Universal Display reported their financial results for Q4 2011. The company had $18.7 million in revenue (up 73% from Q4 2010's $10.8 million), with net income of $5.7 million. In Q4 material sales reached $10.8 million and royalties were $5.4 million. For the whole of 2011, UDC reports $61.3 million in revenue (up 101% over 2010's $30.5 million) and $3.2 million in net income. The company was cash flow positive in 2011 - with $16.4 million from operation activities and they have $346 million in cash.
UDC reiterated their previous guidance for 2012: revenues will be in the range of $90 million to $110 million. It seems that revenues from OLED TV sales aren't really included in the guidance. In any case, it seems that investors aren't happy with the company not changing their forecasts (which is below the average $112.8 million estimate on the Street) and the stock is dropping around 7% in late trading.
The company sold about $1.3 million of host materials (mostly green host, a little blue host). This represents around 12% of the total material sales ($10.8 million). They are still not certain whether they will keep selling host materials - and will only do so if they can maintain the high margin. If other vendors offers cheaper materials with good performance, they will withdraw from that market.
There was only a single update on the patent issue - "a new opposition was filed in Europe relating to a recently issued PHOLED patent".
Lighting is still a small market for UDC - material sales for OLED lighting panels was about 1% to 1.5% of the total material sales. UDC expects 1 or 2 companies to "to step out of the gate into a production facility" in a year or two, using their PHOLED materials. UDC also says they sold some yellow emitter materials in 2011, which are used (in conjunction with blue) in white OLED panels.
Disclose: The writer of this post holds shares in UDC