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Vicor Corporation Reports Results for the Second Quarter Ended June 30, 2024
ANDOVER, Mass., July 23, 2024 (GLOBE NEWSWIRE) -- Vicor Corporation (NASDAQ: VICR) today reported financial results for the second quarter ended June 30,
About this update from Vicor Corporation
[{"type":"text","content":"ANDOVER, Mass., July 23, 2024 (GLOBE NEWSWIRE) -- Vicor Corporation (NASDAQ: VICR) today reported financial results for the second quarter ended June 30, 2024. These results will be discussed later today at 5:00 p.m. Eastern Time, during management’s quarterly investor conference call. The details for the call are below. Revenues for the second quarter ended June 30, 2024 totaled $85.9 million, a 19.6% decrease from $106.7 million for the corresponding period a year ago, and a 2.4% sequential increase from $83.9 million in the first quarter of 2024. Gross margin decreased to $42.8 million for the second quarter of 2024, compared to $55.2 million for the corresponding period a year ago and $45.1 million for the first quarter of 2024. Gross margin, as a percentage of revenue, decreased to 49.8% for the second quarter of 2024, compared to 51.7% for the corresponding period a year ago and 53.8% for the first quarter of 2024. Operating expenses increased to $42.6 million for the second quarter of 2024, compared to $37.3 million for the corresponding period a year ago, and decreased sequentially from $61.2 million for the first quarter of 2024. Net loss for the second quarter was $(1.2) million, or $(0.03) per diluted share, compared to net income of $17.1 million or $0.38 per diluted share, for the corresponding period a year ago and net loss of $(14.5) million, or $(0.33) per diluted share, for the first quarter of 2024. Cash flow from operations totaled $15.6 million for the second quarter, compared to cash flow from operations of $19.0 million for the corresponding period a year ago, and cash flow from operations of $2.6 million in the first quarter of 2024. Capital expenditures for the second quarter totaled $6.1 million, compared to $8.5 million for the corresponding period a year ago and $7.3 million for the first quarter of 2024. Cash and cash equivalents as of June 30, 2024 increased 5.3% sequentially to approximately $251.9 million compared to approximately $239.2 million as of March 31, 2024. Backlog for the second quarter ended June 30, 2024 totaled $153.8 million, a 29.2% decrease from $217.3 million for the corresponding period a year ago, and 2.3% sequential increase from $150.3 million at the end of the first quarter of 2024. Commenting on second quarter performance, Chief Executive Officer Dr. Patrizio Vinciarelli sta...