Synaptics Reports Results for 4Q, Fiscal 2015

Synaptics reported financial results for its fourth quarter and year ended June 30, 2015. Net revenue for fiscal 2015 reached a record $1.7 billion, an increase of 80% over fiscal 2014. Net income for fiscal 2015 was $112.3 million, or $2.89 per diluted share.
 
“Synaptics posted a strong fourth quarter and a phenomenal fiscal year as we crossed the $1 billion annual revenue threshold,” said Rick Bergman, president and CEO. “During fiscal 2015 we surpassed the 3 billion milestone for unit shipments of our solutions, more than doubled the revenue contribution from China-based mobile customers and also doubled revenue from our fingerprint ID business. We successfully completed and integrated the acquisition of our display driver business, strengthening our competitive position and accelerating our roadmap for touch and display driver integration.
 
“Our focus remains on growth, and we continue to invest in order to fully capitalize on our key fingerprint ID and touch and display driver integration (TDDI) growth pillars as we march towards becoming a $2 billion annual revenue company. With our continued commitment to growth and innovation, we expect to generate a strong top-line increase in fiscal 2016 of 20% to 25%, with growth weighted towards the second half of the fiscal year based on our strong product pipeline,” concluded Bergman.
 
Non-GAAP net income for fiscal 2015 increased 40% from the prior year to a record $221.4 million, or $5.69 per diluted share.
 
Net revenue for the fourth quarter of fiscal 2015 grew 52% over the comparable quarter last year to a record $478.9 million. Net income for the fourth quarter of fiscal 2015 was $33.3 million, or $0.85 per diluted share.
 
Non-GAAP net income for the fourth quarter of fiscal 2015 grew 8% over the prior year period to $61.2 million, or $1.57 per diluted share.
 
The fourth quarter revenue mix from mobile and PC products was approximately 89% and 11%, respectively. Fingerprint ID products have been classified according to type of device. Revenue from mobile products of $426.6 million was up 76% year-over-year. Mobile products revenue includes all touchscreen, display driver and applicable fingerprint ID products.
 
Revenue from PC products totaled $52.3 million, a decrease of 27% year-over-year, and includes applicable fingerprint ID products. Cash at June 30, 2015 was $400 million.