NVE 公司 (NVEC) 首席执行官 Daniel Baker 在 2020年 第一季度业绩 - 收益电话会议记录

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NVE Corporation (NASDAQ:NVEC) Q1 2020 Earnings Conference Call July 17, 2019 5:00 PM ET

NVE公司(纳斯达克股票代码:[NVEC])2020年第一季度收益电话会议2019年7月17日美国东部时间下午5点

公司参与者

Daniel Baker - President and CEO
Curt Reynders - CFO

  • Daniel Baker - 总裁兼首席执行官
  • Curt Reynders - 首席财务官

电话会议参与者

Jeff Bernstein - Cowen
Thomas Cochran - Lake Road Partners

  • 杰夫伯恩斯坦 - 考恩
  • Thomas Cochran - Lake Road Partners

会议主持员

Good day, ladies and gentlemen, and welcome to the NVE First Quarter Results Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions] As a reminder, this conference call is being recorded.
I would now like to introduce your host for today's conference, Mr. Daniel Baker, President and CEO. Sir, you may begin.

美好的一天,女士们,先生们,欢迎参加NVE第一季度业绩电话会议。 此时,所有参与者都处于只听模式。 之后,我们将进行问答环节,届时将提供相关说明。 [操作员说明]提醒一下,正在录制此电话会议。

我现在想介绍一下今天会议的主持人,总裁兼首席执行官Daniel Baker先生。 先生,你可以开始吧。

Daniel Baker

Thank you and good afternoon. Welcome to our conference call for the quarter ended June 30, 2019. As always, I’m joined by Curt Reynders, our Chief Financial Officer. This call is being webcast live and being recorded. A replay will be available through our website nve.com. After my opening comments, Curt will present our financial review of the quarter. I’ll cover product development, trade shows and distribution, and then we'll open the call to questions.
We issued our press release and filed our quarterly report on Form 10-Q in the past hour following the close of market. Links to documents are available through the SEC’s website, our website and our Twitter timeline.
Comments we may make that relate to future plans, events, financial results or performance are forward-looking statements that are subject to certain risks and uncertainties, including among others, such factors as risks and uncertainties related to future sales and revenue, risks related to changes in tariffs and other trade barriers, as well as the risk factors listed from time to time in our filings with the SEC, including our annual report on Form 10-K for the year ended March 31, 2019. The company undertakes no obligation to update forward-looking statements we may make. We're pleased to report 26% sequential growth in net income and important product launches this past quarter.
Curt will cover details of the financial results and then I’ll cover the business. Curt?

谢谢你,下午好。欢迎参加我们在2019年6月30日结束的季度电话会议。一如既往,我加入了我们的首席财务官Curt Reynders。此电话正在进行网络直播和录制。重播将通过我们的网站nve.com提供。在我的开场评论之后,Curt将展示我们对该季度的财务回顾。我将介绍产品开发,贸易展览和发行,然后我们将打开问题的电话。

我们发布了新闻稿,并在市场收盘后的过去一小时内提交了10-Q表格的季度报告。可通过美国证券交易委员会的网站,我们的网站和我们的Twitter时间表获取文档链接。

我们可能提出的与未来计划,事件,财务业绩或业绩相关的评论属于前瞻性陈述,受到某些风险和不确定因素的影响,包括与未来销售和收入相关的风险和不确定因素,与关税和其他贸易壁垒的变化,以及我们向美国证券交易委员会提交的文件中不时列出的风险因素,包括截至2019年3月31日止年度10-K表格的年度报告。公司没有义务更新我们可能做出的前瞻性陈述。我们很高兴地报告上一季度净收入和重要产品发布量连续增长26%。

Curt将涵盖财务结果的详细信息,然后我将介绍业务。柯特?

Curt Reynders

Thanks, Dan. For year-over-year comparisons, total revenue for the first quarter of fiscal 2020 decreased 11% to 6.29 million from 7.11 million in the first quarter last year. The decrease was due to an 11% decrease in product sales and a 12% decrease in contract R&D from last year. Anti-tamper product sales were strong, but the medical device market continued to be weak. Sequentially, total revenue increased 13% compared to the quarter ended March 31, driven by a 13% increase in product sales. We’re hoping for a third consecutive sequential revenue increase this quarter, which ends September 30.
Gross margin increased to a record 83% for the quarter from 80% in the first quarter last year, due to a more profitable product mix. Expenses decreased 1% from the prior year due to a 2% decrease in R&D as we completed some important new product development projects. Dan will discuss product development in a few minutes. Interest income for the first quarter increased 8% due to an increase in the average interest rates on our marketable securities and money market funds.
Net income for the quarter decreased 9% year-over-year to 3.61 million or $0.74 per diluted share compared to 3.95 million or $0.81 per share for the prior year quarter. Net margin was 57% of revenue, the highest ever. Net income increased 26% sequentially compared to the quarter ended March 31. Comprehensive income increased 9% to $4.18 million compared to $3.84 million for the prior year quarter. The increase was due to a $570,000 unrealized gain from marketable securities compared to $107,000 unrealized loss in the prior year quarter, partially offset by a decrease in net income. The unrealized gain was due to a strong bond market.
The comprehensive income helped us maintain our strong balance sheet, while paying a generous dividend. Cash flow from operations was $4.54 million in the first quarter. Cash flow is typically higher in the first quarter than in other quarters, because we have no estimated income tax payments due. We have two tax payments due in the current quarter, the quarter ending September 30. The $1 per share or $4.85 million dividend this past quarter brought our total dividends paid to more than $90 million. We announced another quarterly dividend today, payable August 30 to shareholders of record July 29.
Now, I'll turn it over to Dan to cover the business. Dan?

