Rockley Photonics sees FY21 revenue $7M-$8M, consensus $24.7M
Rockley Photonics "announced its intention not to proceed, under current circumstances, with its data-communications-related technical sale to Hengtong Rockley Technology Co. Ltd., its joint venture with Jiangsu Hengtong Optic-Electric Co., Ltd. As a result, Rockley issued an updated business outlook for full year 2021 and 2022. The decision not to proceed with the sale is due to the U.S. Bureau of Industry and Security of the U.S. Department of Commerce placing Hengtong and certain of its affiliates on the BIS "Entity List" with an effective date of December 17, 2021, which means the U.S. Export Administration Regulations prohibits companies from providing products an d technologies to organizations on the "Entity List" without prior authorization. The Company is currently reviewing its relationship with the JV and will make appropriate decisions based on its findings. Accordingly, the Company is updating its outlook for full year 2021 and full year 2022 to reflect its current expectations."