STOCKHOLM (BRAIN) — MIPS' Sports category continued to drive sales, with bike and snow helmets helping the technology company increase fourth-quarter year-over-year net sales 41% and 67% for the year.
In the fourth quarter, MIPS reported net sales of SEK 198 million ($21.5 million) compared with SEK 140 million. Net income increased 37% year-over-year, from SEK 76 million to SEK 104 million. Earnings per share went up 36%, from SEK 2.24 to SEK 3.05.
For 2021, net sales were SEK 608 million compared with 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 prevented overall helmet demand — including motorcycle and safety helmets — from being met. Strandwitz added the retail global helmet stock levels are low and are expected to remain so during the first half of this year.
"During the fourth quarter, many helmet factories in China were affected by the power restrictions implemented at the end of the third quarter," he said. "Neither in the fourth quarter nor during the full year did MIPS fail to fulfill an order, but the general demand for helmets could not be met, and the helmet factories have not been able to produce at full capacity."
MIPS' safety system is now featured in 883 helmet models supplied by 143 brands. The company integrated its safety system in 12.6 million helmets in 2021.
The corporate headquarters is in Stockholm, and its stock is traded on the Stockholm Stock Exchange under the MIPS symbol. Stock quote at Marketwatch.com.