谢谢,丹。与去年同期相比,2020财年第一季度的总收入从去年第一季度的711万减少了11%,降至629万。减少的原因是产品销售减少11%,合同研发比去年减少12%。防篡改产品销售强劲,但医疗器械市场继续疲软。随后,由于产品销售增长13%,总收入与截至3月31日的季度相比增长了13%。我们希望本季度连续第三个季度的收入增长,截至9月30日。

由于产品组合利润更高,本季度毛利率从去年第一季度的80%上升至创纪录的83%。由于我们完成了一些重要的新产品开发项目,研发费用减少了2%,因此费用比上年减少了1%。 Dan将在几分钟内讨论产品开发。由于我们有价证券和货币市场基金的平均利率上升,第一季度的利息收入增长了8%。

本季度净收入同比下降9%至361万股或每股摊薄收益0.74美元,而去年同期则为395万股或每股0.81美元。净利润率为收入的57%,创历史新高。与截至3月31日的季度相比,净收入环比增长26%。综合收入增长9%至418万美元,而去年同期为384万美元。增加的原因是有价证券的未实现收益为570,000美元,而去年同期的未实现亏损为107,000美元,部分被净收入减少所抵消。未实现的收益是由于强大的债券市场。

综合收益帮助我们维持强劲的资产负债表,同时支付慷慨的股息。第一季度运营现金流为454万美元。第一季度的现金流量通常高于其他季度,因为我们没有到期的估计所得税。我们在本季度,即截至9月30日的季度有两笔应付税款。上个季度每股1美元或485万美元的股息使我们支付的股息总额超过9000万美元。我们今天公布了另一季度股息,将于8月30日支付给7月29日的股东。

现在,我将把它交给丹来报道业务。担?

Daniel Baker

Thanks, Curt. I’ll cover product development, trade shows and sales. We recently introduced our fourth new smart sensor in the past year, a smart TMR magnetometer called the SM225. SM stands for smart magnetometer, which is designed to be used as a proximity to your [ph] current sensor. It's faster, more accurate and smaller than alternatives. The new sensors are smart, because unlike our legacy raw sensors, they include analog to digital conversion, digital factory calibration and digital interfaces in the IC. These features provide simple, smart connectivity to the Internet of Things.
TMR stands for Tunneling Magnetoresistance. Our spintronic technology such as TMR is ideal for smart sensors, because of its inherent precision, small size and low power. In addition to the new smart sensors, we continue to improve raw sensors with a new TMR magnetometer sensor designated the ALT025. TMR generally provides more signal and uses less energy than our venerable giant magnetoresistance or GMR Technology. It can be used in a variety of industrial controls.
Our new smart sensors have been well received. As an example, last week, we shipped a batch of smart angle sensors to a new customer for first production of an Internet of Things design win. We first talked to that customer in April, so it took barely three months to go from concept to production, which is quite remarkable. The new product is a Bluetooth connected smart tape measure.
Our smart angle sensor provided fast prototyping with simple interfacing and elegant architecture. It also offered the customer excellent accuracy and measurement speed. The revenues for this specific design win isn’t huge, but the customer plans higher volume connected devices, and it illustrates the power of the Internet of Things paradigm and the benefits of our smart sensors.
With the flurry of new products, we stepped up our promotional efforts. In the past quarter, we exhibited at Sensors Expo in San Jose, which is billed as the industry’s largest event dedicated to sensors, connectivity and systems. There’s a video of three of the demos we featured at the show on our YouTube channel and in the Videos section of nve.com. Additionally, one of our program managers, Dr. Joe Davies, presented a paper on our medical device sensors at the conference. His talk generated interest from several potential customers, and we hope to broaden our medical business.
New products were also on display the past quarter at shows in England and Germany in cooperation with our distributors there. Looking even farther from home, in the past quarter, we shipped Mission Screen couplers for the Europa Clipper to the Jet Propulsion Laboratory. The products held up well under extreme conditions. The trip from NVE to JPL in Pasadena was the first 1,500 miles of the part several hundred million mile trip to Europa, which is one of Jupiter’s moons.
The journey will include a launch in four years and a three to six year spaceflight. The mission is to look for conditions for life on Europa. Europa has been well studied recently, and now there’s even more to explore. According to a recent study published in the Journal Science Advances, Europa has sodium chloride, which is the principal component of sea salt. According to NASA, this means Europa could be even more similar to the earth than previously thought.

