Vuzix Corp. (VUZI) Tops Q4 EPS by 2c, Revenues Beat

March 15, 2021 4:07 PM EDT

Vuzix Corp. (NASDAQ: VUZI) reported Q4 EPS of ($0.09), $0.02 better than the analyst estimate of ($0.11). Revenue for the quarter came in at $4.23 million versus the consensus estimate of $4.01 million.

"2020 was a transformational year for both Vuzix and the AR smart glasses industry as the COVID-19 pandemic has challenged and changed the way companies, organizations and institutions conduct their operations," said Paul Travers, President and CEO of Vuzix. "We experienced further growth in new customer acquisition around the world as more enterprise customers turned to our smart glasses for remote support, among other things, and the healthcare industry began using our smart glasses to perform and broadcast surgeries, provide virtual training, and help care for patients in the ICU, operating room and during virtual patient rounds. Customer orders and reorders were up across the board, led by demand for our M400 Smart Glasses, which paved the way for record Smart Glasses sales for Vuzix both in our fourth quarter and for the full year."

"2020 was also a productive year for our OEM business group as we entered into several new engineering projects, one with a U.S. medical partner and two with new major defense customers. In addition, we strengthened our IP position as a preeminent supplier of next generation microLED-based display engines and waveguide-based products through our joint development and manufacturing agreement with Jade Bird Display and expansion of our patents and patents pending from 150 to 184 during the year," concluded Mr. Travers.

Management Outlook

"We are well-positioned to achieve significant year-over-year comparative revenue growth in our first quarter and throughout 2021, thanks to the growing success of our M-Series and Vuzix Blade Smart Glasses across key market verticals that include healthcare, field service, manufacturing and warehouse and logistics, as well as expected contributions from our OEM business group," said Mr. Travers. "Further, as competitive as our current family of smart glasses are, we intend to reset the industry bar for performance and wearability as we complete the development and announce the launch of our next generation smart glasses over the balance of this year. Due to significant warrant exercises since December 2020, our revenue growth and product development objectives this year will be fortified by the strongest balance sheet in our company's history."

For earnings history and earnings-related data on Vuzix Corp. (VUZI) click here.

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