About Coherent

Coherent Corp. (Coherent) develops, manufactures, and markets engineered materials, optoelectronic components and devices, optical and laser subsystems and systems for use in the industrial, communications, electronics, and instrumentation markets. The company uses advanced engineered materials growth technologies and proprietary high-precision fabrication, microassembly, optical thin-film coating, and electronic integration to manufacture complex optoelectronic devices and modules. The company’s products are deployed in a variety of market verticals, including precision manufacturing; semiconductor capital equipment; display capital equipment; aerospace and defense; telecommunication networks; data communication networks; consumer electronics; automotive; life sciences; and scientific instruments. The company’s customer base includes original equipment manufacturers; laser end users; system integrators of high-power lasers; manufacturers of equipment and devices for the industrial, communications, electronics, and instrumentation markets; the U.S. government prime contractors; and various U.S. government agencies. The company, through research and development (R&D) investments and its strategic acquisitions, has expanded its portfolio of materials and product platforms. The company has a strong core competency in bulk and epitaxial crystal growth that enable differentiated products. The company also offers a broad portfolio of compound semiconductor lasers that are used in a variety of applications in its end markets. These lasers enable optical signal transmission, reception, and amplification in terrestrial and submarine communications networks; high-bit-rate server connectivity between and within datacenters; optical communications network monitoring; materials processing; and fast and accurate measurements in biomedical instruments and sensing in consumer electronics. The company is a major supplier of silicon carbide substrates for the power electronics market and for the wireless mobile market. The company continues to improve its operational capabilities, develop next-generation products, and invest in new technology platforms to drive growth in the short and the long term. The acquisition of Coherent, Inc. (Legacy Coherent), one of the world’s leading providers of laser and optics-based product solutions, closed on July 1, 2022. For the year ended June 30, 2023, Legacy Coherent was included in the combined company and renamed as the Lasers segment. The Lasers segment’s lasers and optics products serve industrial customers in semiconductor and display capital equipment, precision manufacturing, and aerospace and defense, as well as instrumentation customers in life sciences and scientific devices. Global Operations The company is headquartered in Saxonburg, Pennsylvania, the U.S.A., with R&D, manufacturing, and sales facilities worldwide. The company’s U.S. production and R&D operations are located in Arizona, California, Colorado, Connecticut, Delaware, Florida, Illinois, Massachusetts, Michigan, Mississippi, New Jersey, New York, Ohio, Oregon, Pennsylvania, and Texas; and its non-U.S. production and R&D operations are based in Australia, China, Finland, Germany, India, Malaysia, the Philippines, Singapore, South Korea, Spain, Sweden, Switzerland, Thailand, the United Kingdom, and Vietnam. The company also utilizes contract manufacturers and strategic suppliers. In addition to sales offices co-located at most of its manufacturing sites, it has sales and marketing subsidiaries in Belgium, Canada, China, France, Germany, Israel, Italy, Japan, the Netherlands, South Korea, Spain, Switzerland, Taiwan, and the United Kingdom. Segments The company operates through three segments: Materials, Networking, and Lasers. The Materials segment is a market leader in engineered materials and optoelectronic devices, such as those based on ZnSe, ZnS, gallium arsenide (GaAs), InP, gallium antimonide (GaSb), and SiC. The company may from time to time reorganize parts of a given segment or corporate center to drive the focus of certain priorities. The Networking segment leverages Coherent’s compound semiconductor technology platforms and deep knowledge of end-user applications for the company’s key end markets to deliver differentiated components and subsystems. The Lasers segment’s lasers and optics products serve industrial customers in semiconductor and display capital equipment, precision manufacturing, and aerospace & defense, as well as instrumentation customers in life sciences and scientific instrumentation. Networking segment Telecommunications: The company’s products include products and solutions that enable high-bit-rate interconnects for communications and cloud service providers, including in terrestrial and