In This Article:
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Revenue: FY2023 total revenues were $33.9 million, a decrease from $38.5 million in FY2022.
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Net Income: GAAP net income for FY2023 was $34.0 million, or $1.04 per diluted share, up from $30.7 million in FY2022.
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Non-GAAP Results: Non-GAAP net income for FY2023 stood at $38.5 million, or $1.18 per diluted share.
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Share Repurchase: Immersion repurchased 1,217,774 shares in 2023, representing 3.9% of shares outstanding.
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Liquidity: Cash, cash equivalents, and short-term investments totaled $160.4 million as of December 31, 2023.
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Dividend: A quarterly dividend of $0.045 per share will be paid on April 19, 2024.
On March 7, 2024, Immersion Corp (NASDAQ:IMMR) released its 8-K filing, announcing its financial results for the fourth quarter and full year ended December 31, 2023. Immersion Corp, a pioneer in haptic technology, reported a year of solid financial performance despite a slight decline in annual revenue. The company's focus on enforcing intellectual property rights and renewing license deals has been a key driver of its financial achievements.
Financial Performance and Strategic Execution
Immersion Corp's revenue for the fourth quarter of 2023 was $10.4 million, up from $9.2 million in the same quarter of the previous year. The company's GAAP net income for the quarter was $16.0 million, or $0.49 per diluted share, a decrease from $19.7 million in the fourth quarter of 2022. Non-GAAP net income for the quarter was slightly higher at $16.9 million, or $0.52 per diluted share. The company also repurchased 319,017 shares at an average price of $6.52 per share during the quarter.
For the full year, Immersion's revenues were $33.9 million, a decrease from $38.5 million in 2022. However, the company's net income for 2023 was $34.0 million, or $1.04 per diluted share, an increase from $30.7 million, or $0.92 per diluted share, for 2022. Non-GAAP net income for 2023 was $38.5 million, or $1.18 per diluted share, compared to non-GAAP net income for 2022 of $34.5 million, or $1.03 per diluted share.
Immersion's Chairman & CEO, Eric Singer, highlighted the company's steady execution and accomplishments throughout the year, emphasizing the strategic allocation of capital and the increase in stockholder's equity to $183.1 million. Singer expressed confidence in the company's strong balance sheet as it enters 2024.
"2023 was a year of steady execution and accomplishment for Immersion as we maintained our efforts to enforce our intellectual property, renew license deals, and thoughtfully allocate capital. We returned $15.7 million to shareholders via buybacks and dividends during the year while also increasing our stockholders equity to $183.1 million, or $5.81 per share, as of December 31, 2023. This is an increase of over $27.4 million from $157.7 million, or $4.89 per share, at the end of 2022."