MicroVision heads into 2012 with a focused strategy for delivering the world’s first HD pico display solution
Company grows revenue by 19%, reduces cash used in operations by 40% and kicks off 2012 with design sample shipments of next-generation PicoP display engine
REDMOND, Wash.--(BUSINESS WIRE)--MicroVision, Inc. (NASDAQ: MVIS), the leader in innovative ultra-miniature projection display technology, today announced its 2011 operating and financial results and key 2012 business objectives.
MicroVision completed all of the key objectives of its 2011 business plan including:
* Advancement of the next-generation HD PicoP® display engine technology based on direct green lasers (PicoP® Gen2) for commercialization in 2012. MicroVision’s PicoP Gen2 display engine will offer multiple advantages including small form factor, lower price, and superior imaging performance.
* Substantially completed the development of key components and subsystems of the PicoP Gen2 display engine, including a new light source module that uses red, blue, and green laser diodes, a new 720p MEMS mirror and accompanying electronics.
* Integrated early samples of direct green lasers from three different manufacturers into the first prototypes of the PicoP Gen2 display engine to validate their performance.
* Unveiled PicoP Gen2 display engine prototypes at the 2012 Consumer Electronics Show (CES) garnering a ‘CES Product of the Future’ award by Popular Science.
* Began shipments in February 2012 of PicoP Gen2 display engine design samples for customer evaluation.
* Revenue growth of 19% to $5.6 million in 2011 from $4.7 million in 2010.
* Reduction of 40% in cash used in operations to $27.9 million in 2011 compared to $46.2 million for 2010.
Other Notable 2011 Operating Achievements
* Cultivated business relationships with Apple, Intel, RIM and WOWee through distribution agreements for the award-winning SHOWWX+™ line of pico projectors for them to gain a better understanding of the emerging pico projection market and related applications.
* Sold PicoHUD™ development kits to automotive customers and signed an agreement with a major automotive manufacturer to incorporate MicroVision’s PicoHUD technology into its test vehicles.
* Highlighted unique value proposition of PicoP Gen2 technology by demonstrating Touch Interactive and 3D displays at CES in January that the company believes will unlock new use models for consumers on the move.
