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Record Quarter For II-VI In Revenue, Bookings And Backlog

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Company achieves Q4 revenues of $808.0M, backlog of $1.3B, and bookings of $922.7M

II-VI Incorporated has reported results for its fiscal 2021 fourth quarter and fiscal year ended June 30, 2021.

“We ended Fiscal Year 2021 with $3.1B in revenue, growing in every end market that we serve. Our full year book to bill ratio was 1.08 and our June 30th backlog was $1.3B, a new record for II-VI," said Vincent D. Mattera, Jr., the company's CEO.

Fourth quarter revenue at $808M exceeded the top end of guidance with a book to bill ratio of 1.14 for the quarter. In communications, revenue for the full year was up 11 percent driven by high speed 100, 200, 400G datacom transceivers and coherent optics. In consumer electronics, including 3D sensing, the company achieved its goal for FY21 to double our revenue. Life sciences revenue grew by 65 percent over the prior year in support of COVID and other diagnostic testing.

Mattera continued: “Our revenue in the industrial end market reached an all-time record for the quarter with contributions from across the product line. We continue to invest in manufacturing capacity for our SiC platform, a disruptive technology in future RF and power electronics applications. Our teams are working diligently to mitigate the impact of the pandemic and chip shortages in the supply chain.

“With respect to our pending acquisition of Coherent, our regulatory filings have been submitted and we are having constructive engagements with all regulatory agencies. Based on those engagements, our current view is that the closing will be during the first calendar quarter of 2022.”

Free cash flow of $428.0M is defined as cash flow from operations of $574.4M less capital expenditures of $146.3M.

Outlook

The outlook for the first fiscal 2022 quarter ending September 30, 2021 is revenue of $780 million to $830 million and earnings per diluted share on a non-GAAP basis of $0.75 to $0.90. These are at today's exchange rate and today's estimated tax impact of 20 percent, both of which are subject to variability.

This range includes the company's expected investment of up to $20M in the quarter ended September 30, 2021 for compound semiconductor expansion, the majority of which is for SiC expansion.

The non-GAAP earnings per share include the pre-tax amounts of $21 million in amortisation, $22 million in share-based compensation, and $11-15 million in other costs, including costs to facilitate the integration of Coherent Inc. Non-GAAP adjustments are by their nature highly volatile, and we have low visibility as to the range that may be incurred in the future.

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