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Vicor Corporation Reports Results for the Third Quarter Ended September 30, 2021

Oct 21, 2021 at 4:05 PM EDT

ANDOVER, Mass., Oct. 21, 2021 (GLOBE NEWSWIRE) -- Vicor Corporation (NASDAQ: VICR) today reported financial results for the third quarter ended September 30, 2021. These results will be discussed later today at 5:00 p.m. Eastern Time, during management’s quarterly investor conference call. The details for the call are presented below.  

Revenues for the third quarter ended September 30, 2021 totaled $84.9 million, an 8.7% increase from $78.1 million for the corresponding period a year ago, but an 11.0% sequential decrease from $95.4 million in the second quarter of 2021.

Gross margin increased to $42.8 million for the third quarter of 2021, compared to $33.3 million for the corresponding period a year ago, but decreased sequentially from $49.9 million for the second quarter of 2021. Gross margin, as a percentage of revenue, increased to 50.4% for the third quarter of 2021, compared to 42.7% for the corresponding period a year ago, but decreased from 52.3% for the second quarter of 2021.

Net income for the third quarter was $13.3 million, or $0.29 per diluted share, compared to net income of $5.8 million or $0.13 per diluted share, for the corresponding period a year ago and net income of $19.4 million, or $0.43 per diluted share, for the second quarter of 2021.

Cash flow from operations totaled $10.1 million for the third quarter, compared to cash flow from operations of $11.6 million for the corresponding period a year ago, and cash flow from operations of $12.3 million in the second quarter of 2021. Capital expenditures for the third quarter totaled $15.2 million, compared to $8.1 million for the corresponding period a year ago and $6.5 million for the second quarter of 2021. The sum of cash, cash equivalents, and short-term investments as of September 30, 2021 remained basically unchanged at $229.0 million, compared to June 30, 2021.

Commenting on third quarter performance, Dr. Patrizio Vinciarelli, Chief Executive Officer, stated, “Semiconductor component shortages and capacity constraints caused Q3 revenues to fall short of expectations with a negative impact on margins. Improved semiconductor component availability and increased capacity should support a significant step up in Q4 revenues.”

The Q3 book-to-bill ratio came in at 2.0 and Q3 ending backlog stood at $296 million, as compared with $140 million at the end of Q3, 2020.  Advanced Products shipments in Q4 are expected to significantly exceed legacy bricks. Our factory expansion is on track to be completed in Q4 with production equipment coming on line starting in Q1 ’22.” 

Dr. Vinciarelli concluded, “In Q3, we executed our first OEM License Agreement and received initial license purchase orders from a major OEM wishing to secure access to systems utilizing power modules covered by Vicor IP.”

For more information on Vicor and its products, please visit the Company’s website at

Earnings Conference Call

Vicor will be holding its investor conference call today, Thursday, October 21, 2021 at 5:00 p.m. Eastern Time. Vicor encourages investors and analysts who intend to ask questions via the conference call to pre-register with BT Conferencing, the service provider hosting the conference call, so that he or she, on the day of the call, may avoid waiting for the BT Conferencing operator to register callers individually. Those pre-registering on BT Conferencing’s website will receive a special dial-in number and PIN for call access. Pre-registration may be completed at any time prior to 5:00 p.m. on October 21, 2021.  Telephone participants who are unable to pre-register should dial 800-230-3019 at approximately 4:45 p.m. and use the Passcode 94629394. Internet users may listen to a real-time audio broadcast of the conference call on the Investor Relations section of Vicor’s website at Please go to the website at least 15 minutes prior to the call to register, download and install any necessary software. For those who cannot participate in the conference call, a replay will be available, shortly after the conclusion of the call, through November 5, 2021. The replay dial-in number is 888-286-8010 and the Passcode is 33342563. In addition, a webcast replay of the conference call will also be available on the Investor Relations section of Vicor’s website at beginning shortly after the conclusion of the call.

