Press release
Comment by Tobii's CEO
"Tobii delivered a healthy 19 percent organic growth in the quarter and achieved a 19-percentage points year-on-year operating margin improvement, which allowed us to reach the first EBIT profitable quarter since our IPO in 2015."
Fourth quarter October -
- Revenue increased 34 % to
SEK 262 million (196), corresponding to organic growth of 19 % - Gross margin increased to 78 % (77 %)
-
Operating result (EBIT) was
SEK 9 million (-31) -
The net result for the period amounted to
SEK -9 million (3,272) -
Earnings per share amounted to
SEK -0.08 (31.73) -
Free cash flow amounted to
SEK 147 million (23), includingSEK 166 million temporary covid related tax reliefs from the Swedish tax authorities
Significant events during the period
- The launch date for Sony PlayStation VR 2 (PSVR2) was set to
February 22, 2023 , with pre-orders starting fromNovember 15, 2022 - Tobii received two design wins in the quarter. One for a VR solution to detect intoxication and one for a vision skills training solution
- Tobii was top ranked in Allbright´s gender equality report and Tobii´s ESG rating improved to A (BBB) in MSCI´s ESG Ratings report
-
Tobii was granted
SEK 166 million in additional Covid relief through deferral of tax payments to the Swedish tax authorities, of whichSEK 161 million subsequently has been prolonged toFebruary 2024
Comments from the CEO
Healthy quarter proving our ability to reach profitability
Tobii delivered a healthy 19 percent organic growth in the quarter and achieved a 19-percentage points year-on-year operating margin improvement, which allowed us to reach the first EBIT profitable quarter since our IPO in 2015. We achieved this despite our business not hitting on all cylinders, as many of our research customers continued through a belt-tightening phase. Considering the circumstances, I am delighted with this result. It shows the benefit of our diverse portfolio, a healthy operating leverage, and that our efforts to reach profitability have made good progress.
Our Integrations segment continues to show good performance. Revenue increased 59 percent organically and the gross margin improved by 11 percentage points to 88 percent in the quarter. This was driven by a healthy mix of both increased project- and software license revenues.
Despite headwinds in many markets for behavioral studies and research, Products & Solutions reached 2 percent organic growth in the quarter. This was primarily because of a strong finish of the quarter in the Chinese market and a continued growth in our direct-to-consumer PC gaming peripherals. The Chinese market re-opened during the quarter, and we noted a clear increase in demand. It is too early to tell what portion of this result is a post-covid normalization or an effect of pent-up demand.
In the context of a strong fourth quarter, it is important to note that Tobii still faces uncertainty in our Products & Solution business, and that our Integrations business can be lumpy. Therefore, Tobii's financial performance is best measured over a longer time horizon which allows a more accurate view of the underlying trends. Our free cash flow improved to
Positive momentum in a turbulent year
The year 2022 brought a lot of turbulence which affected organizations worldwide. The post covid return to office work, the weakening of the macro economy and continued supply chain disruptions presented challenges for many companies. In addition, the war in
We achieved a top rating in Allbright´s gender diversity study, improved our
Overall, for the full year 2022, Tobii delivered 14 percent organic growth and 14-percentage point operating margin improvement. These numbers validate that we are back in a growth phase and on a trajectory toward profitability.
2023 will be a transformational year for Tobii
In 2023, eye tracking will reach mass market adoption for the first time, with millions of users experiencing the technology through the PSVR2. This is a major milestone for Tobii, and it has the potential to spur a wave of eye tracking innovation and uptake outside of VR as well. The Sony PSVR2 sets a new baseline for consumer VR headsets, and the importance of eye tracking is expected to increase for other OEMs. We have good momentum in the XR industry and expect to evolve our engagements with leading OEMs further. I also see significant traction in Automotive and in 2023 our ambition is to close multiple design wins.
Despite the risk of a continued weak macro-environment, we enter 2023 with optimism based on our strengthened underlying business fundamentals. The combination of increased top-line revenue with a focus on controlling costs will enable us to deliver further improvements in profitability in 2023. We remain confident and committed to reaching our financial goal of being EBIT profitable again in Q4 2023.
CEO
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About Tobii
Tobii is the global leader in eye tracking and pioneer of attention computing. We are on a mission to improve the world with technology that understands human attention and intent. Creating tech for a better future, our technologies and solutions apply to areas such as behavioral studies and research, healthcare, education and training, gaming, extended reality (VR, AR & MR), automotive, and many more. Tobii's eye tracking is used by thousands of enterprises, universities, and research institutes around the globe. Headquartered in
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