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OmniVision Technologies is the largest producer of CMOS image sensors.[1] Design is carried out in the United States. Fabrication occurs in Taiwan.

OmniVision is the only major image sensor producer dedicated solely to image sensor and related product production.[2]

OmniVision has the widest selection of products. OmniVision is present in the most amount of markets.[3] They also are frequently the first to market with the latest technology.[4]

OmniVision has the strongest financial position of any image sensor producer, with almost half of its assets in cash.

OmniVision is frequently the market leader by revenue and quantity. For a time in late 2006 and early 2007, Micron Technologies temporarily produced the most by revenue until they ran into financial difficulty.

Contents

[edit] Finance

OmniVision's fiscal year ends on April 30th.

[edit] Balance sheet

  • Assets have grown from $3.72 million Dollars in 1998[5] to $688 million Dollars in 2007.
  • Cash, Cash Equivalents, & Short Term Investments have grown from $2.69 million Dollars in 1998[5] to $305 million Dollars in 2007, now 1/3 of the present market capitalization (14 December, 2007).
  • Shares Outstanding have grown from 2.4 million shares in 1998[5] to 54.94 million shares in 2007.

[edit] Income statement

  • Sales have grown from $166 thousand Dollars in 1996[5] to $528 million Dollars in 2007.
  • Quarterly sales have accelerated in recent quarters.
OmniVision's Quarterly Sales
OmniVision's Quarterly Sales

[edit] Cash flow statement

  • Cash Flows from Operations have grown from ($5.3) million Dollars in 1998[5] to $43 million Dollars in 2007.
  • Capital Expenditures have grown from $413 thousand Dollars in 1998[5] to $83 million Dollars in 2007.

[edit] Miscellaneous

[edit] ASPs

Average Selling Prices of sensors have declined at a 20% to 25% average annual rate,[2] a slower pace than the 34.7% rate that the Intel series suffers.[6]

[edit] Stock Options Financing

The company is heavily dependent upon stock options to finance a large percentage of employee compensation. As of the 2007 annual report, there were roughly 12.5 million OmniVision issued options outstanding for an 8 year weighted average remaining contractual life and a $18.54 weighted average exercise price.[7] There are approximately 55 million shares issued and outstanding.

[edit] Seasonality

Product

The specific products and product groups have been known to be subject to typical seasonal variable revenue cyclicality.[7]

[edit] Share Retirement & Dividends

To date, OmniVision has authorized:

  • Two share buybacks[8][9]
  • No dividends
  • No stock options buybacks.

[edit] Gross Margins

  • 2008
  • 2007: 29%[12]
  • 2006: 37%[12]
    • 4Q 2006: 37%
    • 3Q 2006: 40%[13]
    • 2Q 2006: 36%
    • 1Q 2006: 33%
  • 2005: 40%[12]
    • 4Q 2005: 36%
    • 3Q 2005: 41%
    • 2Q 2005: 45%
    • 1Q 2005: 40%

[edit] Notable Holders

Fisher Investments

Managed by the third son of the other influence of Warren Buffett, Philip Fisher, Kenneth Fisher's company holds roughly 3% of OmniVision.[14]

Renaissance Technologies

The "quant" fund that has been reported to be responsible for 10% of all trades by quantity during some days on the NASDAQ holds approximately 2%.[15] It's Medallion Fund has been reported to achieve 35% annually.

Soros Fund Management

George Soros's company holds approximately 1%.[16] Via the Quantum Fund, Soros has achieved 42.6% annually.[17]

[edit] Current Guidance

When reporting the latest quarterly results, OmniVision reported that they "[expect] fiscal fourth quarter 2008 revenues will be in the range of $170 million to $190 million"[18], a year-over-year growth rate of 43% to 60%.[19]

[edit] Operations

As of the fiscal 2007 annual report, OmniVision currently employs over 2,000 people.[7]

[edit] Sensor production

  • F4Q2006, 48 million sensors[20]
  • F1Q2007, 58 million sensors[21]
  • F2Q2007, 65 million sensors[22]
  • F3Q2007, 66 million sensors[23]
  • F4Q2007, 62 million sensors[2]
  • F1Q2008, 86 million sensors[22]
  • F2Q2008, 120 million sensors (16% of all sensors ever produced by the company)[22]
  • Since inception, 770 million sensors[10]

