MACOM Reports Fiscal First Quarter 2021 Financial Results

1/28/21

LOWELL, Mass.--(BUSINESS WIRE)--MACOM Technology Solutions Holdings, Inc. (NASDAQ: MTSI), a leading supplier of semiconductor products, today announced its financial results for its fiscal first quarter ended January 1, 2021.

First Quarter Fiscal Year 2021 GAAP Results

  • Revenue was $148.5 million, an increase of 24.7%, compared to $119.1 million in the previous year fiscal first quarter and an increase of 0.9% compared to $147.2 million in the prior fiscal quarter;
  • Gross margin was 54.0%, compared to 48.9% in the previous year fiscal first quarter and 52.8% in the prior fiscal quarter;
  • Operating income was $12.1 million, compared to a loss of $10.5 million in the previous year fiscal first quarter and income of $12.7 million in the prior fiscal quarter; and
  • Net loss was $9.0 million, or $0.13 loss per diluted share, compared to net loss of $28.4 million, or $0.43 loss per diluted share, in the previous year fiscal first quarter and net income of $17.5 million, or $0.22 per diluted share, in the prior fiscal quarter.

First Quarter Fiscal Year 2021 Adjusted Non-GAAP Results

  • Adjusted gross margin was 57.5%, compared to 53.5% in the previous year fiscal first quarter and 56.4% in the prior fiscal quarter;
  • Adjusted operating income was $37.8 million, or 25.4% of revenue, compared to adjusted operating income of $13.0 million, or 10.9% of revenue, in the previous year fiscal first quarter and adjusted operating income of $34.1 million, or 23.2% of revenue, in the prior fiscal quarter; and
  • Adjusted net income was $32.2 million, or $0.46 per diluted share, compared to adjusted net income of $4.9 million, or $0.07 per diluted share, in the previous year fiscal first quarter and adjusted net income of $27.6 million, or $0.40 per diluted share, in the prior fiscal quarter.

Management Commentary

“Q1 was a good start to our fiscal year,” said Stephen G. Daly, President and Chief Executive Officer. “More importantly, our high-performance product portfolio continues to get stronger and more competitive.”

Business Outlook

For the fiscal second quarter ending April 2, 2021, MACOM expects revenue to be in the range of $148 million to $152 million. Adjusted gross margin is expected to be between 57% and 59%, and adjusted earnings per share is expected to be between $0.46 and $0.50 on an anticipated 70.2 million fully diluted shares outstanding.

About MACOM

MACOM designs and manufactures semiconductor products for Telecommunication, Industrial and Defense and Data Center applications. Headquartered in Lowell, Massachusetts, MACOM has design centers and sales offices throughout North America, Europe and Asia. MACOM is certified to the ISO9001 international quality standard and ISO14001 environmental management standard.

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