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2020-03-19 09:00:00
(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 coronavirus (SARS-CoV-2). 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