ACM Research Says Covid-19 Restrictions Impacted Operations In Shanghai

(RTTNews) - ACM Research, Inc. (ACMR), a supplier of wafer processing solutions, Thursday said that COVID-19 related restrictions in Shanghai are impacting employee access to and logistics activities of ACM's offices and production facilities in the Pudong district of Shanghai, and is therefore limiting ACM's ability to ship finished products to customers and to produce new products.

The company said that spot lockdowns in mid-March began to impact a number of ACM's employees and led to a closure of ACM's administrative and R&D offices in Zhangjiang in the Pudong district.

ACM currently anticipates the restrictions will be lifted within a few weeks, at which point it expects to be able to resume normal operations.

As a result of the operational limitations resulting from the COVID-19 lockdowns in Shanghai, ACM's revenue for the first quarter of 2022 is expected to be significantly below its previous internal plan, which had not anticipated the COVID-19 restrictions.

ACM believes the impact of the restrictions will be temporary, with some revenue being deferred from the first quarter of 2022 until later in the fiscal year, and is maintaining its revenue outlook for the full year 2022 in the range of $365 million to $405 million.