Onto Innovation Reports 2021 First Quarter Results

Record quarterly revenue exceeds guidance resulting in 21% year over year growth

Second quarter guidance exceeds consensus street estimates

WILMINGTON, Mass. — (BUSINESS WIRE) — April 29, 2021 — Onto Innovation Inc. (NYSE: ONTO) today announced financial results for the first quarter of 2021.

2021 First Quarter Highlights

  • Quarterly revenue of $169.3 million represents 21% year over year growth compared to the first quarter of 2020 and 9% sequential quarterly growth.
  • Advanced nodes revenue increased 24% over the fourth quarter, primarily from systems supporting 5nm and 3nm logic and advanced DRAM ramps.
  • Advanced packaging demand from 5G and high-performance computing drove inspection revenue growth of 20% over the fourth quarter of 2020.
  • New metrology products providing advanced node solutions for logic, DRAM, and NAND fabs are now installed at five of the top six semiconductor IDMs and foundries.
  • New product from former Inspectrology launched into silicon carbide market, with two orders received, combining overlay metrology with Discover® Run-to-Run software to significantly reduce process variation.
  • Cash flow from operations totaled $51 million or 30% of revenue; cash and marketable securities of $392.9 million at end of quarter.

Onto Innovation Inc.

Key Financial Data for the Quarters Ended March 27, 2021,

December 26, 2020, and March 28, 2020

(in thousands, except per share amounts)

 

US GAAP

 

 

 

March 2021

 

 

December 2020

 

 

March 2020

 

Revenue

 

$

169,279

 

 

$

155,128

 

 

$

139,928

 

Gross profit margin

 

 

53

%

 

 

49

%

 

 

45

%

Operating income (loss)

 

$

27,485

 

 

$

14,711

 

 

$

(5,246

)

Net income (loss)

 

$

24,113

 

 

$

19,914

 

 

$

(4,404

)

Net income (loss) per diluted share

 

$

0.49

 

 

$

0.40

 

 

$

(0.09

)

US NON-GAAP

 

 

 

March 2021

 

 

December 2020

 

 

March 2020

 

Revenue

 

$

169,279

 

 

$

155,128

 

 

$

139,928

 

Gross profit margin

 

 

54

%

 

 

54

%

 

 

52

%

Operating income

 

$

41,874

 

 

$

37,633

 

 

$

22,932

 

Net income

 

$

36,339

 

 

$

35,555

 

 

$

19,740

 

Net income per diluted share

 

$

0.73

 

 

$

0.72

 

 

$

0.39

 


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