Napatech delivered Q4 sales of DKK 55m, up 5% y-o-y (2% y-o-y adj. for FX). This compares to the guided Q4 sales of DKK 51.5-55.5m and is 4% above ABGSC at DKK 53m. As previously communicated, Q4 results were hit by indirect supply chain issues (mainly due to delayed server deliveries among end-users) and the USD 1-2m pilot order from the Lenovo deal being deferred. The gross margin was 72%, vs. ABGSC at 70%. Operating costs were DKK 23m, vs. guidance at DKK 36.4-46.4m and ABGSC at DKK 41m. This resulted in an EBITDAC of DKK 17.2m vs. ABGSC at DKK -4.2m. FCFF was DKK -3.1m, vs. ABGSC at DKK -12m.
2022 sales guidance in line with ABGSC, EBITDAC above
The company guides for 2022 revenue of USD 37-41m. This is the same interval as indicated in the updated guidance in January and translates into DKK 235-260m, i.e. a midpoint of DKK 248m, which is in line with our estimate of DKK 247m. Furthermore, the company guides for a 69-71% gross margin vs. ABGSC at 70%, and total operating costs of DKK 155-165mm, vs. ABGSC at DKK -164m. This results in a 2022 EBITDAC guidance of DKK 13.3m which is above ABGSC at DKK 9m.
Expect cons to lower costs in ‘22e
As the Q4 results should be largely expected following the updated guidance in January, the company delivered lower costs than expected. Furthermore, the 2022 sales guidance was unchanged from January and largely in line with our estimate. However, guided Opex for 2022 was 2% below our estimate. We expect cons to lower opex estimates for ‘22e.
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