[edit] Operational Process

[edit] Operational Divisions

[edit] Mainstream Products

  • F1Q2007, 70% of production[20]
  • F2Q2007, 85% of production[21]
  • F3Q2007, 80% of production[23]
  • F4Q2007, 80% of production[2]
  • F1Q2008, 70% of production[24]
  • F2Q2008, 65% of production[22]

Handsets

DSPs

[edit] Emerging Products (formerly, Advanced Products)

  • F1Q2007, 30% of production[20]
  • F2Q2007, 15% of production[21]
  • F3Q2007, 20% of production[23]
  • F4Q2007, 20% of production[2]
  • F1Q2008, 30% of production[24]
  • F2Q2008, 35% of production[22]

PCs

Automotive

Security

Medical

DSCs

[edit] Geography of Operations

The United States of America

  • Corporate Headquarters - Sunnyvale, California

Mainland China

  • Shanghai
  • Beijing
  • Shenzhen

Taiwan

  • Taipei

South Korea

  • Seoul

Hong Kong

Singapore

Europe

  • Hook, The United Kingdom
  • Nokia, Finland

[edit] Technologies

[edit] Owned

[edit] OmniPixel3-HS[25][1]

  • 1.75 micron pixel
  • 0.11 micron CMOS process
  • 65dB Dynamic Range
  • Zero-gap micro-lens
  • Ultra low dark current (30 e/sec)
  • Lag-free operation throughout the signal range
  • 960 mV/lux*s Sensitivity

[edit] Wavefront Coding

The patent for Wavefront Coding was granted to CDM Optics on January 15th, 2008[26]
  • May focus any one or any number of focal fields, selectively.[27]
  • Can be used to measure distance passively in a single exposure, as opposed to the more normal, time dependent active rangefinder method used for autofocus mechanisms.[28]
  • Can "[correct] optical aberrations within the image."[10]

Comparing Wavefront Coding to extending depth of field by using color channels in late 2003, "'in a normal lens the red, green and blue light rays all have a slightly different focus,' Cathey explained. 'You can correct for this by using combinations of lenses, but we can do it much more easily by wavefront coding because it becomes irrelevant whether the different colours end up at different distances from the lens.'"

Dr. Cathey goes on to explain the advantages of a Wavefront Coded system, that "the technique also corrects for the blur caused by the temperature-related aberrations associated with inexpensive plastic optics. Optical elements can be manufactured in plastic providing a lower-cost, high-volume solution."[29]

  • Wavefront Coding can also be used to remove aberrations in sound.[30]

[edit] Wafer-Level Optics

  • A recent (March 23, 2008) patent filed in Europe[31] is for a wafer-level optics production method.

[edit] Not Owned

Chip Scale Packaging

  • OmniVision was first to develop this technology, implemented in the 1/10" VGA, having a height of only 2.5mm.[32]
    • Tessera created an alternative method, called a "Wafer Level Camera", months after OmniVision was already shipping the 1/10" VGA in volume
    • Micron discovered their own techniques nearly a year after OmniVision, also calling their technique "Wafer Level Cameras"
  • These advances have allowed image sensor manufacturers to begin to integrate camera module manufacturing.[33]

High Dynamic Range (HDR)

  • The highest ranged sensor produced by OmniVision has a 110dB dynamic range, capable of viewing more than the difference (90dB) between a moonlit night and a sunny day in a single exposure.[34] It is the largest color HDR currently (14 December, 2007) offered by any CMOS image sensor producer.

Scalado

  • They provide SpeedView to handset manufacturers for WYSIWYG picture taking, which captures the image shown on the display, and rapid picture taking (10-20 images per second).[35]
  • OmniVision's OV3640 is the first chip ever to be fully Scalado compatible.

