Nassarius Capital
Long/short equity

Zygo: Overlooked, Cash-Heavy, And Ready To Rebound


Zygo Corporation (NASDAQ:ZIGO) offers Metrology solutions and Optical systems/components for OEMs in the semiconductor, medical, defense, and automotive industries. The higher-margin Metrology segment (~65% of revenue) provides yield-enhancing, measurement, and test solutions, such as: 3-D optical profilers, precision positioning systems, and interferometers. The lower-margin Optical segment (~35% of revenue) provides optical components and subsystems, including: aspheric lenses, mirrors, and machined glass windows for applications in EUV lithography, ophthalmic surgery devices, and aerial reconnaissance. Zygo's competitive advantage relies on the ability to leverage the company's leading technology and broad patent portfolio to consistently introduce value-added/custom-engineered products. Large competitors consist of Agilent (NYSE:A), Ametek (NYSE:AME), KLA-Tencor (NASDAQ:KLAC), L-3 Communications (NYSE:LLL),...

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