Gross margin weakened relative to both periods, but still came in better than a half-point above expectations. Management also indicated strength in 32-bit MCUs, Bluetooth, and Z-wave within the IoT business. It sounds as though timing and isolation did relatively well, but it is difficult to quantify beyond that.
Regrettably, Silicon Labs has chosen to restructure how its reports results, reducing the amount of detail it gives to shareholders regarding the performance of important segments like timing, isolation, and broadcast. Revenue (which also declined 2% qoq) was driven by the Infrastructure & Auto group, which saw 19% yoy and 6% qoq growth this quarter versus the 11% yoy growth and 8% qoq contraction in IoT. Revenue growth of 14% (year-over-year) is well above the likes of large rivals including STMicro ( STM), NXP ( NXPI), and Texas Instruments ( TXN), as well as smaller rivals like Lattice ( LSCC) (even adjusting for the Consumer segment). Not all of the chip stocks I follow have reported, but Silicon Labs’ performance nevertheless stands out positively. Standing Out Again (For The Right Reasons)
I still am not crazy about the prospective value here, but I do still see some, and there aren’t as many quality growth stories in semiconductors as I’d like. Management really needs to get the operating margins up to 30% for the discounted cash flow side to work, though I readily admit growth semiconductor stocks can trade well above DCF-based fair value for long stretches. With that underperformance, the valuation is a little more interesting.
The 50s iphi update#
The issue remains principally valuation for me, and the shares have lagged the SOX index by about 15% since my last update on the company. Likewise, I don’t have much to quibble with or complain about in terms of the opportunity set in front of the company (other than thinking they need better MCU IP). We are the official public health institute serving the District of Columbia, Maryland, and Virginia, and have quickly grown into an important partner at the state and local levels across the region.In terms of operating performance, I don’t have a lot to criticize with Silicon Labs ( NASDAQ: SLAB), as it once again did quite well in this quarter on a relative basis. Public health institutes work in conjunction with a myriad of public and private partners to protect and improve the public’s health, adding capacity for a range of functions from training to program development to research and evaluation. Across the country, public health institutes are growing in number and have become an integral part of the nation’s public health infrastructure. Our work strengthens health service systems and public policy enhances the environments and conditions in which people live, age, work, learn, and play and builds organizational and community capacity to sustain progress.įormed in 2010, IPHI is one of 40 member public health institutes within the National Network of Public Health Institutes (NNPHI). The Institute for Public Health Innovation (IPHI) is a unique non-profit resource that builds partnerships across sectors and cultivates innovative solutions to improve health and well-being for all people and communities throughout the District of Columbia, Maryland, and Virginia.
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