Company’s plans for launching scanning engines
on track and expected to contribute to significant growth in
2017
MicroVision, Inc. (NASDAQ: MVIS), a leader in innovative
ultra-miniature projection display and sensing technology, today
announced its 2016 operating and financial results and an overview
of its 2017 business objectives.
2016 Operating Results
MicroVision achieved over 60 percent revenue growth with $14.8
million for the full year 2016 compared to $9.2 million the prior
year. The 2016 full year revenue was consistent with the company’s
guidance. The company also improved gross margin to 30 percent in
2016 compared to 22 percent in 2015.
In line with its technology advancement plans, the company
invested in internal development of its PicoP® scanning technology
for new “beyond projection” applications. MicroVision announced its
plans to begin selling laser beam scanning (LBS) engines in 2017
based on 2016 research and development efforts. These scanning
engines are targeted to a wide variety of OEM and ODM customers for
multiple applications, and they are planned to consist of:
- PSE-0403: A small form factor, high
definition display engine for applications where form factor and
flexibility of product design are required;
- PSE-0403sti: An interactive display
engine that integrates display and 3D sensing to allow the user to
interact with projected images;
- PSE-0400Li: A mid-range light detection
and ranging (LIDAR) engine for autonomous industrial products and
robotics.
MicroVision began shipping samples of the small form factor
display engine to potential customers in December 2016 and expects
to be ready for mass production in the second quarter of 2017. The
company also plans to begin providing engineering samples of the
interactive display engine in the second quarter. In the third
quarter of 2017 MicroVision plans to be ready for mass production
of the interactive display engine. In the second half of 2017
MicroVision plans to begin shipping samples of the mid-range LIDAR
engine, with mass production readiness for that engine targeted for
the first half of 2018.
The company also contracted with two top technology companies
for proof of concept demonstrators for augmented reality (AR) and
advanced driver assistance system (ADAS) 3D sensing. Work on those
contracts began in 2016 and is continuing in 2017.
In November 2016, MicroVision announced a co-marketing agreement
with STMicroelectronics (ST) targeting the joint sales and
promotion of MEMS mirror-based LBS solutions for applications such
as pico projection, augmented and virtual reality, 3D sensing, and
ADAS. MicroVision had demonstration systems in ST’s customer suites
at CES 2017 in Las Vegas in January and on the show floor in ST’s
booth at Mobile World Congress 2017 in Barcelona, February 27-March
2.
2016 Financial Results
MicroVision reported the following financial results for the
fourth quarter and year ended December 31, 2016:
- Annual revenue of $14.8 million in
2016, compared to $9.2 million in 2015. Revenue for the fourth
quarter of 2016 was $2.9 million, compared to $1.8 million for the
same quarter in 2015.
- Operating loss was $16.5 million for
2016, compared to $14.6 million in 2015, and $5.3 million for the
fourth quarter of 2016 compared to $4.3 million for the same
quarter in 2015.
- Net loss for the year of $16.5 million,
or $0.32 per share, compared to $14.5 million, or $0.31 per share
for the prior year and $5.4 million, or $0.09 per share, compared
to $4.3 million, or $0.09 per share, for the same quarter in
2015.
- Cash used in operations was $14.8
million in 2016, compared to $5.8 million for 2015 reflecting the
$8 million up-front license fee received in early 2015.
As of December 31, 2016, backlog was $942,000 and cash and cash
equivalents were $15.1 million.
2017 Objectives
MicroVision anticipates another year of significant growth in
2017. MicroVision anticipates revenue from its planned LBS engines
line of business to be in the range of $30 million to $60 million
in the 12 to 18 months following the shipment of the first mass
production engines which is expected in Q2 2017. Revenue in 2017
from these products is expected to be weighted to the second half
of the year.
According to a recent report from Juniper Research1, smart home
hardware and service take-up in entertainment, automation,
healthcare and connected devices is projected to drive revenues
from $83 billion in 2017 to $195 billion by 2021. This growing
market for smart home devices is an example of a new product
category that MicroVision believes can benefit from its LBS engine
line.
In January 2017, MicroVision delivered to a top technology
company the augmented reality proof of concept demonstrator it
began in 2016 and signed a second phase NRE contract for that
program which the company expects to complete in 2017. MicroVision
also expects to deliver the proof of concept demonstrator for ADAS
in 2017 that it is developing for another major technology
company.
The company also plans to support its existing customers who
have licensed MicroVision technology and incorporate MicroVision
components in their display engine products.
1 Smart Home Markets: Entertainment, Monitoring,
Automation, Health, Metering, Appliances 2017-2021, Juniper
Research, January, 2017
Conference Call
The company will host a conference call today to discuss its
2016 financial and operating results and 2017 objectives at 8:30
a.m. ET / 5:30 a.m. PT. Participants may join the conference call
by dialing 1-888-771-4371 (for U.S. participants) or
+1-847-585-4405 (for international participants) ten minutes prior
to the start of the call. The conference call pass code number is
44416602. A live webcast of the call can be accessed from the
company's web site in the Investor Events Calendar section of the
Investors page. A replay of this call will be available after 8:00
a.m. PT the day of the conference call through the same link or by
calling 1-888-843-7419 (U.S.) or +1-630-652-3042 (international),
pass code 4441 6602#. The call-in replay will be available through
March 13, 2017.
About MicroVision
MicroVision is the creator of PicoP® scanning technology, an
ultra-miniature laser projection and sensing solution based on the
laser beam scanning methodology pioneered by the company.