undersea fiber-optic transmission. Datacom Transceivers: The company’s products include pluggable transceivers for Ethernet and Fibre Channel applications in cloud, hyperscale and enterprise datacenter applications, including AI/ML. Advanced Optics: The company’s products include fiber optics and precision optics used in projection displays; crystal materials and components for optical communications; high-power UV, visible, and NIR optics for industrial lasers; and filters and assemblies for life sciences, as well as for sensors, instrumentation, and semiconductor equipment. Materials segment Engineered Materials & Laser Optics: The company’s products include Laser optics and accessories for carbon dioxide (CO2) lasers; high-power fiber and direct-diode laser optics; infrared thermal imaging optics and assemblies; polycrystalline materials production, including zinc selenide (ZnSe), zinc sulfide (ZnS), and chemical vapor deposition (CVD) diamond; thermoelectric components, subassemblies, and systems; specialty refining, recycling, and materials-recovery services for high-purity rare metals, such as selenium and tellurium, as well as related chemical products, such as tellurium dioxide; and advanced ceramic and metal-matrix composite products. Laser Components & Subsystems: The company’s products include high-power semiconductor lasers and laser bars; laser heads and modules, Q-switched laser modules, high-power uncooled pump laser modules, laser systems for superhard materials processing; laser heads and modules, Q-switched laser modules, high-power uncooled pump laser modules, laser systems for superhard materials processing; high-power fiber lasers for materials processing; edge-emitting lasers (EELs), VCSELs, and detectors; high-power pumps for amplifiers; precision optical assemblies, infrared optics, thin-film coatings, and optical materials; and optical solutions for critical and complex design, engineering, and production challenges in aerospace & defense. New Ventures & Wide-Bandgap Electronics Technologies: The company’s products include silicon carbide (SiC) and semiconductor materials for high-frequency and high-power electronic devices. Optoelectronic Devices & Modules: The company’s products include VCSELs for sensing; EELs and detectors; and integrated circuits for transceivers. Lasers segment Excimer Lasers: The company’s products include high pulse energy ultraviolet (UV) gas and solid-state lasers from 193 nanometers (nm) to 355 nm; and advanced UV optical systems, line beams, and mask-based imaging systems. Solid-State Lasers North America: The company’s products include ultrafast lasers from UV to infrared (IR) wavelengths; high pulse energy UV nanosecond lasers; low-power continuous-wave lasers and systems; miniature low-power continuous-wave lasers and systems; high-power ultrafast amplifiers; and continuous-wave UV gas lasers. Solid-State Lasers Europe: The company’s products include Ultrafast lasers from UV to IR wavelengths; high pulse energy UV nanosecond lasers; and miniature low-power continuous-wave lasers from UV to IR wavelengths. Laser Systems: The company’s products include subsystems incorporating various lasers, optics, beam manipulation, monitoring, and control electronics; and standard systems incorporating standard subsystems in a complete mechanical housing, sold to the end user. CO2 Lasers: The company’s products include kilowatt (kW) class continuous-wave gas IR lasers; and 50 W to 1 kW continuous-wave and pulse gas IR lasers. Aerospace & Defense: The company’s products include specialty polishing and coating of optics, optical systems, and assemblies requiring high complexity and precision at dimensions of up to 2 meters; specialty lasers and laser systems; specialty crystals; and specialty diode lasers. Markets The company’s market-focused businesses are organized by technologies and products. Its businesses historically addressed the following primary markets: optical and wireless communications, industrial, aerospace & defense, semiconductor capital equipment, life sciences, consumer electronics, and automotive. In connection with the acquisition of Coherent, effective July 1, 2022, the company reconfigured its primary markets and is reporting based on the following markets effective July 1, 2022: industrial, communications, electronics, and instrumentation. Industrial Market Group Precision Manufacturing Market Vertical The company’s laser optics and solutions for the industrial market remain well-positioned. Its vertically integrated and market-leading ZnSe optics and components, due to their inherent low loss at around the 10-micron wavelength, have enabled high-power CO2 laser systems for many decades and remain critical to the steady stream of new deployments, as well as to continued