谢谢,柯特。我将介绍产品开发,贸易展览和销售。我们最近在去年推出了我们的第四款新型智能传感器,一种名为SM225的智能TMR磁力计。 SM代表智能磁力计,设计用于接近您的[ph]电流传感器。它比替代品更快,更准确,更小。新型传感器非常智能,因为与传统的原始传感器不同,它们包括IC中的模数转换,数字工厂校准和数字接口。这些功能为物联网提供了简单,智能的连接。

TMR代表隧道磁电阻。我们的自旋电子技术如TMR是智能传感器的理想选择,因为它具有固有的精度,小尺寸和低功耗。除了新的智能传感器,我们还继续使用名为ALT025的新型TMR磁力计传感器改进原始传感器。 TMR通常提供更多信号,并且使用比我们古老的巨磁阻或GMR技术更少的能量。它可用于各种工业控制。

我们的新智能传感器受到好评。例如,上周,我们向新客户发运了一批智能角度传感器,以便首次获得物联网设计奖。我们在4月份首次与该客户进行了交谈,因此从概念到生产只用了不到三个月,这是非常了不起的。新产品是蓝牙连接的智能卷尺。

我们的智能角度传感器提供快速原型设计,简单的接口和优雅的架构。它还为客户提供了出色的精度和测量速度。此特定设计获胜的收入并不大,但客户计划更高容量的连接设备,它说明了物联网范例的强大功能以及我们智能传感器的优势。

随着一系列新产品的推出,我们加大了推广力度。在过去的一个季度,我们在圣何塞的传感器博览会上展出,该博览会被称为业内最大的传感器,连接和系统活动。在我们的YouTube频道和nve.com的视频部分,我们在展会上展示了三个演示视频。此外,我们的一位项目经理Joe Davies博士在会议上发表了关于我们医疗设备传感器的论文。他的演讲引起了一些潜在客户的兴趣,我们希望拓宽我们的医疗业务。

过去的一个季度,我们与我们在中国的经销商合作,在英格兰和德国的展会上展出了新产品。在过去的一个季度中,我们将远离家乡的任务屏幕耦合器运送到喷气推进实验室。产品在极端条件下保持良好状态。从NVE到帕萨迪纳的JPL之旅是距离木星数百万英里之旅的第一个1500英里,这是木星的卫星之一。

这次旅程将包括四年的发射和三到六年的太空飞行。我们的任务是寻找欧罗巴的生活条件。欧罗巴最近得到了很好的研究,现在还有更多需要探索的地方。根据Journal Science Advances最近发表的一项研究,木卫二含有氯化钠,它是海盐的主要成分。根据美国宇航局的说法,这意味着欧罗巴可能比以前认为的更接近地球。

Turning to sales here on Earth, we added an exceptionally capable representative in Europe, Dimac, which is based in Northern Italy. This will add a lot of feet on the street for us in Europe. We’ve had several training sessions with Dimac’s key people throughout Europe, and we've been impressed with their sales skill and technical savvy. Our annual shareholders meeting will be August 1 here in Eden Prairie, we'll demonstrate several new products, including smart sensors, which we didn’t have last year.
We’ll also celebrate NVE’s 30 year anniversary with a birthday cake, and we’ll have smart sensor based mechatronics xylophone play happy birthday. The materials for the formal meeting, our proxy statement letter to shareholders, and annual report on Form 10-K have been filed with the SEC and are available from the Investors section of our website.
Shareholders can still vote their shares via mail, phone or on proxyvote.com. There are three items on the formal agenda for the meeting. First, to elect Directors; second, advisory approval of the compensation of our named executive officers; and third, to ratify the selection of an accounting firm.
For good corporate practice, our entire Board of Directors stands for re-election every year, and we were fortunate to have an exceptionally experienced and accomplished board. The second meeting agenda item is approval of officer compensation. As discussed in our proxy, we don’t overpay our officers, our officers have the same fringe benefits as all other employees, and there are no executive perks or golden parachutes.
The third annual meeting agenda item is the ratification of our auditors. Last year, last quarter rather, we engaged a new accounting firm, Boulay PLLP after six years with Grant Thornton. Shareholders have the opportunity to vote on Boulay as our auditors for the fiscal year ending March 31, 2020. Audit firm rotation is considered good governance and Boulay is smart, efficient and experienced working with smaller public companies. Our board unanimously recommends a ratification. Boulay representatives will be at the upcoming annual meeting and will be available to answer questions.
Now, I'd like to open the call for questions. Operator?

