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Intevac sees Q1 EPS (20c)-(16c), consensus (21c) » 17:0702/0102/01/23
Sees Q1 revenue…
Sees Q1 revenue $10.5M-$11.5M, consensus $7.05M. Sees Q1 gross margin 40%-42%. Sees Q1 operating expense $9M-$9.5M. Says after Q1 expects operating expense to be $9M for rest of FY23. Sees FY23 gross margin 40%. Says 2022 was transformational. Comments and guidance taken from Q4 earnings conference call.
Intevac reports Q4 EPS (13c) vs. (25c) y/y » 16:1302/0102/01/23
Reports Q4 revenue $11.3M…
Reports Q4 revenue $11.3M vs. $15.9M y/y. "The fourth quarter marked a great finish to 2022, culminating in the completion of the joint development agreement for our ground-breaking TRIO(TM) platform," said Nigel Hunton, CEO. "The TRIO provides an innovation in technology for the coating of glass and glass ceramic materials on consumer devices that builds upon our decades of materials science expertise in high-productivity manufacturing environments. The agreement includes approximately $100 million in system revenue over five years, in order for our customer to maintain exclusive access to the TRIO platform for consumer electronics applications. The record level of orders and backlog for our HDD business in 2022 established a solid foundation for growth for the next several years, and we look forward to gaining momentum in both businesses in 2023 in order to position Intevac for a major growth year in 2024, which is when we expect to return to a full year of profitable and cash-flow positive results. Finally, the strength of our balance sheet remains critically important to our customers, partners, suppliers, and stockholders, and we are pleased to report a net use of cash of only $8 million over the course of 2022. We will continue to maintain a strong balance sheet as we make the necessary investments for transformational growth ahead."
Intevac upgraded to Buy at Benchmark following TRIO agreement » 08:3201/0301/03/23
Benchmark analyst Mark…
Benchmark analyst Mark Miller upgraded Intevac to Buy from Hold with a $9 price target after the company announced it has signed a joint development agreement with "a major provider of glass and glass ceramic materials" for its TRIO deposition tool. In addition to having a minimum revenue requirement of approximately $100M in system sales to Intevac over the five-year period, the agreement opens important new markets for Intevac, such as other glass coating applications for the automotive and point-of-sale display markets, Miller tells investors.
Intevac upgraded to Buy from Hold at Benchmark » 07:4101/0301/03/23
Benchmark analyst Mark…
Benchmark analyst Mark Miller upgraded Intevac to Buy from Hold with a $9 price target.
Intevac signs joint development agreement with glass, glass ceramic provider » 09:1912/3012/30/22
Intevac announced it has…
Intevac announced it has signed a joint development agreement with a provider of glass and glass ceramic materials. The company said, "While specific details of the terms of the partnership will remain confidential, the definitive agreement signed last week includes a five-year period of exclusivity for this key customer, who will deploy the TRIO(TM) for consumer electronics applications. In order to maintain exclusivity of the TRIO(TM) platform for this market, there is a minimum revenue requirement of approximately $100 million in system sales to Intevac over the five-year period. The selling price and gross margin profile of the TRIO(TM) is similar to that of its flagship 200 Lean(R) system. Intevac will continue to develop additional customer relationships for the TRIO(TM) for other glass coating applications, such as in the automotive and point-of-sale display markets."
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Intevac sees Q4 EPS (21c)-(17c), consensus (12c) » 16:5211/0211/02/22
Sees Q4 revenue $10M,…
Sees Q4 revenue $10M, consensus $11.5M. Sees Q4 gross margin 32%-34%. Sees Q4 operating expense $8M. Sees Q4 interest income $400,000. Sees cash at year end $105M-$110M. Says upgrades in Q1 will be down sequentially from Q4. Comments and guidance taken from Q3 earnings conference call.
Intevac gets $12M order for hard disk drive technology upgrades » 09:0510/2610/26/22
Intevac announced the…
Intevac announced the receipt of a $12M order for hard disk drive technology upgrades. Scheduled to be installed in 2023, these upgrades will provide enhanced capabilities for its 200 Lean installed base. "This order is a reflection of our close partnership with our HDD customers as we work together to enable achievement of their media technology roadmaps," said Nigel Hunton, president and chief executive officer. "We are pleased to be chosen as the premier technology provider for the next generation of HDD media. Our proven track record of strong execution in meeting our customers' needs, including delivering multiple 200 Lean process modules on an aggressive shipment schedule, is an important aspect of our continued leadership in providing the industry's most advanced media processing solutions."
Intevac sees Q3 EPS (17c) to (15c), one estimate (13c) » 17:0608/0308/03/22
Sees Q3 revenue…
Sees Q3 revenue $9.5M-$10M, one estimate (10c). Sees FY22 revenue $35M, one estimate $35.4M. Guidance taken from investor presentation slides.
Intevac reports Q2 EPS (11c), one estimate (15c) » 16:3008/0308/03/22
Reports Q2 revenue $9.3M,…
Reports Q2 revenue $9.3M, one estimate $8.0M. "Given the recent softening in some areas of technology spending, we now expect our customers will spread their media capacity additions more evenly across the next three years, which we believe will result in continued year-over-year revenue growth for our HDD business as we look beyond 2022. Additional drivers for revenue growth beyond the HDD market are focused squarely on Intevac's proprietary TRIO(TM) technology and manufacturing platform, which we believe offers a compelling solution that addresses the display cover glass market's most pressing challenges. Our expertise and world-leading knowledge in materials science and creating highly precise and durable coatings from 30 years of HDD developments underpins this new innovation." CEO Nigel Hunton said, "We continue our targeted approach to increasing our revenue growth potential in order to move towards profitability and increased stockholder value. At the same time, we are steadfastly focused on streamlining the company, maintaining the strength of the balance sheet, and we continue to expect to end fiscal 2022 with a similarly strong cash position as year-end 2021."