operation, serving as replacement optics for the installed base of CO2 lasers. The company continues to introduce products that address new and growing applications for low-power CO2 lasers, such as drilling and cutting plastics, textiles, leather, wood, and other organic materials, for which the CO2 laser’s 10-micron wavelength is ideally suited. CO2 lasers are also at the core of EUV lithography systems, which enable a new generation of smaller and more powerful integrated circuits. The company supplies a broad range of materials, components, and subsystems that enable many functions within these fiber lasers, from the laser chips that generate the input optical power to the beam delivery systems that direct the output optical power to the target. The same set of Coherent products is at the core of existing and emerging direct-diode laser systems. Coherent’s broad portfolio of coated optics and crystal materials serves all of these growing laser markets. Aerospace & Defense Market Vertical Coherent’s aerospace & defense solutions enable mission-critical capabilities for applications in HELs; contested space; and intelligence, surveillance, and reconnaissance. From uniquely grown single crystals and advanced ceramics, to completely engineered gimbal subsystems, Coherent solutions are embedded on nearly every platform in the field, as well as those under development. Coherent laser beam combining and advanced lightweight gimbal technologies, along with domestically produced high-power fiber laser pumps and amplifiers, are enabling next-generation high-energy laser (HEL) systems and space-based laser communications applications. With the addition of nano-machined single-crystal silicon and grating technologies, together with Coherent’s advanced HEL coating capabilities, the company enables advanced spectral beam combining and novel microstructured surface capabilities, which are highly valued within the aerospace & defense industry. The company’s advanced missile warning, electro-optical targeting, and imaging systems are deployed on virtually every U.S. fixed-wing and rotary platform. The company’s advanced sapphire, germanium, and multispectral domes provide unique protection to its advanced imaging, seeker, and laser solutions that are packaged behind them. The domes provide hemispherical coverage for airborne, naval, and ground-based systems. The company’s solutions for the Lunar Reconnaissance Orbiter (LRO) provided the first images proving that the astronauts’ footprints on the moon are still there. The LRO continues to orbit the moon and provide rich information for future lunar landing sites. The LRO camera and its more advanced derivatives are the basis for many advanced space imaging applications being pursued by the company’s customers. The company’s solution for the OSIRIS-REx mission enables the first-ever ability for a NASA satellite to touch down on an asteroid (Bennu) and to retrieve a sample and return it to Earth. The company’s advanced imaging lenses and windows ensure that its customers’ vehicles are able to safely and accurately dock with the Space Station. The company’s advanced telescope solution for the Geostationary Lightning Mapper enables the Geostationary Operational Environment Satellite Program (GOES) satellites to detect early lightning strikes and predict tornados a full 20 minutes before previous technology. It forms the basis for many of the company’s customers’ advanced multispectral imaging solutions. Coherent’s Aerospace & Defense (A&D) Division maintains separate business development, IT infrastructure, accounting, finance, engineering, and manufacturing facilities in the United States with strictly controlled access; they are dedicated to the company’s U.S. government-supported contracts. Semiconductor Capital Equipment Market Vertical The company’s metal matrix composites and reaction-bonded ceramics enable these applications, thanks to their optimum combination of light weight, strength, hardness, and coefficient of thermal expansion. The company’s reaction-bonded SiC materials are used to manufacture wafer chucks, lightweight scanning stages, and high-temperature corrosion-resistant wafer support systems. The company’s cooled SiC mirrors and precision patterned reticles are used in the illumination systems of lithography tools. The company’s products enable legacy deep UV lithography equipment that is widely deployed in semiconductor fabs. In the rapidly accelerating market of extreme UV lithography systems, CO2 lasers are used to generate extreme-ultraviolet light. These CO2 lasers and beam delivery systems leverage the company’s broad portfolio of CO2 laser optics, cadmium telluride (CdTe) modulators, and high-power damage-resistant polycrystalline chemical vapor deposition (CVD) diamond