CMOS Image Sensors

Night Vision

High-Definition Video

Liquid Lens

  • Varioptic has created a lens focusing system that rearranges fluids in a single "lens" to focus rather than using multiple solid lenses. OmniVision provides the OV3640 for their 3mp sensor needs.[36]

Near Infrared

[edit] Products

[edit] Product Characteristics

[edit] Wavefront Coding Products

  • Nokia (NOK) is working to integrate Wavefront Coding into their products.[37]
  • Sony-Ericsson is working to integrate Wavefront Coding into their products.[38]
  • Kyocera (KYO) is working to integrate Wavefront Coding into their products.[39]
  • Samsung is working to integrate Wavefront Coding into their products.[40]
  • Varioptic, the creators of Liquid Lens, is working to integrate Wavefront Coding into their products.[41]

[edit] TrueFocus

  • Able to focus instantaneously.
  • May focus all focal fields, providing an Infinite Depth of Field.
  • Autofocus compatible
  • No moving parts.
  • Focusing handled digitally, requiring less lenses.
  • First revenues are expected in the first quarter of calendar 2008.[22]

[edit] Embedded TrueFocus

The OV3642[42]

  • 1/4" 3mp
  • OmniPixel3-HS
  • Double the sensitivity of competing 1/4" 3mp products
  • Traditional AutoFocus Compatible
  • Image Stabilization
  • MIPI
  • JPEG Compression
  • Secondary camera support
  • Volume shipments expected in the third quarter of 2008

[edit] Form Factors

A Form Factor is an industrial term for standard sizes of image sensors by lens diameter. Form Factors usually have implied resolutions by pixel size, e.g. 1/4" for 2mp at 2.2 microns per pixel (OmniPixel 2) yet 1.75 microns per pixel (OmniPixel 3) for 1/4" 3mp.

Height is not normally specified, but its' increased importance is causing OmniVision to now headline significantly smaller heights.

OmniVision competes very aggressively to attempt to be the first to market with the latest form factors for the various resolutions. Lately, they are attempting to also include the latest features and functions such as Wavefront Coding, HDR, MIPI, Anti-Shake, Scalado compatibility, greater sensitivities, and others.

  • F2Q2007, "2/3" of units were VGA, and greater than 10% were 2mp[21]
  • F3Q2007, 60% "plus" of units were VGA[23]
  • F4Q2007, 70% of units were VGA[2]
  • F1Q2008, 10% of units were 2mp & higher[24]
  • F2Q2008, 15% of units were 2mp & higher[22]

[edit] 3mp

[edit] The OV3640
  • 1/4"
  • MIPI Capable
  • Image Stabilization
  • 65dB Dynamic Range[43]
  • First sensor ever to be fully Scalado compatible[35]
  • Autofocus Control
  • Volume production of the system on a chip, the first 3mp announced to be in volume production by OmniVision, was announced in February, 2008.[44]
[edit] Substitutes
  • Samsung was first to deliver a 3mp with this form factor, in December of 2006.[45] According to Samsung's website, the sensor is in mass production, but the system on a chip is sampling.[46] It is MIPI capable but has a lower Dynamic Range (reported as Signal-to-Noise Ratio), 39dB, and there is no information on Image Stabilization, or Scaldo equivalent technology or compatibility. Sensitivity is published, but Samsung calls their sensitivity specification "Sensitivity @G" at 800mV/lux*s. No conversion from "@G" to standard sensitivity is published in the technical document.[47]
  • From Micron Technologies, it has the same form factor but has a lower Dynamic Range (reported as Signal-to-Noise Ratio), 39dB, and currently no Scalado equivalent technology or compatibility.[48] According to Micron's website, they are sampling.[49]
[edit] The OV3642
  • All OV3640 Capabilities
  • Embedded TrueFocus
  • OmniPixel3-HS
  • Double the sensitivity of currently (11 February, 2008) competing 1/4" 3mp products
  • JPEG Compression
  • Traditional autofocus compatible
  • Internal autofocus engine
  • Volume shipments expected in the third quarter of 2008

--This particular product has no direct substitute.--

[edit] 2mp

The OV2650 is the first high volume intended, form factor frontier of any resolution ever to include HDR.

  • 1/5"
  • MIPI Capable
  • Image Stabilization
  • 85dB High Dynamic Range
  • 520mV/lux-sec Sensitivity[50]
  • Design wins were announced at the F2Q08 conference call.[22]
[edit] Substitutes

No competing product is capable of HDR.

