Melexis Announces Fourth Quarter and Full Year 2021 Financial Results
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Melexis' full-year sales in 2021 were €643.8 million, up 27% year-on-year. Total gross profit was €273.6 million, or 42.5% of sales, up 38% year-on-year. R&D costs accounted for 12.2% of sales, administrative expenses accounted for 5.0% of sales, and sales expenses accounted for 2.3% of sales. Operating costs were €148.4 million, or 23.1% of sales, up 97% from €75.5 million in 2020. Net profit was €131.1 million, up 89% from €69.3 million in 2020.
Melexis' sales in the fourth quarter of 2021 were €166.2 million, up 13% year-on-year and 2% quarter-on-quarter. Total gross profit was €70.6 million, or 42.5% of sales, up 21% year-on-year and flat with the previous quarter. R&D costs accounted for 12.0% of sales, administrative expenses accounted for 5.3% of sales, and sales expenses accounted for 2.4% of sales. Operating costs were €37.8 million, or 22.8% of sales, up 47% year-on-year and down 5% quarter-on-quarter. Net profit was €33.3 million, up 39% from €24 million in the fourth quarter of 2020 and down 9% from the previous quarter.
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CEO Marc Biron said
With sales of €166.2 million in the fourth quarter and €643.8 million for the full year, we set new quarterly and annual sales records. The higher-than-expected sales also resulted in a 97% increase in operating costs in 2021 compared to 2020. Thank you to all Melexis employees for their tremendous efforts and proactive response in the face of numerous supply chain headwinds.
Compared with 2020, the product lines that performed well in 2021 include embedded lighting driver chips, temperature sensor chips, current sensor chips, latch and switch chips, and magnetic position sensor chips; among them, magnetic position sensor chips have the largest increase in absolute value. In 2021, we launched more than 16 new products. I am proud to announce that Melexis shipped an average of 18 chips per car produced worldwide, making our 2018 goal of 20 chips per car possible. Currently, sensor chips and driver chips are expected to be the largest contributors to revenue growth due to the popularization of electrification .
Sales to automotive customers accounted for 90% of total sales in the fourth quarter of 2021 and 89% of total sales for the full year 2021. Standard product (ASSP) sales accounted for 73% of total sales in the fourth quarter and 72% for the full year 2021 .
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