Business
Vuzix Reports Continued Smart Glasses Growth in 2Q21
Transformative initiatives underway to accelerate growth and profitability in 2H21 and beyond ROCHESTER, N.Y., Aug. 9, 2021 /PRNewswire/ -- Vuzix® Corporation
About this update from Vuzix Corporation
[{"type":"text","content":"Transformative initiatives underway to accelerate growth and profitability in 2H21 and beyond \n ROCHESTER, N.Y., Aug. 9, 2021 /PRNewswire/ -- Vuzix® Corporation (NASDAQ: VUZI) (\"Vuzix\" or the \"Company\"), a leading supplier of Smart Glasses and Augmented Reality (AR) technologies and products, today reported its second quarter results for the period ended June 30, 2021.\n\n \n \n \n \n \n \n\n \n\"2021 has thus far been, and will continue to be, a transformative year for Vuzix. We now have roughly $138 million of cash as of mid-year, have expanded our management, R&D and sales teams, established a new SaaS-based Integrated Solutions Business Unit, and are aggressively pursuing other strategic initiatives that will strengthen and extend our business model from one primarily focused on being an industry leader in smart glasses hardware to also now becoming a broader solutions provider in various high-growth market verticals,\" said Paul Travers, President and CEO of Vuzix.\n\"During the second quarter, we spent considerable time reviewing the imminent needs of our largest cornerstone customers and initiating the necessary augmentations to our operations to effectively support these customers with large-scale deployments of Vuzix Smart Glasses and we have also set the foundation for certain other markets that are showing leadership in broad-based smart glasses deployments. We continued to see steady year-over-year growth in our core smart glasses business with second quarter smart glasses sales rising 21%. The healthcare portion of our business continues to accelerate with our smart glasses now being used in approximately 1,000 operating rooms worldwide for an ever-expanding set of surgical applications, as just one example of utility in healthcare,\" concluded Mr. Travers. \nThe following table compares condensed elements of the Company's unaudited summarized Consolidated Statements of Operations data for the three months ended June 30, 2021 and 2020, respectively:\n For 3 Months Ended June 30\n($000s except per share amounts)\n2021\n2020\nSales:\nSales of Products\n$ 2,834\n$ 2,335\nSales of Engineering Services\n83\n702\nTotal Sales\n2,917\n3,037\nTotal Cost of Sales\n2,337\n2,241\nGross Profit\n579\n796\nGross Profit %\n20%\n26%\nOperating Expenses:\nResearch and Development\n2,701\n1,796\nSelling and Marketing\n1,338\n797\...