Veeco Instruments Inc. reports developments in semiconductor process equipment used in advanced device fabrication and packaging. The company designs, develops and manufactures laser annealing, ion beam, metal organic chemical vapor deposition (MOCVD), single-wafer etch and clean, lithography and related thin-film processing systems.
Recurring news includes customer equipment orders for Spector Ion Beam Deposition, Lumina MOCVD and WaferEtch Wet Processing systems, including applications in indium phosphide lasers, silicon photonics and optical transceivers for data-center communications. Updates also cover quarterly and annual financial results, management conference participation and other material corporate disclosures tied to orders, manufacturing demand and operating performance.
Veeco Instruments (NASDAQ: VECO) has been selected by Transphorm, Inc. (OTCQB: TGAN) to provide its Propel™ HVM MOCVD System for high-volume production of GaN-based Epiwafers, aimed at advancing RF and power electronics. The contract, funded by the US DoD Office of Naval Research, highlights Veeco's cost-effective and high-throughput capabilities, crucial for next-gen 5G and power devices. The Propel system's unique features promise enhanced manufacturing efficiency and output consistency, reinforcing Veeco's position in the semiconductor market.
Veeco Instruments has announced a privately negotiated exchange to retire $125 million of its 2.70% Convertible Senior Notes due 2023, issuing $132.5 million of new 3.50% Convertible Senior Exchange Notes due 2025. The New Notes will have a conversion rate reflecting a 58.6% premium over the stock price as of November 11, 2020. The transaction is expected to close around November 17, 2020. The New Notes can be converted into shares or cash, and involve a cash repurchase option upon specific events.
Veeco Instruments (NASDAQ: VECO) will participate in several upcoming virtual investor events. Notable engagements include the Benchmark Company Technology Virtual One-on-One Investor Conference on November 12, 2020, and the Wells Fargo Virtual TMT Summit on December 1, 2020, featuring a fireside chat at 4:00 PM ET. Additionally, Veeco will join the Barclays Conference on December 9, 2020, and the DA Davidson Conference on December 15, 2020. The 12th Annual CEO Summit will take place on December 16, 2020, with invitation-only attendance for accredited investors.
Veeco Instruments has announced the qualification of its Lumina MOCVD System by OSRAM Opto Semiconductors, enhancing production capabilities for high-end LEDs and advanced photonic devices. This recognition highlights Lumina's productivity and performance, built on over 20 years of expertise in MOCVD technology. The system offers excellent uniformity and low defectivity, enabling users to produce high-quality epitaxial layers efficiently. This partnership reinforces Veeco's position in the semiconductor process equipment market.
Veeco Instruments reported a strong third quarter for 2020 with revenues of $112.1 million, rising from $109.0 million year-over-year. The company achieved a GAAP net income of $0.6 million, a significant recovery from a loss of $11.8 million in Q3 2019. Non-GAAP net income saw a notable increase to $11.0 million, compared to $2.6 million the previous year. Looking ahead, Veeco expects Q4 revenues between $120 million and $135 million, with GAAP EPS projected at $0.02 to $0.17 and Non-GAAP EPS at $0.22 to $0.37.
Veeco Instruments (NASDAQ: VECO) announced that Aledia has selected its Propel 300 HVM metal organic chemical vapor deposition (MOCVD) system for microLED displays. This choice stems from the system's superior productivity and low defectivity. The Propel system features a SEMI-compliant Equipment Front End Module (EFEM) and is capable of high-volume production. MicroLED technology, expected to surge from 74,000 wafers in 2021 to over 5 million by 2024, aligns with rising demands for advanced display applications. Veeco aims to support innovation in the sector with this advanced tool.
Veeco Instruments (NASDAQ: VECO) has announced its collaboration with A-Pro Semicon, which will utilize Veeco’s Propel™ HVM MOCVD system for developing GaN-based power and 5G RF semiconductor devices. A-Pro is expected to leverage this technology to enhance its position in the growing GaN power device market, projected to reach $1.2 billion by 2027. The Propel system is recognized for its operational efficiency and performance in high-volume production. This partnership reflects Veeco's strong market position and ongoing innovation in semiconductor manufacturing.
Veeco Instruments (NASDAQ: VECO) will announce its Q3 2020 financial results on October 27, 2020, after market close. A conference call will follow at 5:00 PM ET, where the management team will review the results. Interested participants can dial in at 1-800-437-2398 or access the live webcast via Veeco's investor relations page. A replay will be available post-call. This update comes as Veeco maintains its position in the semiconductor equipment sector, which is crucial for advanced device manufacturing.
Veeco Instruments Inc (NASDAQ: VECO) announced a collaboration with IHP Microelectronics in Frankfurt, Germany, selecting Veeco's TurboDisc® metal organic chemical vapor deposition (MOCVD) system to develop advanced silicon-based microelectronic technologies. This partnership highlights the TurboDisc platform's capability in supporting high-performance applications essential for wireless and broadband communications. The system offers faster production ramping, up to 50% quicker than traditional tools, and ensures uniform temperature profiles across wafers.
Veeco Instruments reported a strong second quarter for 2020, with revenues of $98.6 million, up from $97.8 million year-over-year. While the company experienced a GAAP net loss of $8.3 million or $0.17 per diluted share, it achieved a non-GAAP net income of $5.5 million, translating to $0.11 per diluted share. The CEO highlighted operational resilience during the pandemic, strong customer engagements, and a healthy backlog. Looking ahead, Veeco anticipates Q3 revenue between $100 million and $120 million, with non-GAAP EPS guidance of $0.10 to $0.26.