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statement in this press release that is not a statement of historical fact is a forward-looking statement, and, the words “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” “assumes,” “may,” “will,” “would,” “should,” “continue,” “prospective,” “project,” and other similar expressions identify forward-looking statements. Forward-looking statements also include statements regarding bookings, shipments, revenue, profitability, targeted markets, increase in manufacturing capacity and utilization thereof, future products and capital resources. These statements are based upon management’s current expectations and estimates as to the prospective events and circumstances that may or may not be within the company’s control and as to which there can be no assurance. Actual results could differ materially from those projected in the forward-looking statements as a result of various factors, including those economic, business, operational and financial considerations set forth in Vicor’s Annual Report on Form 10-K for the year ended December 31, 2020, under Part I, Item I — “Business,” under Part I, Item 1A — “Risk Factors,” under Part I, Item 3 — “Legal Proceedings,” and under Part II, Item 7 — “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” The risk factors set forth in the Annual Report on Form 10-K may not be exhaustive. Therefore, the information contained in the Annual Report on Form 10-K should be read together with other reports and documents filed with the Securities and Exchange Commission from time to time, including Forms 10-Q, 8-K and 10-K, which may supplement, modify, supersede or update those risk factors. Vicor does not undertake any obligation to update any forward-looking statements as a result of future events or developments.

Vicor Corporation designs, develops, manufactures and markets modular power components and complete power systems based upon a portfolio of patented technologies. Headquartered in Andover, Massachusetts, Vicor sells its products primarily to customers in the higher-performance, higher-power segments of the power systems market, including aerospace and defense electronics, enterprise and high performance computing, industrial equipment and automation, telecommunications and network infrastructure, and vehicles and transportation markets.

For further information contact:

James F. Schmidt, Chief Financial Officer
Voice: 978-470-2900
Facsimile: 978-749-3439

(Thousands except for per share amounts)
  SEPT 30,   SEPT 30,
  SEPT 30,   SEPT 30,
  2021   2020   2021   2020
Net revenues $ 84,911     $ 78,112     $ 269,083     $ 212,274  
Cost of revenues   42,098       44,765       131,699       121,278  
Gross margin   42,813       33,347       137,384       90,996  
Operating expenses:                
Selling, general and administrative   17,322       15,212       50,865       47,036  
Research and development   13,519       12,032       39,818       38,197  
Total operating expenses   30,841       27,244       90,683       85,233  
Income from operations   11,972       6,103       46,701       5,763  
Other income (expense), net   394       334       999       715  
Income before income taxes   12,366       6,437       47,700       6,478  
Less: (Benefit) provision for income taxes   (886 )     651       (30 )     (249 )
Consolidated net income   13,252       5,786       47,730       6,727  
Less: Net income (loss) attributable to                
noncontrolling interest   (7 )     1       (15 )     10  
Net income attributable to                
Vicor Corporation $ 13,259     $ 5,785     $ 47,745     $ 6,717  
Net income per share attributable                
to Vicor Corporation:                
Basic $ 0.30     $ 0.13     $ 1.10     $ 0.16  
Diluted $ 0.29     $ 0.13     $ 1.06     $ 0.15  
Shares outstanding:                
Basic   43,710       43,164       43,573       41,814  
Diluted   45,034       44,743       44,905       43,567  

  SEPT 30,   DEC 31,
  2021   2020
  (Unaudited)   (Unaudited)
Current assets:      
Cash and cash equivalents $ 178,663     $ 161,742  
Short-term investments   50,217       50,166  
Accounts receivable, net   51,080       40,999  
Inventories, net   63,409       57,269  
Other current assets   6,633       6,756  
Total current assets   350,002       316,932  
Long-term deferred tax assets   221       226  
Long-term investment, net   2,598       2,517  
Property, plant and equipment, net   104,446       74,843  
Other assets   1,563       1,721  
Total assets $ 458,830     $ 396,239  
Liabilities and Equity      
Current liabilities:      
Accounts payable $ 18,346     $ 14,121  
Accrued compensation and benefits   13,994       14,094  
Accrued expenses   3,589       2,624  
Sales allowances   1,661       597  
Short-term lease liabilities   1,625       1,629  
Income taxes payable   10       139  
Short-term deferred revenue and customer prepayments   3,390       7,309  
Total current liabilities   42,615       40,513  
Long-term deferred revenue   493       733  
Contingent consideration obligations   -       227  
Long-term income taxes payable   564       643  
Long-term lease liabilities   3,504       2,968  
Total liabilities   47,176       45,084  
Vicor Corporation stockholders' equity:      
Capital stock   342,569       328,943  
Retained earnings   208,753       161,008  
Accumulated other comprehensive loss   (1,040 )     (204 )
Treasury stock   (138,927 )     (138,927 )
Total Vicor Corporation stockholders' equity   411,355       350,820  
Noncontrolling interest   299       335  
Total equity   411,654       351,155  
Total liabilities and equity $ 458,830     $ 396,239  

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Source: Vicor Corporation