谈到地球上的销售,我们在欧洲增加了一位非常有能力的代表,Dimac,总部位于意大利北部。这将为我们在欧洲的街道增添许多脚。我们在整个欧洲与Dimac的主要人员进行了几次培训,我们对他们的销售技巧和技术娴熟印象深刻。我们的年度股东大会将于8月1日在Eden Prairie举行,我们将展示几款新产品,包括我们去年没有的智能传感器。

我们还将用生日蛋糕庆祝NVE成立30周年,我们将拥有基于智能传感器的机电一体化木琴生日快乐。正式会议的材料,我们给股东的委托书声明以及表格10-K的年度报告已经向美国证券交易委员会提交,可从我们网站的投资者部分获取。

股东仍可通过邮件,电话或proxyvote.com投票。会议的正式议程有三个项目。首先,选举董事;第二,咨询批准我们指定的执行官员的报酬;第三,批准选择会计师事务所。

对于良好的企业实践,我们的整个董事会每年都会参加连任,我们很幸运能够拥有一支经验丰富且成绩优异的董事会。第二个会议议程项目是批准官员赔偿。正如在我们的代理中所讨论的,我们不会多付我们的官员,我们的官员与所有其他员工享有相同的附带福利,并且没有行政特权或金色降落伞。

第三届年会议程项目是批准我们的审计员。去年,即上个季度,我们与Grant Thornton合作六年后聘请了一家新的会计师事务所Boulay PLLP。股东有机会投票选举Boulay作为截至2020年3月31日的财政年度的审计师。审计公司轮换被视为良好的治理,Boulay聪明,高效,经验丰富,与较小的上市公司合作。我们的董事会一致建议批准。 Boulay代表将参加即将举行的年会,并将回答问题。

现在,我想打开问题的电话。操作?

问答环节

[Operator Instructions] And our first question comes from Jeff Bernstein with Cowen.

[操作员说明]我们的第一个问题来自Jeff Bernstein和Cowen。

杰夫伯恩斯坦

Just a couple of questions for you. I guess so, Abbott reported and their CRM business continues to be down a little bit, although they were optimistic that they might actually turn that around. Can you just talk about what kind of visibility you have there and talk a little bit about any other med device guys that you have business with now. I know you have mentioned neurostimulators in the past.

只有几个问题给你。 我想是这样,雅培报道,他们的CRM业务继续有所下降,尽管他们乐观地认为他们实际上可以扭转局面。 你能谈谈你在那里有什么样的知名度,并谈谈你现在与之有业务往来的任何其他医疗设备人员。 我知道你过去曾提到过神经刺激器。

Curt Reynders

Sure. I believe Abbott reported that they did have sequential sales growth in the quarter. We're looking at also having sequential sales growth in our third quarter, which would be our third consecutive quarter of sequential growth, and we’re expecting in the third quarter, we will return to year-over-year growth.

当然。 我相信雅培报告说他们确实在本季度实现了连续的销售增长。 我们预计第三季度也将实现连续销售增长,这将是我们连续第三个季度的连续增长,我们预计在第三季度,我们将恢复同比增长。

杰夫伯恩斯坦

Great. And can you just elaborate a little bit on – Abbott is obviously a very big customer. Is there anybody in this business, any other competitors in CRM that you’re designed into?

非常好。 您能否详细说明一下 - 雅培显然是一个非常大的客户。 这项业务中是否有人,您设计的CRM中的任何其他竞争对手?

Daniel Baker

This is Dan. Good afternoon, Jeff. It would probably not be a good idea for us to talk about other customers that -- we can talk about Abbott, because we have disclosed that they’re a customer in our SEC filings. But as you can imagine, we are very strong in the CRM market. We’re very strong in the medical device market in general. We have an excellent reputation and we’re willing to invest in businesses that sometimes take many years to get design wins. So you can expect that we would be in contact with the leaders in that space and working on new devices as well as potential replacements in existing devices.
You also touched on the broader neurostimulator market, which is also a strong market for us and sometimes these devices share common platforms. Often, they have the same technical challenges, battery life, small size and the reliability that’s so critical in the life support medical device, a Class III medical device. So that’s a strong market for us. It’s been challenging, as you alluded to. And -- but the long-term demographics are very positive. People are -- the population is aging, we’re going to need more medical devices. The therapies are extending the more and more disease processes. So more and more people can be helped for these devices. So we see it as an excellent long term market, although, the device market has been challenging in the relatively -- in the recent past and the near term future.

