CC replay 11 am EST// Product revenue for the quarter grew 62 percent year-over-year; gross margin improves to 38 percent for Q2 2016
REDMOND, Wash.--(BUSINESS WIRE)--July 28, 2016-- MicroVision, Inc. (NASDAQ: MVIS), a leader in innovative ultra-miniature projection display and sensing technology, today announced its financial and operating results for the second quarter of 2016. Revenue and gross margin both grew year-over-year and sequentially.
MicroVision's revenue in the second quarter of 2016 was up three percent from the same quarter last year and 12 percent from the first quarter of 2016. Product revenue was up 62 percent from the same quarter last year and 12 percent from the prior quarter in 2016. Gross margin for the period of 38 percent was a significant improvement from the previous quarter and the second quarter of 2015.
The following financial results are for the three and six months ended June 30, 2016, compared to the three and six months ended June 30, 2015.
-- Revenue was $4.2 million for the second quarter of 2016, compared to $4.0 million one year ago. Revenue for the first half of 2016 was $7.9 million, compared to $4.9 million for the first half of 2015. -- Operating loss for the second quarter of 2016 was $3.5 million, compared to a loss of $2.8 million for the same quarter one year ago. Operating loss was $7.0 million for the first half of 2016, compared to an operating loss of $6.7 million for the same period in 2015. -- Net loss for the second quarter of 2016 was $3.5 million, or $0.07 per share, compared to a loss of $2.8 million, or $0.06 per share for the same quarter one year ago. Net loss for the first half of 2016 was $7.0 million, or $0.14 per share, compared to $6.7 million, or $0.15 per share for the first half of 2015. -- In the second quarter of 2016, cash used in operations was $4.1 million compared to cash used in operations of $3.6 million for the same period in 2015. For the first half of 2016, cash used in operations was $7.1 million, compared to cash flow provided by operations of $1.5 million for the first half of 2015. As of June 30, 2016 backlog was $5.3 million and cash and cash equivalents were $7.2 million.
Conference Call
The company will host a conference call today to discuss its second quarter 2016 results and current business operations at 8:30 a.m. ET / 5:30 a.m. PT. Participants may join the conference call by dialing 1-888-771-4371 (for U.S. participants) or +1-847-585-4405 (for international participants) ten minutes prior to the start of the call. The conference call pass code number is 43038708. A live webcast of the call can be accessed from the company's web site in the Investor Events Calendar section on the Investor's page. A replay of this call will be available after 8:00 a.m. PT the day of the conference call through the same link or by calling 1-888-843-7419 (U.S.) or +1-630-652-3042 (International), pass code 4303 8708#. The phone-in replay will be available until August 4, 2016.
About MicroVision
MicroVision is the creator of PicoP(R) scanning technology, an ultra-miniature laser projection and sensing solution based on the laser beam scanning methodology pioneered by the company. MicroVision's platform approach for this advanced display and imaging solution means that it can be adapted to a wide array of applications and form factors. It is an advanced solution for a rapidly evolving, always-on world. Extensive research has led MicroVision to become an independently recognized leader in the development of intellectual property. MicroVision's IP portfolio has been recognized by the Patent Board as a top 50 IP portfolio among global industrial companies and has been included in the Ocean Tomo 300 Patent Index. The company is based in Redmond, Wash.
For more information, visit the company's website at www.microvision.com, on Facebook at www.facebook.com/MicroVisionInc or follow MicroVision on Twitter at @MicroVision.
MicroVision and PicoP are trademarks of MicroVision, Inc. in the United States and other countries. All other trademarks are the properties of their respective owners.
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