(Oslo, Norway – 13 July, 2020) Nordic Semiconductor ASA reported revenue of USD 88.5 million for the second quarter 2020, an increase of 26% from USD 70.5 million in the same quarter last year. Bluetooth revenue increased by 25% to USD 70.1 million. Gross margin improved to 51.9% from 51.2%. EBITDA increased by 63% to USD 16.0 million in the second quarter 2020, with the EBITDA margin of 18.1% highlighting the operational leverage. In the second quarter 2019 EBITDA was USD 9.9 million and the EBITDA-margin 7.4%. The order backlog increased 80% year-on-year to USD 202 million at the end of the first half year 2020.
The second quarter revenue was higher than guided for in the interim report for the first quarter 2020, and also slightly above the level indicated in the financial update issued on 3 July 2020.
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“As we have already announced, we have seen strengthening demand over the past months, and a product mix that has generated a positive gross margin development. We see strong demand across all our core technologies, from both existing and new customers. We have seen particularly strong growth in the “Connected Healthcare” vertical, which we have actively been working on and promoted in recent years,” says CEO Svenn-Tore Larsen in Nordic Semiconductor.
“Our order backlog has increased significantly during the second quarter, which indicates continued revenue growth also in the second half of the year. Even though this partly reflects that some customers are placing early orders to secure supply, we see that distributor inventory levels remain at moderate levels, Larsen adds.
Revenue for the first half year 2020 amounted to USD 158.7 million, which was an increase of 29% over the first half 2019.
The gross margin was 51.9% for the first half 2020, compared to 51.1% in the first half 2019. EBITDA for the first half year was USD 21.3 million compared to USD 9.1 million in the first half 2019.
Revenue from Bluetooth and multiprotocol solutions increased by 30% in the first half of 2020. Nordic has earlier said that it believes revenue from this product group should grow by 20%-30% annually in the medium term. The company guides for a total revenue level of USD 95-105 million for the third quarter 2020, representing a mid-point growth level of 22% over the third quarter last year.
The gross margin for the third quarter is expected at 50%-51%, and the company maintains that a relatively higher share of sales to tier-1 customers is expected to move the gross margins into the 48%-50% range in the medium term.
Nordic underlines that the global coronavirus measures still imply risk of supply chain disruptions, and that the effects on the global economy may have a more pronounced impact on consumer spending and product demand in the second half of the year. The management of Nordic monitors the situation closely and will optimize own production in alignment with any new signals from its customers and distributors about underlying demand.
In the longer term, Nordic believes its strong product and customer roadmaps offer a favorable backdrop for its aspiration to build a USD 1 billion revenue company within five years.
The management team will host a webcast presenting the second quarter results today at 08:00 CEST. The presentation will be held in English. A live webcast from the presentation can be found at https://www.nordicsemi.com, and a recorded version of the presentation will also be available after the event.
For further information, please contact:
Pål Elstad, CFO Nordic Semiconductor ASA
Phone: +47 991 66 293
Ståle Ytterdal, IR Nordic Semiconductor ASA
Phone: +47 930 37 430
About Nordic Semiconductor:
Nordic Semiconductor has been a pioneer in ultra- low power wireless solutions, from proprietary technologies for PC accessories to today’s Bluetooth low energy and multiprotocol products and long-range cellular IoT solutions. Nordic Semiconductor is the clear market leader in the ultra-low power wireless segment, serving a growing market in consumer electronics, wearables, building and retail, healthcare and an increasing number of other verticals and applications. Nordic Semiconductor (NOD) is a public company listed on the Oslo stock exchange in Norway.
For more information go to www.nordicsemi.com
This information is subject to the disclosure requirements according to §5-12 in the Norwegian Securities Trading Act.
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