这是丹。下午好,杰夫。我们谈论其他客户可能不是一个好主意 - 我们可以谈论雅培,因为我们已经披露他们是美国证券交易委员会文件中的客户。但是你可以想象,我们在CRM市场上非常强大。一般而言,我们在医疗器械市场上非常强大。我们拥有良好的声誉,我们愿意投资那些有时需要很多年才能获得设计的企业。因此,您可以期望我们与该领域的领导者保持联系,并开发新设备以及现有设备中的潜在替代品。

您还谈到了更广泛的神经刺激器市场,这对我们来说也是一个强大的市场,有时这些设备共享通用平台。通常,它们具有相同的技术挑战,电池寿命,小尺寸和可靠性,这在生命支持医疗设备(III类医疗设备)中非常重要。这对我们来说是一个强大的市场。正如你所提到的那样,这一直是一个挑战。并且 - 但长期人口统计数据非常积极。人们 - 人口老龄化,我们需要更多的医疗设备。这些疗法正在扩大越来越多的疾病过程。因此,可以为这些设备提供越来越多的人帮助。因此,我们将其视为一个优秀的长期市场,尽管设备市场相对而言 - 在近期和近期的未来 - 一直存在挑战。

杰夫伯恩斯坦

Got you. And can you just say in neurostimulators, are you guys particularly focused on applications in pain or depression or is there anything in particular, or are you involved in an array of programs?

有你。 您是否可以在神经刺激器中说,您是否特别专注于疼痛或抑郁症的应用,或者有什么特别的,或者您参与了一系列的程序?

Daniel Baker

We’re looking at an array of programs. We do tend to look at, I mean, we’re willing to invest in the long term and so implantable medical devices, Class III life support medical devices have, as you might expect, as you know, significant regulatory hurdles, and they take – often can take a long time to get approved. So devices that are less critical can sometimes be shorter design cycles, and obviously, that’s preferable from a business standpoint.
So those would be things like pain management, pain stimulators. You mentioned other types of simulators. There is some exciting research going on in neurostimulators relating to brain stimulation to treat neurological and psychiatric disorders. So we have an excellent benefit proposition and a strong market presence in those markets. We’re always looking to say how can we get into the market sooner. So for neurostimulators, it’s the pain stimulators, and for other medical devices, things like hearing aids and devices that are Class I medical devices, we can get to market sooner.

我们正在研究一系列程序。我们倾向于关注,我的意思是,我们愿意长期投资,因此植入式医疗设备,III级生命支持医疗设备,如您所知,正如您所知,重大的监管障碍,他们采取 - 通常需要很长时间才能获得批准。因此,较不重要的设备有时可以缩短设计周期,显然,从商业角度来看,这是更可取的。

所以这些就像疼痛管理,疼痛刺激器。你提到过其他类型的模拟器。有一些令人兴奋的研究正在进行与神经刺激有关的神经刺激治疗神经和精神疾病。因此,我们在这些市场中拥有出色的利益主张和强大的市场地位。我们一直在想如何更快地进入市场。因此,对于神经刺激器,它是疼痛刺激器,对于其他医疗设备,如助听器和I类医疗设备,我们可以更快地进入市场。

杰夫伯恩斯坦

Got you. Okay. And then, I was just wondering, in the K, you talked about -- you added power conversion ICs to your list of long-term product development programs, and you took out medical diagnostics. And so I’m just curious about those two changes.

有你。 好的。 然后,我只是想知道,在K中,你谈过 - 你将电源转换IC添加到你的长期产品开发程序列表中,然后你就开始进行医疗诊断。 所以我只是对这两个变化感到好奇。

Daniel Baker

Well, you have a sharp eye. So the power control devices are devices that we’re looking at for sophisticated motor controls such as power factor controls. So these are devices that can improve the efficiency and the power utilization of motors and other what are called non-linear devices. So that’s an area where we think our partnership with large semiconductor company can bring some benefits, because they have expertise and a market presence in the IC part of it and we can provide the isolation and sensing. So it’s a great potential area for us, and one that’s becoming more and more important.
There is a statistic, and I might not have the exact numbers right, but nearly half of the electric power in the world is used by motors and that’s an amazing statistic. Some of it’s big, heavy motors, as you might expect, but there’s a lot of little motors that are in a whole bunch of things. So being able to manage those more efficiently is more and more important. It’s getting more and more regulatory attention and scrutiny and more and more intention from companies like ours and our partners. So one of the challenges that we can help with is to efficiently drive the motors with our coupler technology without having to have a direct electrical connection.
So the flip side of that was that I think that you mentioned was medical diagnostics. And medical diagnostic remains an area of interest for us. There’s a certain timeframe that might kick into a regulatory filing. But we’ve mentioned in particular, as you know, that our biosensor technology may have applicability to access home detection, which could be used for early stage cancer detection. That’s a very exciting area, and an area that we’re continuing to pursue. So we certainly wouldn’t want you to read into that, that we’ve abandoned that market, quite the contrary.

