Intevac, Inc. (NASDAQ:IVAC) currently trades at $9.20 which is about -2.65% lower than the 52-week high of $10.20. The trading volume at ready counter moved to 245,059.00 shares as compared to 156,067.00 shares average traded volume. The stock failed to get pushed above the $10.00 barrier, the intraday high, after opening at $9.85. Analysts have a consensus target price of $9.00 in the 12-month period. Its market capitalization has now reached to $193.58M.

Intevac, Inc. (NASDAQ:IVAC) was dropped to Underweight from Equal Weight at Barclays. It has earned a consensus Strong buy rating, according to Zacks Investment Research. No analyst has rated the stock with a sell rating, 3 have assigned a hold rating, 3 says it’s a buy and 27 have assigned a strong buy rating to the company.

Intevac, Inc. (IVAC) on February 2, 2017 reported financial results for the fiscal fourth quarter and year ended December 31, 2016.

2016 Highlights

  • Significant improvements in performance compared to 2015:
  • Revenues increased 7%, driven by our Thin-film Equipment growth initiatives and improved results in our core HDD (hard disk drive) business
  • Gross margin improved 300bp; operating P&L improved by 13%
  • Total orders up 25%, driven by a 76% increase in Thin-film Equipment orders
  • Total backlog up 34%, with Thin-film Equipment backlog up 139%
  • Revenues increased 7%, driven by our Thin-film Equipment growth initiatives and improved results in our core HDD (hard disk drive) business
  • Gross margin improved 300bp; operating P&L improved by 13%
  • Total orders up 25%, driven by a 76% increase in Thin-film Equipment orders
  • Total backlog up 34%, with Thin-film Equipment backlog up 139%
  • Orders for four new INTEVAC VERTEXTM systems – from two customers
  • Orders for eight 200 Lean systems
  • Successful demonstrations of latest digital night-vision technology – expanding our Photonics revenue opportunity pipeline by 40%
  • Positive cash flow from operations of $3.8 million
  • Achieved objective to increase total balance of cash and investments year-over-year

“2016 marked an inflection point in the future revenue growth trajectory of Intevac,” commented Wendell Blonigan, president and chief executive officer. “Most notably, we secured a multi-system production capacity order for our VERTEX system, and an additional VERTEX customer during the year. Our multiple 200 Lean orders demonstrated the ongoing need for technology investments in our core HDD business, which improved compared to 2015. We increased our revenue opportunity pipeline for Photonics through successful demonstrations with our ground force monocular and high-resolution digital goggles, and while we experienced a pause in contract R&D revenues during the year, we grew our Photonics product revenues over 2015.”

“We also delivered continued improvement in our financial performance in 2016. We improved our gross margins, held SG&A flat, increased our strategic R&D investments by 16%, and significantly improved our operating performance compared to 2015. We won significant new orders in our Thin-film Equipment business, and grew backlog to levels not seen since 2010; in each of our served equipment markets. Given the momentum we have built in our strategic growth initiatives, we are on the path to profitability for 2017.”