windows to route the powerful laser beam to a tin droplet from which EUV light will emanate. Due to its very high mechanical and thermal performance characteristics, the company’s reaction-bonded SiC is used in structural support systems that are integral to extreme-ultraviolet (EUV) lithography optics to meet critical requirements for optical system stability. Beyond lasers, the company has deep expertise in ceramics and metal matrix composites that semiconductor equipment manufacturers depend on to achieve state-of-the-art semiconductor manufacturing throughput, enabled by the exceptional mechanical and thermal properties of these materials. Display Market Vertical The company has achieved breakthrough laser innovations essential to manufacture displays for phones, tablets, computers, and televisions. The company’s laser solutions can improve precision, combining high-spatial precision and selectivity for advanced display production; they can increase productivity, offering fast, large-area processing for current and future-generation modules and panels; and they can maximize yield, maintaining superior yield along the process chain from backplane to individual display. Communications Market Group Telecom Market Vertical Coherent’s optical communications products and technologies enable next-generation high-speed optical transmission systems, networks, and datacenter solutions necessary to meet the accelerating global bandwidth demand. Demand for the company’s products is largely driven by the continually growing need for additional network bandwidth created by the ongoing proliferation of data and video traffic from video conferencing for work, school, and leisure; video downloads and streaming; live TV; social networking; online gaming; file sharing; enterprise IP/internet traffic; cloud computing; datacenter virtualization; and, more recently, the new optical connectivity needed to support AI/ML algorithms. The company is a global technology leader in optical communications, providing materials, subcomponents, components, modules, and subsystems to optical component and module manufacturers, networking equipment manufacturers, datacenter operators, and telecom service providers. The company designs products that meet the increasing demands for network bandwidth and data storage. The company’s optical communications products can be divided into two main groups, optical transmission and optical transport. The company’s optical transmission products consist primarily of transmitters, receivers (as stand-alone parts or combined in different integrated solutions), transceivers, transponders, and active optical cables, which provide the fundamental optical-electrical, or optoelectronic, interface for interconnecting the electronic equipment used in networks. This equipment includes switches, routers, and servers used in wireline networks. These products rely on advanced components, such as semiconductor lasers and photodetectors, in conjunction with integrated circuits and novel optoelectronic packaging to provide a cost-effective means for transmitting and receiving digital signals over fiber-optic cable at speeds ranging from less than 1 Gbps to more than 800 gigabit per second (Gbps), over distances of less than 10 meters to more than 5,000 kilometers, using a wide range of network protocols and physical configurations. The company’s optical transport products are at the core of both terrestrial and undersea optical networks, as well as of the emerging new space optical communications connections. The company’s market-leading 980 nm pump lasers are the key enablers of its erbium-doped fiber amplifiers, which boost the power of optical signals in fiber-optic cables at intervals spanning 80 kilometers, typically, to allow high-speed signals to be transmitted over longer distances. The company’s 14xx nm pumps enable Raman amplification, based on the stimulated Raman scattering (SRS) effect, of the optical signal traveling over long and ultralong distances. The company’s latest generation of components for coherent transceivers is critical to a new generation of small-size, long-reach dense wavelength division multiplexing (DWDM) transmission modules operating from 100 Gbps to 1 terabit per second (Tbps) and beyond. Customers continue to rely on the company for its industry-leading optical amplification and embedded monitoring solutions for their next-generation ROADM systems to compensate for inherent signal loss and to monitor signal integrity. The company’s proprietary optical time-domain reflectometer (OTDR) modules allow systems to automatically detect and pinpoint issues along the transmission path in real time. Together with the company’s optical channel monitor (OCM) solutions, which monitor the optical power of the channels