嗯,你的眼睛很敏锐。因此,电源控制设备是我们正在寻求的复杂电机控制设备,如功率因数控制。因此,这些设备可以提高电机和其他所谓的非线性设备的效率和功率利用率。因此,我们认为我们与大型半导体公司的合作可以带来一些好处,因为他们在IC部分拥有专业知识和市场地位,我们可以提供隔离和传感。所以这对我们来说是一个巨大的潜在领域,而且这个领域变得越来越重要。

有一个统计数据,我可能没有正确的数字,但世界上近一半的电力被电机使用,这是一个惊人的统计数据。正如你所料,它的一些大而重的电机,但是有许多小电机都在很多东西中。因此能够更有效地管理这些变得越来越重要。它越来越受到监管机构的关注和审查,越来越受到我们和我们合作伙伴等公司的关注。因此,我们可以帮助的挑战之一是使用我们的耦合器技术有效地驱动电机,而无需直接电气连接。

所以另一方面,我认为你提到的是医疗诊断。医学诊断仍然是我们感兴趣的领域。有一段时间可能会进入监管备案。但是,正如您所知,我们已经特别提到,我们的生物传感器技术可能适用于家庭检测,可用于早期癌症检测。这是一个非常令人兴奋的领域,也是我们继续追求的领域。所以我们当然不希望你读到这一点,我们已经放弃了这个市场,恰恰相反。

杰夫伯恩斯坦

Got you. Okay. And just to clarify, so it is isolation, and I guess current sensing in power conversion. You’re not actually doing power conversion ICs yourself.

有你。 好的。 只是为了澄清,所以它是隔离的,我猜测电流转换中的电流感应。 你自己并没有真正做过电源转换IC。

Daniel Baker

Well, we haven’t defined exactly how the pie will be split, but our core competencies are in current sensing and in isolation. And those are key areas for those power conversion circuits. So the circuitry is getting more and more integrated to reduce the parts count, to get them into smaller devices and into smaller and smaller motors and smaller power supply. So that’s where we think a lot of the value can be added. There have been power control circuits for some time, but they require ancillary products, and they don’t have the speed and the other advantages that our isolation technology has to improve the efficiency.

好吧,我们还没有确切地确定馅饼将如何分割,但我们的核心竞争力在于当前的传感和孤立。 这些是那些电源转换电路的关键领域。 因此,电路越来越集成,以减少部件数量,使它们进入更小的设备,进入越来越小的电机和更小的电源。 所以我们认为可以添加很多价值。 电源控制电路已有一段时间了,但它们需要辅助产品,而且它们没有速度和我们的隔离技术提高效率的其他优势。

杰夫伯恩斯坦

Got you. Okay. And then one last one, and I’ll hand it over to somebody else. You no longer listed Premier Farnell plc as a distribution partner. Has that relationship changed? Has it been replaced by somebody else or what was going on there?

有你。 好的。 然后是最后一个,我会把它交给其他人。 您不再将Premier Farnell plc列为分销合作伙伴。 这种关系改变了吗? 是否被其他人取代或者那里发生了什么?

Daniel Baker

No, the company was purchased. So it’s still a distributor. So in the United States, it would be through Newark element14. I believe that’s still their current branding. The parent company is different, but we’re still on the website and their catalog and they are a good distributor.

不,公司被收购了。 所以它仍然是经销商。 所以在美国,它将通过纽瓦克元素14。 我相信这仍然是他们目前的品牌。 母公司不同,但我们仍然在网站和他们的目录上,他们是一个很好的经销商。

会议主持员

[Operator Instructions] And our next question comes from Thomas Cochran with Lake Road Partners.

[操作员说明]我们的下一个问题来自Thomas Cochran和Lake Road Partners。

Thomas Cochran

I'm thinking about the biosensor or bacteria detection devices. And I know that NVE only has perhaps 50 employees. If that device, the biosensor device is successful, will NVEC be able to supply the market or do you anticipate selling the manufacturing rights and patents to another company. I worry a little that big food companies or medical products companies, people are going to use medical products, might prefer to buy the device, say, your cancer detector from an established machinery maker that knows how to comply with all the government regulations involved in food production or medical products. It seems to me that a company that's new to them, just getting approved as a supplier, could be a long process.

我正在考虑生物传感器或细菌检测设备。 我知道NVE只有50名员工。 如果该设备,生物传感器设备成功,NVEC是否能够供应市场,或者您是否预计将制造权和专利出售给另一家公司。 我担心一些大型食品公司或医疗产品公司,人们会使用医疗产品,可能更愿意从一家知名如何遵守所涉及的所有政府法规的老牌机械制造商购买设备,比如说,你的癌症探测器。 食品生产或医疗产品。 在我看来,对他们来说是新手的公司,只是获得批准作为供应商,可能是一个漫长的过程。

Daniel Baker

Yes. Well, that’s a very good question, Tom and it is a possibility that we could license the technology or arrange a private label partnership. There is still development work to do, but we’ve done private label arrangements where we combine our technology with a larger company’s sales and marketing muscle and their support infrastructure. On the other hand, we’ve said and we are prepared to market it ourselves if necessary.
There are challenges in that as you correctly point out. But our USDA application included letter of support from a major food wholesaler. So the implication there is they’re willing to work with us despite our relative lack of experience in that marketplace. And we’re prepared to hire salespeople and others at the appropriate time. So we will do -- we will look at what is the best way to bring the technology to market and we could do it either way.