  • Samsung offers a 1/5", but there is no information regarding MIPI capabilities, Image Stabilization, or HDR.[51] According to Samsung's website, they are sampling.[52]
  • Announced in October, 2007, mass production for Toshiba's possible 1/5" is planned for January, 2008. There is no information regarding MIPI capabilities, Image Stabilization, or HDR.[53]
  • Announced in February, 2008, volume shipments for STMicroelectronics N.V. (STM)'s is "scheduled for "for the end of June 2008" with "unit pricing in the $2 range, depending on the production period and quantities". It can "[balance] uneven illumination", "identify and neutralize defective (dead) pixels that fail to sense light levels correctly", and produce "flipped and mirror-reversed images or pure black-and-white conversion for whiteboard content capture, document extraction and barcode reading".[54] It is MIPI capable but has no Image Stabilization equivalence and only a 36dB Dynamic Range (reported as Signal-to-Noise Ratio).[55]
  • Announced in February, 2008, well after OmniVision's October, 2007 announcement, Mircon's version is not capable of HDR,[56] even though they have designed HDR modules.[57]

[edit] VGA

The OV7690[58]

  • 1/13"
  • OmniPixel3-HS (double the sensitivity of competing sensors)
  • Announced February, 2008
  • Volume shipments expected third calendar quarter of 2008
[edit] Substitutes

It is unclear whether Toshiba is offering a substitute at this form factor, since they have not disclosed the form factor for their latest VGA.

  • Toshiba plans for mass production in June, 2008.[53]

[edit] High Quality Mass Market Products

[edit] HD

The OV9710 is the first of its' kind.[59]

  • 1/4"
  • 1 megapixel
  • 30 frames per second at full frame HD 1280x800 (800p)
  • 30 frames per second at full frame HD 1280x720 (720p)
  • 60 frames per second at sub-sampled 600x400[60]
  • 3,300mV per Lux-second sensitivity able "to operate in virtually every lighting condition-from bright daylight to nearly complete darkness"[61]
  • Sales are expected in June, 2008 for $4 apiece[62]
[edit] Substitutes
  • Micron offers a 1.6mp, 2.2u pixel solution. It is capable of 60 frames per second 720p. There were no statistics available on sensitivity.[63]

[edit] Management

[edit] Shaw Hong, CEO and President

Co-founder of the company, Mr. Hong holds a B.S. degree in electrical engineering from Jiao Tong University in China and an M.S. degree in electrical engineering from Oregon State University.[64]

[edit] Industry Characteristics

[edit] Sweet Spot

Using the industry vernacular, the so-called "Sweet Spot" is the resolution achieving the highest revenue during a period of measurement. Currently, management implies that the 2mp chips retain this position[24] but expects 3mp to take the lead sometime in calendar 2008.[22]

[edit] Business Models

Fabbed

Image sensor producers who own and operate their semiconductor fabrication facilities are known as "fabs". Samsung would fit this description.

The term can also be used for companies that physically produce the chips yet don't take major roles in design. Taiwan Semiconductor Manufacturing Company (TSM) would fit this description.

Fabless or Fablite

Image sensor producers who purchase their physical inventory and possibly other supply chain steps from outside companies are called "fabless". OmniVision would fit this description.

Analysts and press pundits had argued as recently as calendar mid-2007 that the fabless model would not work in the CMOS image sensor industry.[65]

A new trend among fabless companies is to be "fablite", where the company doesn't own fabrication facilities but does own facilities capable of other production steps.

In OmniVision's case, they have stakes in companies that perform Chip Scale Packaging, among other steps.

IP Factory

Companies that discover and sell production techniques are sometimes called "IP Factories". Tessera Technologies (TSRA) would fit this description.

[edit] Customers

Sony (SNE)

OmniVision provides the sensor in the Playstation Eye for the PlayStation 3.[66]

OmniVision provides the sensor in the EyeToy for the Playstation and PS2.[67]

LG

Chose OmniVision to be a Strategic Supplier in March, 2006.[68]

Lenovo Group (LNVGY)

Chose OmniVision to be a Strategic Suppler in August, 2005.[69] However, they have sold their handset business,[70] and it's unclear whether OmniVision will remain as the strategic supplier.