transmitted in a fiber-optic link, they enable real-time intelligence to perform preventive maintenance so as to preserve data transmission. In addition, the company offers a portfolio of wavelength selective switching (WSS) products, which it also incorporates into reconfigurable optical add/drop multiplexer (ROADM) line cards and subsystems. The company’s proven experience in both transmission and transport allows it to effectively address the emerging datacenter interconnect (DCI) market. The company’s transceivers, submodules, pluggable amplifiers, and configurable line cards are able to meet the requirements of low power consumption, compactness, and ease of installation and operation, which are often mandatory features in the DCI market. Datacom Market Vertical The company sees a major market transition in the datacom market vertical with the dramatic growth in artificial intelligence (AI) and machine learning (ML). Network changes to address AI and ML are driving the introduction of higher-speed transceivers at a faster pace than ever before. More than 50% of Coherent’s datacom revenue is generated by 200G and higher data-rate transceivers. Driven by the demands of growing AI/ML adoption, 800G transceivers are shipping in production and the company expects the first 1.6T transceivers will ship in the next few years. In five years, the market opportunity for 800G and 1.6T datacom transceivers is expected to be greater than all other types of datacom transceivers combined, largely driven by AI and ML. The company already has a complete portfolio of transceivers matched to the requirements set by AI and ML. These transceivers are protocol-agnostic, meaning the same transceiver hardware can support Ethernet and InfiniBand, as well as proprietary protocols for AI and ML, such as NVIDIA’s NVLink. The company not only designs and manufactures its transceivers internally, it also designs and manufactures many of the components, including lasers, detectors, and passive optics. Coherent has multiple 6” GaAs VCSEL fabs in the U.S. and Europe. The company’s 100G/lane VCSELs are in production to support 400G and 800G transceivers. It is working on 200G/lane VCSELs, which will require significant changes in the vertical-cavity surface-emitting laser (VCSEL) device design and fabrication. The company manufactures 100G/lane electro-absorption modulated lasers (EMLs0 to support 400G and 800G transceivers, such as its EML-based 800G DR8 transceiver. The company introduced its 200G/lane EML in 2022. As the company looks forward to 200G/lane transceivers, achieving a 10 km reach is a significant challenge, even with EMLs. For that application, the company has been developing a laser technology called DFB-MZ, which stands for Distributed Feedback Laser with Mach Zehnder. This is an indium phosphide (InP) continuous wave (CW) laser monolithically integrated with an InP Mach Zehnder modulator. This laser technology will enable 1.6T transceivers with up to 10 km reach. Electronics Market Group Consumer Electronics Market Vertical The company manufactures VCSELs, VCSEL arrays, and optical filters for the consumer electronics market. The company’s VCSEL products leverage its world-class 6-inch GaAs platform, combining its epitaxial wafer growth and wafer fabrication capabilities. The company’s VCSELs have been used in consumer products, such as computer mice and mobile phones for many years. The company’s VCSELs are also widely deployed in datacenters and high-definition multimedia interface (HDMI) optical cables, as well as in vehicle steering wheels. This expertise in vertical-cavity surface-emitting laser (VCSEL) technology has been leveraged for the growing three-dimensional (3D) sensing market. Coherent is one of the very few vertically integrated 6-inch VCSEL manufacturers with a proven track record in high-volume manufacturing of high-reliability, large multi-emitter VCSEL dies designed for 3D sensing. An increasing number of consumer devices are coming on the market with embedded VCSELs, including multiple smartphones and tablets, smart watches, and household robots. In addition to VCSELs, the company’s products for the consumer electronics market include wafer-scale optics, diffraction gratings, thermoelectric coolers, and substrates for sensing and AR/VR (virtual reality) applications. Automotive Market Vertical The company is a global leader in SiC substrates for power electronics that improve the energy efficiency of electric and hybrid-electric vehicles. Power electronics based on SiC enable systems to achieve significantly improved power utilization and conversion efficiencies, lower operating temperatures, and reduced thermal loads. This in turn enables either increased driving range or reductions in required battery capacity for a