(Oslo, 19 March 2020) Nordic Semiconductor (Nordic) has today released its
Annual Report for 2019. The Financial Statements contain no changes from the
preliminary figures for 2019 that were released on 7 February 2020.
The Annual Report includes the company’s current assessment of the impact of the
Nordic’s primary concern is the welfare of its employees, their families and
local communities, and the company has taken precautions in line with, or
beyond, the advice of local authorities in all the countries it has operations.
This includes remote work, restrictions on travels and physical meetings, and
stricter sanitation standards. So far, Nordic has not received notice that any
of its employees have been diagnosed with the coronavirus in any of the
company’s global operations.
In its report for Q4 2019, the company introduced a wider than normal revenue
guidance range of USD 64-71 million for the first quarter 2020, allowing for
increased uncertainty due to temporary value chain disruptions. The company also
issued a gross margin guiding for Q1 2020 of around 50%.
To comply with disclosure requirements the Annual Report includes the following
forward-looking statements in the Outlook section:
The guidance for Q1 2020 remains intact at the time of writing.
Further disruptions in the value chain or distribution channels cannot be ruled
out given the extent and magnitude of the measures that the governments in
several countries currently are implementing to prevent further spreading of the
coronavirus. It has become increasingly clear that these measures will have
effects on the global economy, and this also affects the near-term visibility
for Nordic Semiconductor. While Nordic expects revenue from Bluetooth Low Energy
and multiprotocol solutions to grow at an annual rate of 20-30% in the
medium-term, it is difficult to estimate how changes in consumer spending will
affect the demand for end-user products for the rest of 2020.
Provided supply chains and the markets for Nordic's products normalize in the
aftermath of the coronavirus, Nordic believes the long-term market outlook and
the company’s own product and customer roadmaps offer a favorable backdrop for
its aspiration to build a USD 1 billion revenue company within five years.
For further information, please contact:
Pål Elstad, CFO Nordic Semiconductor ASA Phone: +47 991 66 293
Ståle Ytterdal, IR Nordic Semiconductor ASA Phone: +47 930 37 430