Metrology Systems for Advanced Nodes Contribute to 23% Quarterly Growth
Operating Income Increased 58% Over the Third Quarter
WILMINGTON, Mass — (BUSINESS WIRE) — February 4, 2021 — Onto Innovation Inc. (NYSE: ONTO) today announced financial results for the fourth quarter and full year results for 2020.
2020 Fourth Quarter and Full Year Highlights
- Quarterly revenue of $155.1 million increased 23% compared to $126.5 million in the 2020 third quarter and exceeded management’s guidance.
- Revenue from RF customers supporting the 5G ramp increased 100% over the third quarter.
- Aspect® metrology system accepted by a top three supplier of 3D NAND, displacing the incumbent metrology tool in the fourth quarter.
- Penetrated a leading DRAM customer with first IMPULSE® integrated metrology systems gaining significant market share and becoming process tool of record to support significant ramp in 2021.
- Achieved annualized merger cost synergies of $24 million driving improved combined company results.
- Technology synergies enabled the introduction of the new Iris™ films system resulting in multiple orders delivered to a top three semiconductor manufacturer.
- New product introductions in metrology and inspection expected to increase 2021 TAM and SAM by over 20%.
- Entered long-term operating model with fourth quarter Non-GAAP operating margin of 24%.
- Cash and marketable securities increased $33 million in the fourth quarter and cash from operations was 21% of revenue in the quarter.
The following and subsequent financial tables, as well as commentary and comparisons to 2019 in this release, include the results of Rudolph Technologies, Inc. through October 25, 2019, and the results of Onto Innovation from October 26, 2019 through December 31, 2019.
Onto Innovation Inc. |
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Key Financial Data for the Quarters Ended December 26, 2020, |
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September 26, 2020, and December 31, 2019 |
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(in thousands, except per share amounts) |
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US GAAP |
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|
|
December 2020 |
|
|
September 2020 |
|
|
December 2019* |
|
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Revenue |
|
$ |
155,128 |
|
|
$ |
126,492 |
|
|
$ |
120,558 |
|
Gross profit margin |
|
|
49 |
% |
|
|
54 |
% |
|
|
33 |
% |
Operating income (loss) |
|
$ |
14,711 |
|
|
$ |
9,282 |
|
|
$ |
(23,359 |
) |
Net income (loss) |
|
$ |
19,914 |
|
|
$ |
8,091 |
|
|
$ |
(17,752 |
) |
| Net income (loss) per diluted share |
|
$ |
0.40 |
|
|
$ |
0.16 |
|
|
$ |
(0.41 |
) |
|
US NON-GAAP |
|
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|
|
|
December 2020 |
|
|
September 2020 |
|
|
December 2019* |
|
|||
| Revenue |
|
$ |
155,128 |
|
|
$ |
126,492 |
|
|
$ |
120,558 |
|
| Gross profit margin |
|
|
54 |
% |
|
|
54 |
% |
|
|
51 |
% |
| Operating income |
|
$ |
37,633 |
|
|
$ |
23,786 |
|
|
$ |
20,241 |
|
| Net income |
|
$ |
35,555 |
|
|
$ |
19,602 |
|
|
$ |
18,065 |
|
| Net income per diluted share |
|
$ |
0.72 |
|
|
$ |
0.40 |
|
|
$ |
0.41 |
|
