Vicor’s revenue and margin jump as backlog passes $400 million

Vicor ($VICR) reported quarterly product and royalty revenue of $197.1 million, up 78.5% year on year and 37.5% sequentially. Gross margin reached 68.3%, compared with 57.5% a year earlier and 58% in the preceding quarter. Net income rose to $63.3 million, or $1.33 per share, from $28.3 million and $0.63 a year earlier. Operating cash flow was $69.7 million.

Cash totaled $513.1 million and backlog reached $406 million, up 166%. Operating expenses of $62.5 million included contingent intellectual-property fees, a relevant qualification when assessing the quarter’s cost base. Vicor also bought two sites that could support an eventual increase in manufacturing capacity to nearly five times the existing level. That is development potential, not installed capacity already producing revenue. The larger backlog supports future demand visibility but still requires manufacturing and shipment execution.

Sources:

• Vicor — issuer financial results