InnoCare Optoelectronics (6861) Q2 2024 earnings summary

Executive summary

• Revenue for Q2 2024 was NT$509.9 million, up 13% year-over-year; first half revenue reached NT$968.2 million, up 4%.

• Net income for Q2 2024 was NT$60.9 million, up 24% year-over-year; first half net income was NT$81.4 million, up 3%.

• Gross margin for Q2 improved to 29% from 25% a year ago.

• EPS for Q2 was NT$1.51 (basic), NT$1.46 (diluted); first half EPS was NT$2.02 (basic), NT$1.95 (diluted).

Financial highlights

• Operating income for Q2 was NT$20.7 million, up from NT$5.5 million last year.

• Operating expenses increased, mainly due to higher R&D spending (NT$66.1 million in Q2, up 27%).

• Cash and equivalents at June 30, 2024 were NT$631.4 million, down from NT$998.0 million a year ago.

• Short-term borrowings decreased to NT$100 million from NT$350 million a year ago.

• Total assets at June 30, 2024 were NT$2,338.5 million.

Outlook and guidance

• Management expects continued growth in X-ray flat panel detector business, supported by ongoing R&D and international expansion.

• No significant impact expected from new or revised IFRS standards.