given range, which results in a significant cost reduction. The company offers a full range of substrate diameters, including the world’s first 200 millimeters (mm) substrate. The company’s industry-leading semiconductor lasers, optics, and materials can be leveraged for LiDAR systems embedded in advanced driver-assistance systems (ADAS) for autonomous vehicles. LiDAR sensors enable ADAS to perform functions, such as emergency braking and adaptive cruise control. Coherent’s broad portfolio of components and modules for light detection and ranging (LiDAR) include high-power laser diodes, fiber amplifiers, frequency-modulated continuous-wave detection solutions, optical filters for detection, mirrors for scanning, and thermoelectric coolers for temperature control. The company’s product offerings include edge-emitters and VCSELs that are capable of providing a wide range of peak powers for direct illumination and imaging for short- and long-range LiDAR solutions. Emission and return windows on LiDAR systems are available in ultrahard bulk materials, such as SiC and diamond, and with optical coatings that are water-shedding and oil-resistant. The company’s thermoelectric coolers are qualified to automotive standards and enable LiDAR systems to operate with optimal performance and efficiency. The company’s VCSELs are ideal for optical touch sensors integrated in dashboards or steering wheels. Its VCSEL arrays can provide infrared cabin illumination and structured light projection to enable gesture recognition. The company offers thermal-management solutions that are qualified to stringent automotive industry standards and tailored to various applications. Wireless Market Vertical In the mobile wireless market, the company is a global leader in the strategic supply chain for materials and devices utilized in the latest 4G and 5G base station infrastructure. The deployment of fifth-generation (5G) wireless is accelerating globally, driving the demand for radio frequency (RF) power amplifiers that can operate efficiently in new high-frequency bands and be manufactured on a technology platform that can scale to meet the growing demand. GaN-on-SiC RF power amplifiers have superior performance, compared with devices based on silicon, over a wide spectrum of 5G operating frequencies in the gigahertz range, including in the millimeter-wave bands. The company is a market leader in the technology development and large-volume manufacturing of 100 mm and 150 mm semi-insulating SiC substrates. These substrates are utilized by customers worldwide to manufacture GaN-on-SiC high-electron-mobility transistor (HEMT) RF power amplifier devices that are embedded in remote radio heads in 4G and 5G wireless base stations. In areas of high bandwidth demand, 5G antennas with beamforming technology utilizing multiple devices per antenna are expected to be densely deployed, increasing the demand for GaN-on-SiC power amplifiers by approximately an order of magnitude or more versus fourth-generation (4G) antennas. Looking forward, the company continues to advance the state of the art in SiC substrates, with a strong technology portfolio of 30 active patents using highly differentiated and proprietary manufacturing platforms and technologies, including crystal growth, substrate fabrication, and polishing. The company’s demonstration of the world’s first prototype 200 mm semi-insulating SiC substrates will enable the RF power amplifier market to continue to scale, increasingly replacing functions performed by devices based on silicon and enabling new applications. The gallium nitride (GaN) and InP technological platform, which are within the core competencies of Coherent, are key materials also for future 6G high-efficiency power amplifiers and low-noise amplifiers, enabling the best power performance in their respective frequency ranges. Instrumentation Market Group Life Sciences Market Vertical Within the life sciences end market, the company focuses on analytical instrumentation that integrates light- and/or thermal-management solutions. The company segments this market into three application areas (biotechnology, medical laser, and scientific) and delivers targeted and unique product portfolios for each segment. The company vertically integrates from the component level to more complex subassemblies and even full systems. Applications within the biotechnology segment include flow cytometry, genome sequencing, polymerase chain reaction (PCR), molecular diagnostics, imaging, and spectroscopy, to name a few. The company’s broad product portfolio delivers solutions covering illumination, light management, and thermal control. Visible-wavelength lasers and multicolored laser engines provide low-noise, high-performance, reliable light sources. Optical components and