021
(unaudited)
Assets
Current assets:
Cash and cash equivalents$169,111$119,747
Restricted cash557725
Short-term investments101,862104,181
Accounts receivable, net142,985109,609
Contract assets29,86518,293
Inventories187,737170,858
Prepaid expenses and other current assets17,58625,974
Total current assets649,703549,387
Property, plant and equipment, net108,41699,743
Operating lease right-of-use assets25,11928,813
Intangible assets, net26,39133,905
Goodwill181,943181,943
Deferred income taxes1,6391,639
Other assets3,4063,546
Total assets$996,617$898,976
Liabilities and stockholders' equity
Current liabilities:
Accounts payable$51,129$44,456
Accrued expenses and other current liabilities65,06279,752
Customer deposits and deferred revenue122,28563,136
Income taxes payable1,5651,860
Current portion of long-term debt20,144--
Total current liabilities260,185189,204
Deferred income taxes4,7484,792
Long-term debt254,272229,438
Long-term operating lease liabilities31,26632,834
Other liabilities5,0315,080
Total liabilities555,502461,348
Total stockholders' equity441,115437,628
Total liabilities and stockholders' equity$996,617$898,976

Note on Reconciliation Tables

The below 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.

Reconciliation of GAAP to Non-GAAP Financial Data (Q3 2022)

(in thousands)

(unaudited)

Non-GAAP Adjustments
Share-Based
Three months ended September 30, 2022GAAPCompensationAmortizationOtherNon-GAAP
Net sales$171,913$171,913
Gross profit69,9511,1951,10272,248
Gross margin40.7%42.0%
Operating expenses52,387(5,015)(2,505)(981)43,886
Operating income17,5646,2102,5052,083^28,362
Net income15,0416,2102,5052,252^26,008



______________________

^ - See table below for additional details.



Other Non-GAAP Adjustments (Q3 2022)


(in thousands)

(unaudited)

Three months ended September 30, 2022
Transition expenses related to San Jose expansion project$1,936
Depreciation of PP&E fair value step-up associated with the Ultratech purchase accounting147
Subtotal2,083
Non-cash interest expense242
Non-GAAP tax adjustment *(73)
Total Other$2,252



______________________

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



Net Income per Common Share (Q3 2022)


(in thousands, except per share amounts)

(unaudited)

Three months ended September 30, 2022
GAAPNon-GAAP
Numerator:
Net income$15,041$26,008
Interest expense associated with convertible notes2,5492,467
Net income available to common shareholders$17,590$28,475
Denominator:
Basic weighted average shares outstanding49,88749,887
Effect of potentially dilutive share-based awards801801
Dilutive effect of 2023 Convertible Senior Notes--504
Dilutive effect of 2025 Convertible Senior Notes5,5215,521
Dilutive effect of 2027 Convertible Senior Notes(1)8,9426,771
Diluted weighted average shares outstanding65,15163,484
Net income per common share:
Basic$0.30$0.52
Diluted$0.27$0.45



______________________

(1) - 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, an effective conversion price of $18.46 is used when determining incremental shares to add to the dilutive share count. The GAAP incremental dilutive shares does not include the impact of the Company's capped call transaction, and as such, an effective conversion price of $13.98 is used when determining incremental shares to add to the dilutive share count.



Reconciliation of GAAP to Non-GAAP Financial Data (Q3 2021)


(in thousands, except per share amounts)

(unaudited)

Non-GAAP Adjustments
Share-based
Three months ended September 30, 2021GAAPCompensationAmortizationOtherNon-GAAP
Net sales$150,246$150,246
Gross profit63,16962015063,939
Gross margin42.0%42.6%
Operating expenses46,753(3,510)(2,976)(637)39,630
Operating income16,4164,1302,976787^24,309
Net income8,9934,1302,9764,375^20,474
Income per common share:
Basic$0.18$0.42
Diluted0.170.40
Weighted average number of shares:
Basic49,02149,021
Diluted(1)53,84951,679



______________________

^ - See table below for additional details.

(1) - 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.



Other Non-GAAP Adjustments (Q3 2021)


(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 accounting82
Subtotal787
Non-cash interest expense3,663
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.



Reconciliation of GAAP Net Income to Non-GAAP Operating Income (Q3 2022 and 2021)


(in thousands)

(unaudited)

Three months endedThree months ended
September 30, 2022September 30, 2021
GAAP Net income$15,041$8,993
Share-based compensation6,2104,130
Amortization2,5052,976
Transition expenses related to San Jose expansion project1,936705
Depreciation of PP&E fair value step-up associated with the Ultratech purchase accounting14782
Interest (income) expense, net2,3157,012
Income tax expense (benefit)208411
Non-GAAP Operating income$28,362$24,309



Reconciliation of GAAP to Non-GAAP Financial Data (Q4 2022)


(in millions, except per share amounts)

(unaudited)

Non-GAAP Adjustments
Guidance for the three months endingShare-based
December 31, 2022GAAPCompensationAmortizationOtherNon-GAAP
Net sales$150-$170$150-$170
Gross profit56-681--158-70
Gross margin37%-40%39%-41%
Operating expenses51-53(5)(3)(1)43-45
Operating income5-1563115-25
Net income$2-$12632$13-$23
Income per diluted common share$0.05-$0.23$0.24-$0.40



Income per Diluted Common Share (Q4 2022)


(in millions, except per share amounts)

(unaudited)

Guidance for the three months ending December 31, 2022GAAPNon-GAAP
Numerator:
Net income$2-$12$13-$23
Interest expense associated with convertible notes--322
Net income available to common shareholders$2-$15$15-$25
Denominator:
Basic weighted average shares outstanding50505050
Effect of potentially dilutive share-based awards1111
Dilutive effect of 2023 Convertible Senior Notes--------
Dilutive effect of 2025 Convertible Senior Notes--666
Dilutive effect of 2027 Convertible Senior Notes(1)--977
Diluted weighted average shares outstanding51666464
Net income per common share:
Income per diluted common share$0.05-$0.23$0.24-$0.40

______________________

(1) - 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, an effective conversion price of $18.46 is used when determining incremental shares to add to the dilutive share count. The GAAP incremental dilutive shares does not include the impact of the Company's capped call transaction, and as such, an effective conversion price of $13.98 is used when determining incremental shares to add to the dilutive share count.



Reconciliation of GAAP Net Income to Non-GAAP Operating Income (Q4 2022)


(in millions)

(unaudited)

Guidance for the three months ending December 31, 2022
GAAP Net income$2-$12
Share-based compensation6-6
Amortization3-3
Interest expense, net2-2
Other2-2
Non-GAAP Operating income$15-$25

Note: Amounts may not calculate precisely due to rounding.





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