Hella

Automotive Rearview Cameras.[71]

Avantis

Disposable 1/18" FDA approved sensor for the Third Eye Retroscope colonoscopy device.[72]

ETView

Single-use, disposable 1/7" CIF sensor used in the TVT (Tracheoscopic Ventilation Tube)[73]

Kyocera (KYO)[74]

Motorola (MOT)[75]

Sony-Ericsson[76]

Wild Planet Toys

OmniVision provides sensors for the Spy Video Car[77]

Mustek[78]

Polaroid[79]

NASA

OmniVision supplies sensors for the Picosat and Uninhabited Aerial Vehicle Systems Engineering (PAUSE) Mars prototype aerobot project.[80]

[edit] Subsidiaries & Joint Ventures

CDM Optics

"In April 2005, [OmniVision] completed the acquisition of CDM Optics, Inc., or CDM, a company located in Boulder, Colorado. CDM is the exclusive licensee from an affiliate of the University of Colorado of a patented technology, known as Wavefront Coding technology that increases the performance of an imaging system by substantially increasing the depth of field and/or correcting optical aberrations within the image. We expect that it will significantly reduce the size and complexity of the auto-focus function on future camera modules utilizing OmniVision sensors. The closing consideration for the acquisition consisted of $10.0 million in cash and approximately 515,000 shares of common stock."[10]

VisEra

VisEra is a joint venture with TSMC located in Taiwan created for back-end manufacturing services. Both OmniVision and TSMC have entered into separate nonexclusive license agreements with VisEra to which each party licenses certain intellectual property to VisEra relating to manufacturing services.[10]

China WLCSP Limited

"WLCSP is in the business of designing, manufacturing, packaging and selling certain wafer level chip scale packaging related services, for which [OmniVision] is currently a customer. [OmniVision] owns approximately 19.98% of WLCSP’s registered capital on a fully-diluted basis and has appointed a member to WLCSP’s board of directors and a supervisor to monitor the actions of WLCSP’s board of directors and officers."[10]

XinTec

XinTec is "a Taiwan-based supplier of chip-scale packaging services." After "Taiwan Semiconductor Manufacturing Company (TSM) purchased approximately 90.5 million previously-unissued shares from XinTec, [OmniVision's] beneficial ownership percentage in XinTec declined to 12.4%."[10]

XinTec completed its' first fabrication facility capable of processing 300mm wafers with Wafer Level Packaging Technology. The combined monthly capacity for 200mm and 300mm wafers at XinTec is now 40,000 wafers.[81]

ImPac

" In 2003, in order to enhance its access to plastic and ceramic packaging services that were in short supply, the Company purchased approximately 27% of the common stock of ImPac."[10]

[edit] Suppliers

Taiwan Semiconductor Manufacturing Company (TSM)

Powerchip Semiconductor

[edit] Distributors & OEMs

Foxconn

WPG Holdings

[edit] Competitors

OmniVision was the only company to increase sales in 2007 by more than 20%, "a 'rare' off year" for the industry.[82]

Micron Technology (MU)

Possibly due to Micon's inability to compete as evidenced by the large decline in "imaging" sales, newly arrived operating losses from "imaging",[83] and conspicuous underrepresentation in the VGA market with 50% of all units shipped in their first fiscal quarter of 2008 at 2mp and above with expectations that VGA and 1mp will be even less represented in the fiscal second quarter[84] but reasoned by the company "to improve its focus on the semiconductor memory market, [Micron] is exploring business model alternatives for its Imaging business", purchased from Avago Technologies,[85] and Photobit [86]"including partnering arrangements. Under any of the alternatives being considered, [Micron] expects that it will continue to manufacture CMOS image sensors."[87]

Micron's actions regarding their business producing CMOS sensors have arguably become somewhat disjointed. They have renamed their image sensor division "Aptina".[88] It is still a part of the overall company, yet it can "seek manufacturing alliances with outside foundries".[89] They call their new 1/11" 4mm x 4mm x 2.5mm VGA module a "Wafer Level Camera",[88] a possible play on the term "Wafer Level Optics" and possibly in response to Tessera's new "OPtiML™ Wafer Level Camera" technology,[90] even though OmniVision has been able to produce a similar sized VGA module since early 2007, calling the technology "chip scale packaging".[91]

Micron's problems may have worsened. "S&P said it has placed its BB- credit rating on CreditWatch 'with negative implications' citing 'challenging market conditions' faced by the Boise, Idaho-based tech company. S&P noted how 'a degree of economic diversity among the three markets has benefited ratings in the past.' 'However, concurrent weakness in all three markets, coupled with high capital expenditures to expand and upgrade manufacturing facilities, has led to substantial negative cash flows,' S&P said in a statement. Bruce Hyman, an S&P credit analyst, said the ratings agency is meeting with Micron management 'to review anticipated business conditions and capital expenditure plans.' 'In the event that we lower the rating, it is unlikely to be by more than one notch,' he said in a statement."[92]