MicroVision's platform approach for this advanced display and
imaging solution means that it can be adapted to a wide array of
applications and form factors. It is an advanced solution for a
rapidly evolving, always-on world. Extensive research has led
MicroVision to become an independently recognized leader in the
development of intellectual property. MicroVision’s IP portfolio
has been recognized by the Patent Board as a top 50 IP portfolio
among global industrial companies and has been included in the
Ocean Tomo 300 Patent Index. The company is based in Redmond,
Wash.
For more information, visit the company’s website at
www.microvision.com, on Facebook at www.facebook.com/MicroVisionInc
or follow MicroVision on Twitter at @MicroVision.
MicroVision and PicoP are trademarks of MicroVision, Inc. in the
United States and other countries. All other trademarks are the
properties of their respective owners.
Forward-Looking Statements
Certain statements contained in this release, including those
relating to timing of product introductions and supply chain
capabilities, future operating results, fulfillment of orders,
product sales, performance of contract parties under agreements,
potential customer agreements, arrangements and sales, potential
demand for MicroVision technology and products and potential
applications and features of MicroVision technology, and those
containing words such as “plans,” “targeted,” “anticipates,”
“objectives,” “could,” “believes,” “projected,” and “expects,” are
forward-looking statements that involve a number of risks and
uncertainties. Factors that could cause actual results to differ
materially from those projected in the company's forward-looking
statements include the following: our ability to raise additional
capital when needed; products incorporating our PicoP display
engine may not achieve market acceptance, our ability to conclude
agreements with potential customers, commercial partners may not
perform under agreements as anticipated, we may be unsuccessful in
identifying parties interested in paying any amounts or amounts we
deem desirable for the purchase or license of IP assets, our or our
customers failure to perform under open purchase orders; our
financial and technical resources relative to those of our
competitors; our ability to keep up with rapid technological
change; government regulation of our technologies; our ability to
enforce our intellectual property rights and protect our
proprietary technologies; the ability to obtain additional contract
awards; the timing of commercial product launches and delays in
product development; the ability to achieve key technical
milestones in key products; dependence on third parties to develop,
manufacture, sell and market our products; potential product
liability claims; and other risk factors identified from time to
time in the company's SEC reports, including the company's Annual
Report on Form 10-K filed with the SEC. Except as expressly
required by federal securities laws, we undertake no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events, changes in
circumstances or any other reason.
MicroVision, Inc. Balance Sheet (In
thousands) (Unaudited) December 31,
December 31,
2016 2015
Assets Current Assets Cash and cash equivalents $
15,139 $ 7,888 Accounts receivable, net 245 1,687 Inventory 1,233
862 Other current assets
731
638 Total current assets 17,348 11,075
Property and equipment, net 1,537 1,669 Restricted cash 435 435
Intangible assets, net 718 845 Other assets
68
18 Total assets $ 20,106 $
14,042
Liabilities and Shareholders' Equity
(Deficit) Current Liabilities Accounts payable $ 2,195 $ 2,183
Accrued liabilities 3,882 3,399 Deferred revenue 999 2,122 Billings
on uncompleted contracts in excess of related costs
168 - Total current
liabilities 7,244 7,704 Deferred revenue, net of current
portion 5,150 6,149 Deferred rent, net of current portion 185 342
Other long-term liabilities
53
- Total liabilities
12,632
14,195 Commitments and
contingencies Shareholders' Equity (Deficit) Common stock at
par value 68 47 Additional paid-in capital 507,249 483,171
Accumulated deficit
(499,843 )
(483,371 ) Total shareholders'
equity (deficit)
7,474
(153 ) Total liabilities and
shareholders' equity (deficit) $ 20,106 $ 14,042
MicroVision, Inc. Statement of
Operations (In thousands, except earnings per share
data) (Unaudited)
Three months ended
December 31,
Twelve months ended
December 31,
2016
2015
2016
2015
Product revenue $ 2,547 $ 1,451 $ 12,849 $ 6,452
Royalty revenue 321 388 1,803 1,165 Contract revenue
37 7
109 1,571 Total
revenue
2,905 1,846
14,761 9,188
Cost of product revenue 2,378 1,463 10,320 6,384 Cost
of contract revenue
22
4 54
796 Total cost of revenue
2,400 1,467
10,374 7,180
Gross margin
505 379
4,387 2,008
Research and development expense 3,605 2,540 12,134
8,680 Sales, marketing, general and administrative expense 2,273
2,139 8,743 7,879 Gain on sale of previously reserved inventory
(32 ) -
(32 ) (1
) Total operating expenses
5,846
4,679 20,845
16,558 Loss from
operations (5,341 ) (4,300 ) (16,458 ) (14,550 ) Other
income, net
(29 )
2 (14 )
8 Net loss $ (5,370 ) $ (4,298 ) $
(16,472 ) $ (14,542 ) Net loss per share - basic and diluted
$ (0.09 ) $ (0.09 ) $ (0.32 ) $ (0.31 ) Weighted-average
shares outstanding - basic and diluted 56,538
47,276 51,958 46,540
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version on businesswire.com: http://www.businesswire.com/news/home/20170306005268/en/
MicroVision, Inc.Investors:Dawn Goetter,
425-882-6629ir@microvision.comorMedia:Nicole
Cobuzio, 732-212-0823 ext. 102nicolec@lotus823.com
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