Fourth-quarter MIPS net sales increase 41%, with annual sales increasing 67%
STOCKHOLM (BRAIN) — MIPS’ Sports category continued to drive sales, with bike and snow helmets helping the tech company increase net sales in the fourth quarter year-over-year by 41% and 67 % for the year.
In the fourth quarter, MIPS recorded net sales of SEK 198 million ($21.5 million) versus SEK 140 million. Net income increased by 37% year-on-year, from SEK 76 million to SEK 104 million. Earnings per share increased by 36% from SEK 2.24 to SEK 3.05.
For 2021, net sales were SEK 608 million compared to SEK 365 million in 2020.
MIPS President and CEO Max Strandwitz said he was pleased with the growth despite supply chain difficulties in the fourth quarter that hampered overall demand for helmets – including motorcycle and helmets. security – to be satisfied. Strandwitz added that global retail helmet inventory levels are low and are expected to remain so through the first half of this year.
“During the fourth quarter, many headphone factories in China were affected by the power restrictions put in place at the end of the third quarter,” he said. “Neither in the fourth quarter nor in the full year has MIPS failed to fill an order, but general demand for helmets could not be met and helmet factories were unable to to produce at full capacity.
The MIPS safety system is now present in 883 helmet models supplied by 143 brands. The company integrated its safety system into 12.6 million helmets in 2021.
The head office is in Stockholm and its shares are traded on the Stockholm Stock Exchange under the symbol MIPS. Stock quote on Marketwatch.com.