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Laser Photonics Announces Third Quarter Fiscal 2022 Results
Provides 2022 full year revenue guidance of $5.6 to $5.8 million (+34% - 38% growth)ORLANDO, FL / ACCESSWIRE / November 8, 2022 / Laser Photonics Corporation
About this update from Laser Photonics Corporation
[{"type":"text","content":"Provides 2022 full year revenue guidance of $5.6 to $5.8 million (+34% - 38% growth)ORLANDO, FL / ACCESSWIRE / November 8, 2022 / Laser Photonics Corporation (NASDAQ:LASE), (\"LPC\"), a leading global developer of Cleantech laser systems for laser cleaning and other material applications, today announced results for its third quarter of fiscal year 2022 ended September 30, 2022. These results occurred before the Company's IPO on October 4, 2022.\"We saw solid demand for our CleanTech Laser Blaster products during our third quarter,\" said Wayne Tupuola, chief executive officer. \"However, the real story is that the third quarter closed before our IPO on October 4, 2022. We went public to access the funds necessary to accelerate growth as we continue introducing new, disruptive technologies to displace the existing use of hazardous and toxic abrasives. With government and labor advocating for discontinuing techniques using abrasives, we believe we are well-positioned to disrupt the market.\" Select Financial Metrics: Fiscal 2022 versus Fiscal 2021*(in $M except for EPS) 3Q22 3Q21 Change 9 Mos 2022 9 Mos 2021 Change Revenue $1.2 $1.1 11.5% $3.8 $3.0 26.8%Gross Margin 58.1% 58.7% 60.3% 59.3% Operating Income $0.2 $0.3 -14.2% $0.9 $0.7 37.1%Operating Margin 18.7% 24.3% 24.7% 22.8% Net Income $0.2 $0.2 29.3% $0.9 $0.5 66.9%Diluted EPS $0.04 $0.03 28.8% $0.19 $0.11 66.7%EBITDA $0.31 $0.27 17.0% $1.2 $0.9 36.4%*numbers may not add due to rounding Fiscal 2022 Guidance and CommentaryFor the full year 2022, ending December 31, 2022, LPC is targeting revenue to be in the range of $5.6 to $5.8 million, representing growth of 34% to 38%.\"We believe we are in the first inning of a massive opportunity to disrupt the $46 billion domestic market for corrosion control and other materials applications. We've already delivered systems to numerous Blue Chip customers, including Coca-Cola and Detroit Diesel, and U.S. Government entities, including SOCOM, the Army, Navy and Air Force and the Veterans Administration. These organizations have all received initial systems to develop standard operating procedures and processes, and we believe there is a significant opportunity for follow-on orders in addition to orders from new customers.\"After going public at the beginning of the fourth quarter, we announced the expansion of our CleanTech product line,...