OXFORD, Mass., Feb. 26, 2016 — Fiber laser manufacturer IPG Photonics Corp. has announced a 17 percent increase in 2015 revenues compared to 2014, reaching $901.3 million. Net income amounted to $242.2 million, up 21 percent. Fourth quarter revenues rose 8 percent year-on-year to $223.6 million, with net income rising to $60.7 million. "We successfully executed on our strategy to drive growth through the expansion of our established markets, as well as the development of products to address new applications beyond our core applications," said Valentin Gapontsev, founder and CEO of IPG Photonics. “In the second half of 2015, a couple of top customers made the decision to turn to our solution, and we have received the first multihundred volume orders. We believe that the majority of other customers will follow this trend." The company said it sees an opportunity to displace existing lamp-pumped YAG lasers in fine welding and cutting operations by high-power quasicontinuous wave sources. In Asia specifically, sales increased by 14 percent year-on-year to $111.6 million, including an increase of 39 percent in Japan where the company said it upped its penetration into the territory's cutting OEMs. IPG Photonics is a manufacturer of fiber lasers for industrial, medical, scientific, government and telecommunications industries.