A method of manufacturing a plurality of electro-optical sub-assemblies in parallel is provided. A plurality of printed circuit boards (PCBs) are preferably formed in a panel of flex material. Rigid substrates can be arranged along regions of the PCBs. A plurality of electrical components, including electro-optical semiconductor devices, are preferably located on the rigid substrates. Lens arrays are preferably aligned over the electro-optical semiconductor devices, such as through an alignment mechanism. The PCBs can then be singulated into individual electro-optical sub-assemblies. The rigid substrates can be a plurality of leadframes formed on a matrix leadframe. The matrix leadframe is preferably attached to the panel of flex material such that the leadframes are arranged in proximity to leadframe cutout regions of the PCBs. Electrical interconnections are then preferably formed between the electrical components on the leadframe and the PCBs.