Vuzix Corp. (VUZI) Tops Q2 EPS by 2c, Sales Beat
Vuzix Corp. (NASDAQ: VUZI) reported Q2 EPS of ($0.13), $0.02 better than the analyst estimate of ($0.15). Revenue for the quarter came in at $3.04 million versus the consensus estimate of $2.41 million.
"Our second quarter revenue grew 39% over the comparable 2019 period and 98% sequentially from our first quarter to $3.0 million as our enterprise business continued to expand at an accelerated pace and engineering services sales doubled to $0.7 million versus the comparable 2019 period. The worldwide coronavirus outbreak has impacted the day-to-day operations of our enterprise customers across numerous market verticals and this has accelerated the enterprise adoption of our smart glasses. We delivered a record $2.3 million of Vuzix smart glasses in the quarter, an increase of 183% year-over-year and 70% sequentially from our first quarter of 2020, primarily driven by interest from new customers and follow-on orders from existing customers whose business operations have been impacted by COVID-19. Healthcare has emerged as an important business segment for Vuzix, including telemedicine and telehealth solutions related to patient care, training and surgery, as well as supporting healthcare companies like medical device manufacturers that have active equipment installations in hospitals and medical facilities," said Paul Travers, President and CEO of Vuzix.
"The second quarter was also a good one for our OEM business group. We advanced the existing programs we have with two major global defense companies and achieved meaningful milestones on their respective product development initiatives that should accelerate the transition of these programs from engineering services concepts to volume production in the near future," continued Mr. Travers.
"The COVID-19 Pandemic continues to show signs of becoming a catalytic event for several technology-related industries, including enterprise smart glasses. The disruption to enterprise operations globally has acted as an accelerant for new customer acquisition, order flow and order size," said Paul Travers, President and CEO of Vuzix. "Our third quarter is off to a strong start in terms of smart glasses revenue through the first month of the quarter and is continuing the acceleration reflected in our most recent quarter's sales. As a result, we believe we are in position to deliver continued growth in the third quarter and over the remainder of 2020. Healthcare, which emerged in the second quarter as an important contributor of growth for Vuzix, continues to gain strength and we expect this segment to be a major driver of growth for the Company over the second half of 2020 and beyond. We anticipate expanding the number of our contracted Engineering Services program engagements and are continuing to pursue additional Engineering Services and OEM programs, all with the goal of securing supply agreements for large scale production of customized waveguide-based HMDs and HD display engine products in the future."
For earnings history and earnings-related data on Vuzix Corp. (VUZI) click here.
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