STOCKHOLM (BRAIN) — Continued global demand for bike helmets drove MIPS' year-over-year 115% net sales increase in the second quarter, with organic growth rising 139%.
The helmet technology company's net sales were SEK 142 million ($16.4 million), compared with SEK 66 million in Q2 last year. Net income went up 246% to SEK 55 million compared with SEK 16 million at the same time last year. Earnings per share also jumped 246%, from SEK 0.61 to SEK 2.10.
"The increase in sales was mainly from the Sport category, driven by high demand for solutions for bicycle helmets, where our existing customers continue to broaden their range with MIPS solutions," said MIPS President and CEO Max Strandwitz.
He said rising material costs will force MIPS to raise prices beginning in Q3.
"I am pleased with the development in all three of our categories (Sport, Motorcycle, Safety) and that we have continued to deliver against our strategic ambitions," Strandwitz said. "We see continued strong demand for our products and I look forward to the journey toward achieving our long-term goals."
MIPS' corporate headquarters is in Stockholm. Its stock is traded on the Stockholm Stock Exchange under the MIPS symbol. Stock quote at Marketwatch.com.
