Spintronics developer NVE has expanded its line of smart magnetometers while also enjoying robust business growth and posting strong financial results for its recently completed fiscal year. The new SM223 is a high-sensitivity version of another of its tunnel magnetoresistance (TMR) smart magnetometers.
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The high sensitivity of the new part allows more precise position control for more effective robotics, or more precise current measurement for more efficient motors. The TMR technology provides lower noise than Hall effect sensors and in-plane sensitivity, says NVE.
On May 4, the company reported that revenues increased 26% to $27 million for its 2022 fiscal year which closed March 31. That’s up from $21.4 million in revenue the previous year. The increase was due to a 26% increase in product sales and a 36% increase in contract research and development revenue.
“We are pleased to report strong revenue and earnings growth for the fourth quarter and fiscal year despite industry supply-chain disruptions,” said Daniel Baker, president and CEO.
NVE is a leader in the practical commercialization of spintronics, a nanotechnology that relies on electron spin rather than electron charge to acquire, store and transmit information. The company manufactures high-performance spintronic products including sensors and couplers that are used to acquire and transmit data.