MicroVision Announces Fourth Quarter and Fiscal Year 2017 Results
February 22 2018 - 4:05PM
MicroVision, Inc. (NASDAQ:MVIS), a leader in innovative
ultra-miniature projection display and sensing technology, today
announced results for its fourth quarter and fiscal year ended
December 31, 2017.
Revenue for the fourth quarter of 2017 was $2.6 million, in line
with our January 18th pre-announcement, and compared to $2.9
million for the fourth quarter of 2016. MicroVision's net loss for
the fourth quarter of 2017 was $7.9 million, or $0.10 per share,
compared to a net loss of $5.4 million, or $0.09 per share for the
fourth quarter of 2016.
Revenue for fiscal year 2017 was $10.9 million, compared to
$14.8 million for fiscal year 2016. MicroVision's net loss for
fiscal year 2017 was $24.2 million, or $0.33 per share, compared to
a net loss of $16.5 million, or $0.32 per share for fiscal year
2016.
“As I settle into my role as MicroVision’s CEO, I'm focused on
creating a culture of success while transforming our company from
being a technology innovator into a solutions provider. We
have a great team with phenomenal technology and an innovative
product roadmap. We expect our revised strategy will provide value
for Tier 1 customers by enabling them to monetize new applications
through an enhanced end user experience,” said Perry Mulligan,
MicroVision’s Chief Executive Officer. “With that in mind, I am
encouraged by the progress we are making on our previously
announced $24 million contract with a Tier 1 technology company,”
Mulligan added.
Financial Results Conference Call
The company will host a conference call today to discuss its
fourth quarter 2017 results and current business operations at 5:00
p.m. ET/2:00 p.m. PT. Interested parties can listen to the
company's conference call by accessing the Investor Relations’
section of MicroVision’s web site on the Investor Events
Calendar page or dialing 1-877-883-0383 (for U.S.
participants) or 1-412-902-6506 (for international participants)
ten minutes prior to the start of the call using pass code number
7974982. A replay webcast of the call will also be available from
the Investor Relations’ section of MicroVision’s web site on
the Investor Events Calendar page.
About MicroVision
MicroVision is the creator of PicoP® scanning technology, an
ultra-miniature laser projection and sensing solution for mobile
consumer electronics, automotive head-up displays and other
applications. MicroVision’s patented technology is a single
platform that can enable projected displays, image capture and
interaction for a wide array of future-ready products in this
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.
Forward-Looking Statements
Certain statements contained in this release, including those
relating to providing solutions, progress on development contracts,
potential customer agreements, potential demand for MicroVision
technology and products, potential products and applications,
features of MicroVision technology, and those containing words such
as “transforming,” “enable” and “expect,” are forward-looking
statements that involve risks and uncertainties. Factors that could
cause actual results to differ materially from those projected in
the company's forward-looking statements include the following: our
ability to raise additional capital when needed; products
incorporating our PicoP® display technology may not achieve market
acceptance, commercial partners may not perform under agreements as
anticipated, we may be unsuccessful in identifying parties
interested in paying any amounts or amounts we deem desirable for
the purchase or license of IP assets, our or our customers failure
to perform under open purchase orders; our financial and technical
resources relative to those of our competitors; our ability to keep
up with rapid technological change; government regulation of our
technologies; our ability to enforce our intellectual property
rights and protect our proprietary technologies; the ability to
obtain additional contract awards; the timing of commercial product
launches and delays in product development; the ability to achieve
key technical milestones in key products; dependence on third
parties to develop, manufacture, sell and market our products;
potential product liability claims; and other risk factors
identified from time to time in the company's SEC reports,
including the company's Annual Report on Form 10-K filed with the
SEC. Except as expressly required by federal securities laws, we
undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events, changes in circumstances or any other reason.
