Vicor Corp. Files 10-Q for Quarter Ended March 31, 2024
Ticker: VICR · Form: 10-Q · Filed: May 1, 2024 · CIK: 751978
Sentiment: neutral
Topics: 10-Q, Financial Report, Vicor Corp, Q1 2024, Patent Litigation
TL;DR
<b>Vicor Corporation filed its Q1 2024 10-Q, detailing financial performance and disclosures for the period ending March 31, 2024.</b>
AI Summary
VICOR CORP (VICR) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Vicor Corporation filed a 10-Q report for the period ending March 31, 2024. The filing includes data related to various financial statement line items and disclosures. Key dates and periods covered include Q1 2024, Q1 2023, and year-end 2023. Specific financial instruments like Auction Rate Securities and Money Market Funds are mentioned. The report details segments such as Advanced Products and Brick Products, with associated sales channels.
Why It Matters
For investors and stakeholders tracking VICOR CORP, this filing contains several important signals. This 10-Q provides an updated view of Vicor's financial health and operational performance for the first quarter of 2024, crucial for investors assessing current value and future prospects. The detailed segment and sales channel information allows for a granular understanding of revenue drivers and potential areas of growth or concern within the company's product lines.
Risk Assessment
Risk Level: medium — VICOR CORP shows moderate risk based on this filing. The filing is a standard quarterly report, but the company is involved in litigation regarding patent infringement (vicr:InfringementOf702PatentMember), which introduces a medium level of risk.
Analyst Insight
Monitor ongoing litigation and its potential financial impact on Vicor Corporation.
Revenue Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| vicr:AdvancedproductsMember | ||
| vicr:BrickproductsMember |
Key Numbers
- 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
- 2024-05-01 — Filing Date (FILED AS OF DATE)
- Q1 2024 — Reporting Quarter (10-Q false Q1 12-31)
- 2023-01-01 — Prior Year Q1 Start Date (vicr:AdvancedproductsMember 2023-01-01 2023-03-31)
- 2023-03-31 — Prior Year Q1 End Date (vicr:AdvancedproductsMember 2023-01-01 2023-03-31)
- 2024-04-24 — Subsequent Event Date (vicr:InfringementOf702PatentMember us-gaap:SubsequentEventMember 2024-04-24 2024-04-24)
Key Players & Entities
- VICOR CORP (company) — FILER
- 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
- 2024-05-01 (date) — FILED AS OF DATE
- 25 FRONTAGE ROAD (address) — BUSINESS ADDRESS
- ANDOVER (city) — BUSINESS ADDRESS
- MA (state) — BUSINESS ADDRESS
- 01810 (zip_code) — BUSINESS ADDRESS
- vicr:InfringementOf702PatentMember (legal_case) — Subsequent Event
FAQ
When did VICOR CORP file this 10-Q?
VICOR CORP filed this Quarterly Report (10-Q) with the SEC on May 1, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by VICOR CORP (VICR).
Where can I read the original 10-Q filing from VICOR CORP?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by VICOR CORP.
What are the key takeaways from VICOR CORP's 10-Q?
VICOR CORP filed this 10-Q on May 1, 2024. Key takeaways: Vicor Corporation filed a 10-Q report for the period ending March 31, 2024.. The filing includes data related to various financial statement line items and disclosures.. Key dates and periods covered include Q1 2024, Q1 2023, and year-end 2023..
Is VICOR CORP a risky investment based on this filing?
Based on this 10-Q, VICOR CORP presents a moderate-risk profile. The filing is a standard quarterly report, but the company is involved in litigation regarding patent infringement (vicr:InfringementOf702PatentMember), which introduces a medium level of risk.
What should investors do after reading VICOR CORP's 10-Q?
Monitor ongoing litigation and its potential financial impact on Vicor Corporation. The overall sentiment from this filing is neutral.
Risk Factors
- Patent Infringement Litigation [medium — legal]: The company is involved in litigation concerning patent infringement, specifically related to the '702 Patent, which occurred as a subsequent event on April 24, 2024.
