Coherent, Inc. Reports First Fiscal Quarter Results

SANTA CLARA, Calif., Feb. 9, 2022

FINANCIAL HIGHLIGHTS

	Three Months Ended
	Jan. 1, 2022		Oct. 2, 2021		Jan. 2, 2021 ARIVA.DE Börsen-Geflüster Kurse Coherent -   0,00%
GAAP Results
(in millions, except per share data)
Net sales	$                      384.5		$                      391.7		$                      326.1
Net income	$                        30.3		$                        21.1		$                          0.1
Diluted EPS	$                        1.21		$                        0.85		$                        0.01
Non-GAAP Results
(in millions, except per share data)
Net income	$                        57.7		$                        44.0		$                        26.7
Diluted EPS	$                        2.32		$                        1.77		$                        1.09

FIRST FISCAL QUARTER DETAILS

For the first quarter of fiscal 2022, Coherent announced net sales of $384.5 million and net income, on a U.S. generally accepted accounting principles (GAAP) basis, of $30.3 million, or $1.21 per diluted share.

These results compare to net sales of $326.1 million and net income of $0.1 million, or $0.01 per diluted share, for the first quarter of fiscal 2021 and net sales of $391.7 million and net income of $21.1 million, or $0.85 per diluted share, for the fourth quarter of fiscal 2021.

Non-GAAP net income for the first quarter of fiscal 2022 was $57.7 million, or $2.32 per diluted share. Non-GAAP net income for the first quarter of fiscal 2021 was $26.7 million, or $1.09 per diluted share. Non-GAAP net income for the fourth quarter of fiscal 2021 was $44.0 million, or $1.77 per diluted share.  Reconciliations of GAAP to non-GAAP financial measures for the three months ended January 1, 2022, October 2, 2021 and January 2, 2021 appear in the financial statements portion of this release under the heading "Reconciliation of GAAP to Non-GAAP net income."

"I couldn't be prouder of the global Coherent team which delivered another quarter of strong financial results with solid growth sequentially and year over year, even with Q1 historically being a seasonally weak quarter as well as the pending merger. Sequentially, revenue was virtually flat, but we grew bookings, non-GAAP margins and EPS and our book-to-bill was substantially greater than one, resulting in the highest quarter-end backlog in more than three years," said Andy Mattes, Coherent President and CEO. "Our ongoing good to great transformation project, primarily driving improvements in our ILS segment, along with additional product efficiencies yielded a Q1'22 non-GAAP gross margin of over 44 percent, an improvement of 370 bps from last quarter. Demonstrating the operating leverage in our business model, non-GAAP operating margin reached a three year high of 20% and non-GAAP earnings per share improved by over 31% from last quarter. Finally, we continue to have a strong balance sheet and will continue to focus on operational excellence to further strengthen our overall financial results."

Our proposed merger with II-VI has received all global regulatory approvals other than from competition authorities in South Korea and China. Coherent now anticipates that the merger should close by the middle of the second calendar quarter of 2022.

Summarized statement of operations information is as follows (unaudited, in thousands, except per share data):

	Three Months Ended
	Jan. 1, 2022		Oct. 2, 2021		Jan. 2, 2021
Net sales	$                  384,507		$                  391,674		$                  326,053
Cost of sales(A)(B)(C)(D)(E)	216,943		239,838		206,057
Gross profit	167,564		151,836		119,996
Operating expenses:
Research & development(A)(B)(E)	29,769		32,056		28,221
Selling, general & administrative(A)(B)(E)	93,774		78,754		74,228
Merger and acquisition costs(F)	977		1,473		—
Amortization of intangible assets(C)	565		584		597
Total operating expenses	125,085		112,867		103,046
Income from operations	42,479		38,969		16,950
Other expense, net(B)(G)	(6,185)		(9,233)		(2,289)
Income before income taxes	36,294		29,736		14,661
Provision for income taxes (H)	6,029		8,678		14,517
Net income	$                    30,265		$                    21,058		$                         144
Net income per share:
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