|
|
|
|
|
MicroVision, Inc. |
Balance Sheet |
(In thousands) |
(Unaudited) |
|
|
December 31, |
|
December 31, |
|
|
2017 |
|
2016 |
|
|
|
|
|
Assets |
|
|
|
|
Current Assets |
|
|
|
|
Cash and
cash equivalents |
|
$ |
16,966 |
|
|
$ |
15,139 |
|
Accounts
receivable, net |
|
|
15 |
|
|
|
245 |
|
Costs and
estimated earnings in excess of billings on uncompleted
contracts |
|
|
680 |
|
|
|
125 |
|
Inventory |
|
|
4,541 |
|
|
|
1,233 |
|
Other
current assets |
|
|
945 |
|
|
|
606 |
|
Total
current assets |
|
|
23,147 |
|
|
|
17,348 |
|
|
Property and equipment,
net |
|
|
3,251 |
|
|
|
1,537 |
|
Restricted cash |
|
|
435 |
|
|
|
435 |
|
Intangible assets,
net |
|
|
602 |
|
|
|
718 |
|
Other assets |
|
|
2,262 |
|
|
|
68 |
|
Total
assets |
|
$ |
29,697 |
|
|
$ |
20,106 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity |
|
|
|
|
Current
Liabilities |
|
|
|
|
Accounts
payable |
|
$ |
3,063 |
|
|
$ |
2,195 |
|
Accrued
liabilities |
|
|
5,864 |
|
|
|
3,704 |
|
Deferred
revenue |
|
|
999 |
|
|
|
999 |
|
Billings
on uncompleted contracts in excess of related costs |
|
|
5 |
|
|
|
168 |
|
Other
current liabilities |
|
|
10,142 |
|
|
|
178 |
|
Total
current liabilities |
|
|
20,073 |
|
|
|
7,244 |
|
|
Deferred revenue, net
of current portion |
|
|
4,151 |
|
|
|
5,150 |
|
Deferred rent, net of
current portion |
|
|
302 |
|
|
|
185 |
|
Other long-term
liabilities |
|
|
305 |
|
|
|
53 |
|
Total
liabilities |
|
|
24,831 |
|
|
|
12,632 |
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
Shareholders'
Equity |
|
|
|
|
Common
stock at par value |
|
|
79 |
|
|
|
68 |
|
Additional paid-in capital |
|
|
528,873 |
|
|
|
507,249 |
|
Accumulated deficit |
|
|
(524,086 |
) |
|
|
(499,843 |
) |
Total
shareholders' equity |
|
|
4,866 |
|
|
|
7,474 |
|
Total liabilities and
shareholders' equity |
|
$ |
29,697 |
|
|
$ |
20,106 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MicroVision, Inc. |
|
Statement of Operations |
|
(In thousands, except earnings per share
data) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months ended |
|
Twelve Months ended |
|
|
|
December 31, |
|
December 31, |
|
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
Product revenue |
|
$ |
2 |
|
|
$ |
2,547 |
|
|
$ |
2,300 |
|
|
$ |
12,849 |
|
|
Royalty revenue |
|
|
328 |
|
|
|
321 |
|
|
|
1,568 |
|
|
|
1,803 |
|
|
Contract revenue |
|
|
2,230 |
|
|
|
37 |
|
|
|
7,023 |
|
|
|
109 |
|
|
Total
revenue |
|
|
2,560 |
|
|
|
2,905 |
|
|
|
10,891 |
|
|
|
14,761 |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of product
revenue |
|
|
787 |
|
|
|
2,378 |
|
|
|
4,359 |
|
|
|
10,320 |
|
|
Cost of contract
revenue |
|
|
1,763 |
|
|
|
22 |
|
|
|
5,517 |
|
|
|
54 |
|
|
Total
cost of revenue |
|
|
2,550 |
|
|
|
2,400 |
|
|
|
9,876 |
|
|
|
10,374 |
|
|
|
|
|
|
|
|
|
|
|
|
Gross
margin |
|
|
10 |
|
|
|
505 |
|
|
|
1,015 |
|
|
|
4,387 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development expense |
|
|
4,679 |
|
|
|
3,605 |
|
|
|
15,096 |
|
|
|
12,134 |
|
|
Sales, marketing,
general and administrative expense |
|
|
3,189 |
|
|
|
2,273 |
|
|
|
10,156 |
|
|
|
8,743 |
|
|
Gain on sale of
previously reserved inventory |
|
|
- |
|
|
|
(32 |
) |
|
|
- |
|
|
|
(32 |
) |
|
Total
operating expenses |
|
|
7,868 |
|
|
|
5,846 |
|
|
|
25,252 |
|
|
|
20,845 |
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
|
(7,858 |
) |
|
|
(5,341 |
) |
|
|
(24,237 |
) |
|
|
(16,458 |
) |
|
|
|
|
|
|
|
|
|
|
|
Other income (expense),
net |
|
|
(3 |
) |
|
|
(29 |
) |
|
|
(6 |
) |
|
|
(14 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(7,861 |
) |
|
$ |
(5,370 |
) |
|
$ |
(24,243 |
) |
|
$ |
(16,472 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net loss per share -
basic and diluted |
|
$ |
(0.10 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.33 |
) |
|
$ |
(0.32 |
) |
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares
outstanding - basic and diluted |
|
|
78,596 |
|
|
|
56,538 |
|
|
|
72,786 |
|
|
|
51,958 |
|
|
|
|
|
|
|
|
|
|
|
|
Investor Relations Contacts:
Ted MoreauDarrow Associates,
Inc.608.298.7369tmoreau@darrowir.com
or
David H. AllenDarrow Associates,
Inc.408.427.4463dallen@darrowir.com
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