Onto Innovation (ONTO) Unveils New Process Control Solutions
Onto Innovation ONTO recently unveiled two new process control solutions — Atlas S and Element S — primarily for the fast-growing silicon carbide (SiC) and gallium nitride (GaN) power device markets.
The company’s Atlas S solution is an optical critical dimension metrology system while Element S is a high-speed impurity mapping, dielectric film composition and epi thickness measurement solution.
These solutions are complementary to the company’s Dragonfly inspection, IVS overlay and Echo metrology product lines. These new products, when used in tandem with the existing product lines, will be able provide customers with a portfolio of complete process control tools and software to address myriad of challenges in the specialty markets, added ONTO.
Onto Innovation Inc. Price and Consensus
Onto Innovation Inc. price-consensus-chart | Onto Innovation Inc. Quote
With these products, ONTO is looking to tap the lucrative power device markets. The transition to electric vehicles is driving the SiC power device market.
The use of GaN into fast charge applications across automotive and consumer markets is driving the GaN power device market. Citing a Yole Group report, Onto Innovation added that demand for SiC and GaN power devices is expected to witness annual average growth rate approaching 34% and 44% respectively, by 2027. This bodes well for Onto Innovation.
Given the buzz surrounding power devices, the company’s Atlas S and Element S systems have already witnessed bookings worth $26 million. Customers will be taking delivery of initial systems in the fourth quarter of 2023, added ONTO.
Further, ONTO highlighted that it expects these new solutions along with the existing specialty portfolio to contribute 24% improvement in revenues for the company in the power device market on a year-over-year basis.
Headquartered in Wilmington, MA, Onto Innovation operates as a leading manufacturer of avant-garde process control tools that perform macro defect inspections and metrology, and lithography systems.
At present, ONTO carries a Zacks Rank #3 (Hold). The stock has surged 60.6% compared with the sub-industry’s growth of 62.3% in the past year.
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