Bryan Wagman
Long/short equity, value, growth at reasonable price, industrials

IPG Photonics: Growing And Prospering

IPG Photonics Corporation (NASDAQ:IPGP) manufactures and develops high powered fiber lasers and amplifiers that are used in materials processing, micromachining, telecommunications, medical, and other applications. The company, founded in 1990, is headquartered in Oxford, Massachusetts, and employs over 2,400 people. IPG is currently the only vertically integrated manufacturer of fiber lasers, which gives the company an extreme competitive advantage over others in its industry. The strategy of vertical integration has resulted in increased output, as well as improvements on quality and cost, according to the company's website.

The company last reported an annual revenue of $581.19 million. Revenues and earnings have been increasing consistently over the past few years, with only a slight dip in 2009-2010. Despite...

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