IPG Photonics updates on Russian ops; withdraws annual guidance amid sanctions

IPG PHOTONICS CORP

Russian facilities continue operations with ~2,000 employees; $100M finished product supplied to China in 2021.
Sales to Russian customers nominal at $30M in 2021; cash in Russia <1% of total cash.
Sanctions increase lead times and costs; company has built several months of critical inventory in Russia.
Contingency plans to increase manufacturing in Germany/U.S.; can reduce reliance in 6-9 months.
Withdraws annual guidance due to rapid geopolitical uncertainty; Q1 guidance not updated.

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