MagnaChip Semiconductor

MagnaChip has only managed an accrued profit once, in fiscal 2004, in the five fiscal years ending fiscal 2006. Equity became negative in fiscal 2005.[93]

The principle of the company's long-term liabilities $750 million alone now exceed the balance sheet value of assets $708 million. Recently, $80 million in short-term debt has been added to the balance sheet. The company has over $1 billion in liabilities. It also has $129 million in preferred units. The unitholder equity has now dropped to nearly $500 million in deficit.[94]

In August 2007, Moody's (MCO) "placed MagnaChip Semiconductor LLC's 'B2' corporate family rating on review for possible downgrade following the announcement of the company's 2007 results.

The ratings agency also placed the ratings of 850 mln usd debt issued by MagnaChip Semiconductor Finance Co (US) and MagnaChip Semiconductor SA on review for possible downgrade.

MagnaChip's balance sheet liquidity is weaker than expected and it has to rely on its senior secured revolving credit."[95]

Samsung

It is unclear whether the investigation into an accusation that Samsung used "its subsidiaries to create a slush fund and paying off public officials to avert investigations into its management practices" and raid on Samsung's offices are affecting its' CMOS image sensor business.[96]

Toshiba (TOSBF)

Toshiba is licensing Tessera's OptiML Focus Technology to compete with OmniVision's Wavefront Coding products.[97] There have been no product announcements yet.

Tessera Technologies (TSRA)

Tessera develops and markets CMOS image sensor production techniques.

They have run into difficulty with some of their patents:

"On February 29, 2008, the Patent Office issued an Official Action rejecting Tessera’s 6,133,627 patent in ex parte reexamination. The Patent Office rejected every claim of the ‘627 patent that is in reexamination.

Since February 15, the Patent Office has acted on Siliconware's reexaminations and has rejected the claims being asserted by Tessera against an array of chip manufacturers in US District Court lawsuits, ITC actions, and arbitration proceedings. The patents subject to Siliconware's reexaminations include Tessera's 6,433,419 and 6,465,893, both of which have rejections in inter partes reexaminations, and Tessera's 5,852,326 which has been similarly rejected in ex parte reexamination.

On February 26, the International Trade Commission took the rarely employed step of staying a hearing based on Siliconware's reexaminations. The ITC stayed Tessera's investigation against Spansion, Qualcom, ATI Technologies, Motorola, STMicroelectronics, and Freescale.

The patents Tessera is asserting against Siliconware are part of Tessera’s “Compliant Chip” license, a portfolio that had been previously asserted in numerous litigations and which, according to Tessera, has generated over $250 million dollars in licensing profits. "[98]

Strangely, Tessera was bestowed the "Product of the Year" for 2007, honored for their work on their Wafer Level Camera by the trade magazine Electronic Products even though OmniVision had already released a VGA module with a 2.5mm height earlier in the year.

STMicroelectronics N.V. (STM)

The French government has recently pledged 5.6 million Euros "towards a project to develop infra-red imaging sensors targeted at uses in the automotive, medical and aerospace industries. Participants in the Euros 23 million R&D project, dubbed Imalogic, include ST Microelectronics, image sensor specialist Sofradir, its subsidiary Ulis, Trixell, and French microelectronics research center CEA-LETI."[99]

There has been no news of interference within ST Micro by the French government since they took more share than their co-owners, the German government, except for proposals being sent to the French government to merge ST Micro into other companies.[100]

Eastman Kodak Company (EK)

Despite a meager product offering,[101] Kodak's promised a large leap in sensor sensitivity. They claim to be able to "[provide] a 2x to 4x increase in sensitivity to light (from one to two photographic stops) compared to current sensor designs" with their new TRUESENSE Color Filter Pattern. However, they did not specify what designs they were referencing, exactly.[102] If "current sensor designs" from above is to include current designs of competing sensors, OmniVision's HS pixel design, expected to be on the market, is claimed to be 2x the competing sensitivities.

[edit] External links

[edit] News