subassemblies, such as filters, lenses, flow cells, gratings, objective lenses, and patterned reticles are embedded into these instruments to manage light delivery. The company’s thermal engines precisely control temperature and uniformity across large areas, such as plate and block assemblies, even extending to reagent or sample chilling. Coherent’s semiconductor laser bars and stacks are used in applications, such as hair and wrinkle removal. Crystals and laser cavities, along with custom-designed lens assemblies, are used for ophthalmic, dental, and dermatological surgeries. Thermal components and subassemblies deliver solutions for medical-based applications, such as providing heating and cooling to the human body and medical laser temperature control. Scientific Instrumentation Coherent’s solutions are the building blocks of molecular spectroscopy and imaging-based platforms. These tools typically target environmental applications, such as water, air, food and beverage, pharmaceutical, and agricultural testing and monitoring. The company continues to leverage its core laser, optics, and temperature-control expertise to deliver custom components and subassembly-level solutions at all wavelengths, from UV to near-infrared (NIR) and IR. Sales and Marketing The company markets its products and service through a direct sales force and through representatives and distributors around the world. The company has centralized its worldwide sales and strategic marketing functions. The company’s sales force develops effective communications with its OEM and end-user customers worldwide. Products are actively marketed through key account relationships, personal selling, select advertising, attendance at trade shows, digital marketing, and customer partnerships. The company’s sales force includes a highly trained technical sales support team to assist customers in designing, testing, and qualifying its products as key components of its customers’ systems. As of June 30, 2023, the company employed approximately 778 individuals in sales, marketing, and support. The company does business with a number of customers in the aerospace & defense industry, who in turn generally contract with a governmental entity, typically a U.S. government agency. Customers Telecommunications: The company’s customers are worldwide providers of telecommunications and CATV network systems and subsystems; and telecommunications service providers. Its representative customers include Ciena Corporation; Cisco Systems, Inc.; Fujitsu Network Communications; NEC Corporation; Nokia Corporation; and Windstream Holdings, Inc. Datacom Transceivers: The company’s customers are cloud service providers, enterprises with internal datacom networks, datacom OEMs, and telecom OEMs. Its representative customers include Alibaba Group; Cisco Systems, Inc.; Extreme Networks, Inc.; H3C Technologies Co. Ltd.; Hewlett Packard Enterprise, Co.; and Tencent. Advanced Optics: The company’s customers are global manufacturers of industrial and medical laser optics and crystals, including commercial and consumer products used in a wide array of instruments, sensors, fiber lasers, displays, and projection devices. Its representative customers include Corning Incorporated; Cytek Biosciences, Inc.; Han’s Laser Technology Industry Group Co. Ltd.; and Zygo Corporation. Materials Engineered Materials & Laser Optics: The company’s customers are OEM and system integrators of industrial, medical, and personal comfort; laser end users who require replacement optics for their existing laser systems; manufacturers of semiconductor capital equipment; mineral processors and refiners. Its representative customers include Applied Materials, Inc.; Beckman Coulter; Bystronic Laser AG; Carl Zeiss AG; Nikon Corporation; and TRUMPF GmbH + Co. KG. Laser Components & Subsystems: The company’s customers are manufacturers of industrial laser components, optical communications equipment, and consumer technology applications; automotive manufacturers; OEM and subsystem integrators of machine vision, biomedical instruments, and fiber lasers; laser cutting machines for superhard materials. Its representative customers include Ford Motor Company; and Laserline GmbH. New Ventures & Wide-Bandgap Electronics Technologies: The company’s customers are manufacturers and developers of equipment and devices for high-power inverters and converters, voltage-switching, power-conversion systems, and high-power RF electronics. Its representative customers include Dongguan Tianyu Semiconductor Technology Co., Ltd.; Hyundai Mobis Co., Ltd.; Infineon Technologies AG; Mitsubishi Corporation; Qorvo, Inc.; and Sumitomo Electric Device Innovations Inc. Optoelectronic Devices and Modules: The company’s customers are manufacturers of consumer