Veeco announced financial results for the fourth quarter in 2019 and fiscal year 2019 ended December 31, 2019. For the 4Q19, the company registered a revenue of US$ 113 million, up by 14% YoY comparing to the revenue of US$ 99 million in 4Q18. Veeco also reports US$ 419 million for fiscal year 2019. Despite the revenue drop by 22% YoY, Veeco has lowered the net loss from US$ 407 million to US$ 78.7 million.

Veeco marks 2019 as a transformational year with a return to profitability. The company reported improved gross margins which came to 40% and reduced expenses, leading to positive non-GAAP in the third and fourth quarter in 2019.

The instrument maker addressed that market growth in the areas of EUV mast blanks, front end semiconductor, advanced packing and 3D sensing/VCSEL pushed sales in ion beam deposition, laser anneal, lithography and MOCVD devices. In 4Q19, front end semiconductor accounted for 35% of the revenue, scientific and industrial 28%, LED lighting, display and compound semi 23% and the rest 14% was for advanced packaging, MEMS and RF filters.

(Image:Veeco)

As for regional market, sales in the U.S. accounted 23%, Chinese market accounted for 22%, EMEA 7% and others 48%.

William J. Miller, CEO of Veeco, said that the company will continue optimizing product portfolio and extending core technologies into new markets to increase profitability. Veeco set the 1Q20 guidance with a revenue of US$ 95 million to US$ 120 million at GAAP and Non-GAAP base with a gross margin of 39% to 41%.