是。 嗯,这是一个非常好的问题,汤姆,我们有可能获得技术许可或安排自有品牌合作伙伴关系。 仍有开发工作要做,但我们已经完成了自有品牌安排,我们将技术与更大的公司的销售和营销力量及其支持基础设施相结合。 另一方面,我们已经说过,如果有必要,我们准备自己推销它。

正如你正确指出的那样,存在挑战。 但我们的USDA申请包括一家主要食品批发商的支持信。 因此,尽管我们在该市场上缺乏相关经验,但他们愿意与我们合作。 我们准备在适当的时候雇用销售人员和其他人。 我们将这样做 - 我们将研究将技术推向市场的最佳方式,我们可以采用这种方式。

Thomas Cochran

Okay. If the patents were sold to another company, it’s my belief that NVE could set up a passthrough shell, which would distribute the initial and later payments for the patents directly to NVE shareholders, that receipts would not then be taxed to NVE, but only to holders -- to the shareholders. The same passthrough arrangements might be used for future uses of the same patent tool. It just seemed to me that might be another reason for licensing it out.

好的。 如果专利被出售给另一家公司,我相信NVE可以建立一个直通壳,将专利的初始和后期支付直接分配给NVE股东,收据不会被征税给NVE,而只是 持有人 - 对股东。 相同的直通安排可能会用于同一专利工具的未来使用。 在我看来,这可能是许可它的另一个原因。

Daniel Baker

Yes. Well, there are certainly pros and cons, and we share your goal of returning capital to shareholders as tax efficiently as possible. So our plan has been to manufacture the equipment and certainly the sensors. We have unique manufacturing capabilities. So licensing is a little bit more of a challenge there than it might be for other technologies such as large scale spintronic memories. But it is a possibility, and we would look at what maximizes our shareholder’s value and do what’s best for our shareholders. That’s what we try to do with everything -- every business decision we make.

是。 嗯,肯定有利有弊,我们分享你的目标,即尽可能高效地向股东返还资本。 所以我们的计划是制造设备,当然还有传感器。 我们拥有独特的制造能力。 因此,许可比其他技术(如大规模自旋电子记忆)更具挑战性。 但这是一种可能性,我们会研究什么能够最大化我们股东的价值,并为股东做最好的事情。 这就是我们试图做的一切 - 我们做出的每一个商业决策。

会议主持员

And our next question comes from Jeff Bernstein with Cowen.

我们的下一个问题来自Jeff Bernstein和Cowen。

杰夫伯恩斯坦

Just a couple of quick follow-ups. Can you just give us a little more insight into the unclonable functions business? I guess it came back this quarter. You've said in the past, it’s a lumpy business. Is it a high ASP part? Is it -- can you give us any idea of the kind of hardware it’s going into, I know you have to kill me, but missile sensor aircraft or drone vessels or kind of where do these things go? And just any insight we could get to understand a little bit more about it.

只需几次快速跟进。 您能否让我们更深入地了解不可重复的功能业务? 我猜这个季度回来了。 你曾经说过,这是一个不平衡的业务。 它是一个高ASP部分? 它是 - 你能告诉我们它所涉及的硬件类型,我知道你必须杀了我,但导弹传感器飞机或无人机船只或其他类型的东西去了哪里? 只要有任何见解我们就能更多地了解它。

Daniel Baker

Sure. So first for folks who aren’t familiar with it, PUS or physical unclonable functions, and those are functions that are embodied in a physical structure that’s easy to evaluate, but hard to predict and replicate. So they’re an important component in anti-tamper systems. The anti-tamper systems that we work on are designed to protect sensitive data or electronics. We currently sell these for military systems. There are potential commercial applications such as high speed encryption and security for consumer electronics. But in the near-term, they’ve been used for military systems. So what the military has said publicly is that when we, as a country, sell military systems, they need to be protected, because they can be -- of course, there’s a potential they could fall into unfriendly hands, reverse engineered.
So that’s particularly sensitive for exported military systems. So they do tend to be – so you’re asking also about the business and characterizing the business. They do tend to be high value added systems. As you can imagine, there’s a different price point for something like an anti-tamper system for a military system and commercial applications, such as consumer electronics. And the requirements are much more rigorous. The testing that we do on these devices is extremely precise and rigorous, as you would hope.
So those tend to be high value added systems, where they’re relatively expensive to make. I guess, I would characterize them as the margins can vary. They can be good. But then if one runs into challenges, they can be fairly expensive to remedy. So in that sense, it can be variable. But I think as Curt mentioned, overall, our margins were record, we had record margins in the most recent quarter and he referred to the mix. And so part of that mix is some strength in the anti-tamper business.