electronics and datacom transceivers. Its representative customers include Apple Inc. Lasers Excimer Lasers: The company’s customers are manufacturers of displays, semiconductor capital equipment, therapeutic, medical, and scientific research. Its representative customers include Advanced Process Systems Corporation; Carl Zeiss Meditec AG; Dukin Co. Ltd.; JSW Atkina Systems Co. Ltd; and JSW Electromechanical Trading (Shanghai) Co. Ltd. Solid State Lasers - North America: The company’s customers are manufacturers of displays and semiconductor capital equipment, equipment for life sciences instrumentation, scientific research, and various other industrial. Its representative customers include Agilent Biosciences (Hangzhou) Co. Ltd; Asclepion Laser Technologies GmbH; Lasertec USA, Inc; and Sumitomo Heavy Industries Ltd. Solid State Lasers – Europe: The company’s customers are manufacturers of displays and semiconductor capital equipment, equipment for life sciences instrumentation, scientific research, and various other industrial. Its representative customers include Hitachi High-Tech Corporation; LG Electronics, Inc.; Meerecompany Incorporated; and Philoptics Co, Ltd. Laser Systems: The company’s customers are manufacturers of equipment for various industrial market, cutting, and hole drilling with a focus on medical device manufacturing and automotive/EV/batteries. Its representative customers include Align Technology, Inc. and Siemens AG. CO2 Lasers: The company’s customers are manufacturers of semiconductor capital equipment and equipment for various industrial marking, cutting, hole-drilling, and annealing of organic materials. Its representative customers include Körber Technologies GmbH; Nikon Corporation; and Siemens AG. Aerospace & Defense: The company’s customers are internal crystal and diode supply; manufacturers of ground and space astronomy, and classified aerospace & defense solutions. Its representative customers include Lockheed Martin Corporation and Raytheon Company. Competition The company’s top competitors include Broadcom Corporation; IDEX Corporation; InnoLight Technology (Suzhou) Ltd.; IPG Photonics, Inc.; Lumentum Operations LLC; MKS Instruments, Inc.; Molex, LLC; O-Net Technologies (Shenzhen) Group Co., Ltd.; Trumpf GmbH + Co. KG; and Wolfspeed, Inc. Strategy The company’s strategy is to grow businesses with world-class engineered materials and laser processing capabilities to advance its customers’ strategies, reach new markets through innovative technologies and platforms, and enable new applications in large and growing markets. A key strategy of the company’s is to develop and manufacture high-performance materials and, in certain cases, components incorporating those materials, that are differentiated from those produced by its competitors. The company continues to grow the number and size of its key accounts. A significant portion of the company’s business is based on sales orders with market leaders, which enables its forward planning and production efficiencies. Research and Development The company’s research and development expenditures included $500 million for the year ended June 30, 2023. Trade Secrets, Patents, and Trademarks As of June 30, 2023, the company had a total of approximately 3,000 patents globally. Import and Export Compliance The company is required to comply with all relevant import/export and economic sanctions laws and regulations, including: The import regulations administered by the U.S. Customs and Border Protection; The International Traffic in Arms Regulations administered by the U.S. Department of State, Directorate of Defense Trade Controls, which among other things impose licensing requirements on the export from the United States of certain defense articles and defense services, generally including items that are specially designed or adapted for a military application and/or listed on the United States Munitions List; The International Traffic in Arms Regulations administered by the U.S. Department of State, Directorate of Defense Trade Controls, which among other things impose licensing requirements on the export from the United States of certain defense articles and defense services, generally including items that are specially designed or adapted for a military application and/or listed on the United States Munitions List; The regulations administered by the U.S. Department of the Treasury, Office of Foreign Assets Control, implementing economic sanctions against designated countries, governments, and persons based on the U.S. foreign policy and national security considerations. History The company was founded in 1971. The company was incorporated in Pennsylvania in 1971. The company was formerly known as II-VI Incorporated and changed its name to Coherent Corp. in 2022.