Melexis Q1 2021 results – First quarter sales of 155.6 million EUR

Press release - Regulated Information

Intermediate declaration by the Board of Directors
Ieper, Belgium – April 28th, 2021, 07.00 hrs CET

Sales for the first quarter of 2021 were 155.6 million EUR, an increase of 13% compared to the same quarter of the previous year and an increase of 6% compared to the previous quarter. The EUR/USD exchange rate evolution had a negative impact on sales of 4% compared to the same quarter of last year and no impact compared to the previous quarter. The gross result was 65.3 million EUR or 42.0% of sales, an increase of 17% compared to the same quarter of last year and an increase of 12% compared to the previous quarter. R&D expenses were 12.7% of sales, G&A was at 4.9% of sales and Selling was at 2.2% of sales. The operating result was 34.5 million EUR or 22.2% of sales, an increase of 44% compared to the same quarter of last year and an increase of 34% compared to the previous quarter. The net result was 27.8 million EUR or 0.69 EUR per share, an increase of 34% compared to 20.7 million EUR or 0.51 EUR per share in the first quarter of 2020 and an increase of 16% compared to the previous quarter.

Outlook

Melexis expects sales in the second quarter of 2021 in the range of 155-160 million euro. For the full year 2021, Melexis expects a sales growth between 22% and 25%, with a gross profit margin of 41% and an operating margin of 21% at the midpoint of the sales guidance, all taking into account a EUR/USD exchange rate of 1.21.

Business comment – Françoise Chombar, CEO:

“Continuing on its growth path, Melexis posted a sequential sales growth of 6% in the first quarter of 2021, propelled by strong demand and order intake on the one hand, yet constrained by extended lead times and ongoing issues in every step of the supply chain on the other. Structurally, we continue to enjoy strong momentum of new products and content growth. As demand continues to surge and shortages in the industry persist, matching the elevated demand with a limited supply is one of the biggest challenges we are facing today. Based on the current order book, it has now become more likely that sales in the second half of the year will remain strong. This is why we significantly increased our guidance for the full year. In the first quarter of 2021, the outperforming product lines were embedded lighting, temperature sensors and the magnetic sensors product family. Following the recent advertising campaigns from major OEMs, our LIN RGB products used in interior ambient lighting are gaining traction. In the adjacent markets, we reached a record sales number, thanks among others to our temperature sensors showing continued growth and our magnetic sensors product family, particularly successful in gaming, industrial and micromobility applications. Sales to automotive customers represented 89% of total sales in the first quarter of 2021. The portion of standard product (ASSP) sales represented 71% of total sales in the first quarter of 2021.”

Financial Calendar

• Annual Shareholders Meeting: May 11, 2021
• Dividend pay date: May 17, 2021 (ex coupon on May 13, 2021)
• Analyst Meeting: June 1st, 2021
• Publication Q2 Results 2021: July 28, 2021 (at 7 hrs CET)
• Publication Q3 Results 2021: October 27, 2021 (at 7 hrs CET)
• Publication FY 2021 Results: February 2, 2022 (at 7 hrs CET)

The company’s results will be discussed in a conference call and an audiocast on Wednesday, April 28th, 2021 at 10:30 hrs CET.

For more information:
Investor Relations
Phone: +32 13 67 07 79
Email: investor@melexis.com

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