|Down $7 in after market. Hit $38.5 at the low.|
Revenue of $114.7 million up 36% and GAAP net income up 145% year-over-year
MAYNARD, Mass., May 09, 2017 (GLOBE NEWSWIRE) -- Acacia Communications, Inc. (NASDAQ: ACIA), a leading provider of high-speed coherent optical interconnect products, today reported financial results for its first quarter ended March 31, 2017.
"We are pleased that our first quarter results came in stronger than we expected at the start of the quarter driven by demand for our CFP and flex-400G products around the world," said Raj Shanmugaraj, President and Chief Executive Officer of Acacia Communications. "During the quarter, we made good progress on ramping production of our CFP2-ACO and CFP2-DCO modules with our contract manufacturers and we continue to see strong customer interest for these products. We believe that our continued innovation with products like our CFP2-DCO will further advance our technology leadership position and contribute to our growth in the second half of 2017 and beyond."
"We believe that our strong balance sheet, which shows a significant cash position and no debt, provides us with the financial flexibility to continue to invest in product development to further strengthen our competitive position and enable us to bring products to those markets that require a rapid pace of innovation, like the DCI market," said John Gavin, Chief Financial Officer of Acacia Communications. "For example, we recently announced our next generation Pico DSP ASIC which, when combined with our ball grid array PIC, will support transmission speeds of up to 1.2 Tbps with two carriers of 600 Gbps each. Pico will power our AC1200 module and is focused on DCI applications."
Results for the First Quarter of 2017
Revenue of $114.7 million, increased 36% year-over-yearGAAP gross margin of 49.1%; non-GAAP gross margin* of 49.5%GAAP income from operations of $29.9 million; non-GAAP income from operations* of $34.5 millionGAAP net income of $35.7 million; non-GAAP net income* of $32.0 millionEBITDA* of $32.7 million; adjusted EBITDA* of $37.4 millionGAAP diluted EPS of $0.86; non-GAAP diluted EPS* of $0.77
Outlook for the Second Quarter of 2017
The following statements are based on current expectations. These statements are forward-looking and actual results may differ materially, as a result of, among other things, the important factors discussed at the end of this press release. Acacia Communications disclaims any obligation to update these forward-looking statements.
Acacia Communications' guidance for its second quarter ending June 30, 2017 is:
|Quarter Ending June 30, 2017|| || || || || || |
|Revenue (millions)||$||85.0|| || to ||$||95.0|
|Non-GAAP Net Income* (millions)||$||10.0|| ||to||$||15.0|
|Non-GAAP Diluted EPS*||$||0.22|| ||to||$||0.35|
*Non-GAAP gross margin, non-GAAP income from operations, non-GAAP net income, EBITDA, adjusted EBITDA and non-GAAP diluted EPS are non-GAAP financial measures that are not prepared in accordance with generally accepted accounting principles (GAAP). Please refer below to Use of Non-GAAP Financial Information for descriptions of these non-GAAP financial measures and to the Reconciliation of GAAP Measures to Non-GAAP Measures, attached as Schedule D, for reconciliations of these and other of our non-GAAP financial measures to the closest GAAP measures.
Acacia Communications has not reconciled the above guidance as to non-GAAP net income or non-GAAP diluted EPS to GAAP net income or GAAP EPS because the expected tax benefits derived from any employee equity awards during the second quarter of 2017 cannot be reasonably calculated or predicted at this time. Accordingly, a reconciliation is not available without unreasonable effort.
Acacia Communications will host a conference call to discuss its results for the first quarter of 2017, recent developments and the Company's business outlook and strategy at 5 p.m. Eastern Time today. The live webcast of the call, along with the Company's earnings press release, can be accessed at the Acacia Communications' Investor Relations website at globenewswire.com. The U.S. dial-in for the call is 1-877-407-8293 (1-201-689-8349 for non-U.S. callers). Please ask to be joined to the Acacia Communications call. A replay of the conference call will be available until May 23, 2017, at 11:59 p.m. Eastern Time, while an archived version of the webcast will be available on the Acacia Communications' Investor Relations website for 90 days. The U.S. dial-in for the conference call replay is 1-877-660-6853 (1-201-612-7415 for non-U.S. callers). The replay access code is 13660313.
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