inTEST Reports Revenue Up 36% Year-over-Year to Record $29.6 Million for Second Quarter 2022

  • Delivered 12% organic revenue growth year-over-year
  • Drove 23% sequential growth in revenue
  • Continued strength in demand with growing customer base across technologies; sequential and prior-year period order growth over 60% reflects strong demand across end markets
  • Surpassed guidance with GAAP earnings per diluted share of $0.20 and non-GAAP adjusted earnings per diluted share of $0.25
  • Backlog expanded to record $46 million
  • Acquisition integrations progressing; successfully enhancing sales channels, increasing leads, growing customer base and improving systems and processes
  • Maintaining full year revenue expectation of $110 to $115 million supported by backlog and persistent end market demand, offsetting supply chain constraints

MT. LAUREL, N.J. — (BUSINESS WIRE) — August 4, 2022inTEST Corporation (NYSE American: INTT), a global supplier of innovative test and process solutions for use in manufacturing and testing in key target markets which include automotive, defense/aerospace, industrial, life sciences, security, and semiconductor (“semi”), today announced financial results for the quarter ended June 30, 2022. Results include the impact of the following acquisitions: North Sciences, formerly Z-Sciences (October 2021), Videology (October 2021) and Acculogic (December 2021).

Nick Grant, President and CEO, commented, “Continued strong execution of our 5-Point Strategy delivered better than expected results with record revenue and strong earnings. We also captured record orders and ended the quarter with record backlog. We are gaining new customers, delivering new product innovations and offering differentiated solutions supported with deep application engineering expertise. Importantly, we had strength in most target markets, especially in semi front-end. The front-end is a relatively new space for us serving silicon carbide crystal growth applications with our induction heating solutions. As planned, contributions from acquired businesses are increasing, as we implement process improvements, expand sales efforts and integrate business systems.

“Operationally, while we have not seen any noticeable improvement in supply chain constraints, our team is becoming more adept at addressing these issues. We have expanded our supply sources and continue to look for alternative options as we focus on maintaining our outstanding partnership position with our customers.”

Mr. Grant added, “We are encouraged by our healthy pipeline of opportunities. Demand remains quite strong across markets and our new structure strengthens the inTEST value proposition, improves our presence with customers and enables us to scale the organization. We continue to invest in new product development and innovation and are bringing in new talent. I am confident the inTEST team can sustain the agility needed to both manage operations to meet customers’ needs while creating opportunities for growth.”

Second Quarter 2022 Review (see revenue by market and by segments in accompanying tables)

Three Months Ended

($ in 000s)

Change

Change

6/30/2022

3/31/2022

$

%

6/30/2021

$

%

Revenue

$29,571

$24,081

$5,490

22.8%

$21,820

$7,751

35.5%

Gross profit

$13,548

$11,013

$2,535

23.0%

$10,962

$2,586

23.6%

Gross margin

45.8%

45.7%

50.2%

Operating expenses (incl. intangible amort.)

$10,820

$10,211

$609

6.0%

$7,927

$2,893

36.5%

Operating income

$2,728

$802

$1,926

240.1%

$3,035

($307)

-10.1%

Operating margin

9.2%

3.2%

13.9%

Net earnings (GAAP)

$2,116

$577

$1,539

266.7%

$2,609

($493)

-18.9%

Earnings per diluted share (“EPS”) (GAAP)

$0.20

$0.05

$0.15

300.0%

$0.24

($0.04)

-16.7%

Adjusted net earnings (Non-GAAP) (1)

$2,719

$1,266

$1,453

114.8%

$2,910

($191)

-6.6%

Adjusted EPS (Non-GAAP) (1)

$0.25

$0.12

$0.13

108.3%

$0.27

($0.02)

-7.4%

Adjusted EBITDA (Non-GAAP) (1)

$4,193

$2,134

$2,059

96.5%

$3,984

$209

5.2%

Adjusted EBITDA margin (Non-GAAP) (1)

14.2%

8.9%

18.3%

(1)

Adjusted net earnings, adjusted EPS, adjusted EBITDA and adjusted EBITDA margin are non-GAAP financial measures. Further information can be found under “Non-GAAP Financial Measures.” See also the reconciliations of GAAP financial measures to non-GAAP financial measures that accompany this press release.


1 | 2 | 3 | 4 | 5 | 6  Next Page »



Review Article Be the first to review this article
Featured Video
Latest Blog Posts
Bob Smith, Executive DirectorBridging the Frontier
by Bob Smith, Executive Director
Combatting Software Piracy
Stefano LorenziniArteris IP Blog
by Stefano Lorenzini
Scalability – A Looming Problem in Safety Analysis
Anupam BakshiAgnisys Automation Review
by Anupam Bakshi
Automating UVM-Based IP and SoC Functional Verification
Upcoming Events
SEMI MEMS & Imaging Sensors Summit at World Trade Center WTC; 5-7 Place Robert Schuman Grenoble France - Sep 6 - 7, 2022
CadenceLIVE Boston 2022 at Boston Marriott Burlington MA - Sep 14, 2022
SEMICON Taiwan 2022 a at TaiNEX 1 Taipei Taiwan - Sep 14 - 16, 2022
MIPI DevCon 2022 - Virtual Event at United States - Sep 20 - 21, 2022



© 2022 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering TechJobsCafe - Technical Jobs and Resumes GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise