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Short-Term Investor Stock QRVO Gains 72.5%

We published the stock, Qorvo (QRVO), on August 2, 2019 at an opening price of $70.92 and it has touched a new 52-week high of $122.36 on January 30, 2020, representing a gain of 72.5% from our published price. QRVO closed Thursday's trade at $100.82, up $2.52 or 2.56% with trading volume of 2.84 million shares.

On May 7, Qorvo (QRVO) reported Q4 net income of $50.4 million or $0.43 per share compared to $61.5 million or $0.50 per share last year.

On a non-GAAP basis, net income was $185.3 million or $1.57 per share, higher than the previous year's $150.9 million or $1.22 per share.

Revenue for the quarter increased to $787.8 million from $680.9 million generated a year ago.

Analysts polled by Thomson Reuters expected earnings of $1.33 per share on revenue of $761.26 million for the quarter. Analysts' estimate typically exclude certain special items.

The company also announced achievement of a key milestone in the development of a veterinary point-of-care or POC diagnostic platform for Zomedica Pharmaceuticals Corp. (ZOM).

Zomedica, recently, announced that its TRUFORMA POC platform, based on Qorvo’s acoustic resonators, and first assay have completed final verification. This is a critical milestone to enabling commercial manufacturing production capabilities, the company said.

Qorvo Biotechnologies LLC, a wholly owned subsidiary of Qorvo US, Inc., signed a development and supply agreement in 2018 with Zomedica for its POC platform to be tested for veterinary use. Under the agreement, Qorvo is responsible for developing the POC diagnostic instrument and related assay cartridges, while Zomedica is responsible for the validation, marketing and sale of the assays, instruments and related assay cartridges.

Why we published QRVO on August 2, 2019?

Qorvo reported stellar Q1 results and issued upbeat Q2 guidance.

Q1 Results

The company's Q1 net income was $39.5 million or $0.33 per share versus a loss of $30.0 million or $0.24 per share last year.

Non-GAAP net income increased to $165.3 million or $1.36 per share from the previous year's $124.0 million or $0.96 per share.

Revenue for the quarter grew to $775.6 million from $692.7 million generated a year ago.

Analysts polled by Thomson Reuters expected earnings of $1.15 per share for the quarter. Analysts' estimate typically exclude certain special items.

Q2 Guidance

Qorvo then projected Q2 revenue in the range of $745 million - $765 million, non-GAAP gross margin of about 46% - 46.5%, and non-GAAP earnings per share of $1.30 at the midpoint of guidance. Wall Street analysts then estimated earnings of $1.25 per share and revenue of $740.5 million for the quarter.

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