当然。因此,对于那些不熟悉PUS或物理不可克隆函数的人来说,首先是那些体现在易于评估但难以预测和复制的物理结构中的函数。因此它们是防篡改系统的重要组成部分。我们所使用的防篡改系统旨在保护敏感数据或电子设备。我们目前出售这些用于军事系统。有潜在的商业应用,如高速加密和消费电子产品的安全性。但在短期内,它们已被用于军事系统。所以军方公开表示,当我们作为一个国家出售军事系统时,他们需要受到保护,因为他们可以 - 当然,他们可能会陷入不友好的手中,进行逆向工程。

因此,这对出口军事系统特别敏感。所以他们确实倾向于 - 所以你也要询问业务和业务特征。他们确实倾向于高附加值系统。可以想象,对于军事系统和商业应用(如消费电子产品)的反篡改系统,有一个不同的价格点。而且要求更加严格。正如您所希望的那样,我们在这些设备上进行的测试非常精确和严格。

因此,这些系统往往是高附加值系统,制造成本相对较高。我想,我会将它们描述为边缘可能会有所不同。他们可以很好。但是,如果遇到挑战,他们可能需要相当昂贵的补救措施。所以从这个意义上讲,它可以变化。但我认为,正如柯特提到的那样,总的来说,我们的利润率是创纪录的,我们在最近一个季度创造了创纪录的利润,他提到了这个组合。因此,这种组合的一部分是反篡改业务的一些优势。

杰夫伯恩斯坦

Great. And so I guess you can’t really give us any details on what kinds of hardware these things go into?

非常好。 所以我想你不能真正地告诉我们这些东西进入什么类型的硬件?

Daniel Baker

Probably, I think we've been about as specific as we could. So they’re going into military electronics, sensitive data or electronics and electronics is more and more important part of many military systems, as you can imagine. There is some information and links to information from government agencies such as there’s an abstract that was approved by the Missile Defense Agency for public release in the news section of our website. But beyond that, as you might expect, we’re limited in what we can say about anti-tamper technologies.

也许,我认为我们已尽可能具体。 因此,他们正在进军军事电子,敏感数据或电子和电子产品是许多军事系统中越来越重要的一部分,正如您所想象的那样。 有一些信息和政府机构提供的信息链接,例如导弹防御局批准的摘要,在我们网站的新闻栏目中公开发布。 但除此之外,正如您所预料的那样,我们对防篡改技术的看法有限。

杰夫伯恩斯坦

Got you. Okay. And then in your K, you also talked about private label couplers that were added to the list of the products that you offer. Can you just explain what private label couplers are? Is that part of your partnership with the large semi company?

有你。 好的。 然后在您的K中,您还谈到了添加到您提供的产品列表中的自有品牌耦合器。 你能解释一下私人标签耦合器是什么吗? 这是你与大型半公司合作的一部分吗?

Daniel Baker

Yes. And so we sell couplers under other company’s brand names, where we’re making the parts. But as Tom mentioned, in the context of biosensors, there are customers, who would prefer to buy from a bigger name or a bigger company. We certainly feel like we provide our customers with superb support and an excellent product quality. But we understand that. And also there are just inherent limits to our reach and accessibility being a relatively small company based here in the United States.
So we do see the value of having our products under private label arrangements, and it appeals to a different type of customer. So we don’t believe there’s an awful lot of cannibalization in that type of business model. And it’s one that we think that, as I alluded to in the other question, that we’re open to and where it makes business sense, we’ve been looking at those sorts of arrangements.

是。 因此,我们以其他公司的品牌销售耦合器,我们正在制造零件。 但正如汤姆所提到的,在生物传感器的背景下,有些顾客更喜欢从更大的名字或更大的公司购买。 我们当然觉得我们为客户提供卓越的支持和卓越的产品质量。 但我们理解这一点。 此外,我们的覆盖范围和可访问性只是固有的限制,因为这是一家位于美国的相对较小的公司。

因此,我们确实看到了我们的产品在自有品牌安排下的价值,并且它吸引了不同类型的客户。 因此,我们不相信在这种商业模式中存在大量的自相残杀。 我们认为,正如我在另一个问题中所提到的那样,我们认为我们对商业有意义,并且在商业意义上,我们一直在关注这些安排。

会议主持员

Thank you. I'm not showing any further questions at this time. I would now like to turn the call back over to Daniel Baker for any closing remarks.

谢谢。 我此时没有再提出任何问题。 我现在想把这个电话转回丹尼尔贝克的任何结束语。

Daniel Baker

Well, thank you. We were pleased to report strong sequential growth, record margins and two new products. We look forward to seeing some of you at our Annual Shareholders meeting two weeks from tomorrow, and to speaking with you again in October to discuss second quarter results. Thank you for participating in the call.

好的,谢谢。 我们很高兴地报告了强劲的连续增长,创纪录的利润和两种新产品。 我们期待在明天两周后的年度股东大会上与您见面,并在10月再次与您讨论,讨论第二季度业绩。 感谢您参与此次电话会议。

会议主持员

Ladies and gentlemen, thank you for participating in today’s conference. This does conclude today’s program and you may all disconnect. Everyone, have a wonderful day.

女士们,先生们,谢谢你们参加今天的会议。 这确实结束了今天的计划,你可能会断开连接。 每个人,都有美好的一天。

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