Filing Stats: 4,366 words · 17 min read · ~15 pages · Grade level 20 · Accepted 2024-05-01 16:08:40
Key Financial Figures
- $0.01 — registered Common Stock , par value $0.01 per share VICR The NASDAQ Stock Mar
Filing Documents
- vicr-20240331.htm (10-Q) — 1406KB
- vicr-ex31_1.htm (EX-31.1) — 19KB
- vicr-ex31_2.htm (EX-31.2) — 19KB
- vicr-ex32_1.htm (EX-32.1) — 6KB
- vicr-ex32_2.htm (EX-32.2) — 6KB
- 0000950170-24-051264.txt ( ) — 5745KB
- vicr-20240331.xsd (EX-101.SCH) — 679KB
- vicr-20240331_htm.xml (XML) — 1066KB
— Financial Information
Part I — Financial Information:
- Financial Statements (Unaudited)
Item 1 - Financial Statements (Unaudited) Condensed Consolidated Balance Sheets at March 31, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive (Loss) Income for the three months ended March 31, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Equity for the three months ended March 31, 2024 and 2023 5 Notes to Condensed Consolidated Financial Statements 6
— Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2 — Management's Discussion and Analysis of Financial Condition and Results of Operations 14
— Quantitative and Qualitative Disclosures About Market Risk
Item 3 — Quantitative and Qualitative Disclosures About Market Risk 21
— Controls and Procedures
Item 4 — Controls and Procedures 22
— Other Information
Part II — Other Information: 23
— Legal Proceedings
Item 1 — Legal Proceedings 23
— Risk Factors
Item 1A — Risk Factors 23
— Other Information
Item 5 — Other Information 23
— Exhibits
Item 6 — Exhibits 23
Signatures
Signatures 25 EX-31.1 SECTION 302 CERTIFICATION OF CEO EX-31.2 SECTION 302 CERTIFICATION OF CFO EX-32.1 SECTION 906 CERTIFICATION OF CEO EX-32.2 SECTION 906 CERTIFICATION OF CFO Table of Contents VICOR CORPORATION Pa rt I – Financial Information
– Fin ancial Statements
Item 1 – Fin ancial Statements Condensed Consoli dated Balance Sheets (In thousands, except share data) (Unaudited) March 31, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 239,172 $ 242,219 Accounts receivable, net 57,604 52,631 Inventories 112,316 106,579 Other current assets 19,173 18,937 Total current assets 428,265 420,366 Long-term deferred tax assets, net 277 296 Long-term investment, net 2,622 2,530 Property, plant and equipment, net 157,677 157,689 Other assets 16,276 14,006 Total assets $ 605,117 $ 594,887 Liabilities and Equity Current liabilities: Accounts payable $ 12,439 $ 12,100 Accrued compensation and benefits 11,636 11,227 Accrued litigation 23,700 6,500 Accrued expenses 7,078 5,093 Short-term lease liabilities 1,812 1,864 Sales allowances 3,130 3,482 Income taxes payable 1,602 746 Short-term deferred revenue and customer prepayments 2,684 3,157 Total current liabilities 64,081 44,169 Long-term deferred revenue 660 1,020 Long-term income taxes payable 2,236 2,228 Long-term lease liabilities 6,094 6,364 Total liabilities 73,071 53,781 Commitments and contingencies (Note 10) Equity: Vicor Corporation stockholders' equity: Class B Common Stock: 10 votes per share, $ .01 par value, 14,000,000 shares authorized, 11,743,218 shares issued and outstanding in 2024 and 2023 118 118 Common Stock: 1 vote per share, $ .01 par value, 62,000,000 shares authorized 44,434,840 shares issued and 32,800,034 shares outstanding in 2024; 44,354,394 shares issued and 32,719,588 shares outstanding in 2023 446 445 Additional paid-in capital 389,367 383,832 Retained earnings 282,201 296,674 Accumulated other comprehensive loss ( 1,390 ) ( 1,273 ) Treasury stock at cost: 11,634,806 shares in 2024 and 2023 ( 138,927 ) ( 138,927 ) Tota