- Continued execution of 5-Point Strategy generated 10% revenue growth year-over-year achieving upper end of guidance range
- Demonstrated strong operating leverage with 22.6% operating income growth year-over-year to $3.3 million
- Delivered net earnings of $2.8 million, up 32.0% for a net margin of 8.6%, and earnings per diluted share of $0.24, up 20% over prior-year period
- Adjusted EBITDA (Non-GAAP)(1) was $4.8 million and adjusted EBITDA margin (Non-GAAP)(1) was 14.7%
- Completed $20 Million At-The-Market Offering at an Average Sales Price of $21.70 per Share
- Updating full year revenue guidance to $127 million to $131 million
MT. LAUREL, N.J. — (BUSINESS WIRE) — August 4, 2023 — inTEST Corporation (NYSE American: INTT), a global supplier of innovative test and process technology solutions for use in manufacturing and testing in key target markets which include automotive/EV, defense/aerospace, industrial, life sciences, security, and semiconductor (“semi”), today announced financial results for the quarter ended June 30, 2023.
Nick Grant, President and CEO, commented, “The inTEST team continues to deliver to plan and we believe our efforts to diversify our markets have served us well. Sales grew year-over-year in the semiconductor markets, particularly in the backend with continued demand for our high quality, custom manipulators, integrated docking and electrical interface solutions for mixed-signal and analog integrated circuit production testing. There was also strong demand for our thermal test solutions for the defense/aerospace markets, our industrial grade image capture technology for the security industry, and a breadth of our solutions for other markets. Encouragingly, orders were up 2% sequentially driven by demand from our industrial, defense/aerospace, automotive/EV, security and other markets. This included new orders for our Thermonics chillers for testing, development and production of high-powered traction inverters used in EVs, as well as the growing recognition of our induction heating solutions as an environmentally preferred technology in many industrial applications.”
He continued, “We are actively executing on our initiatives to expand our market presence, develop new products, and identify opportunities for increased aftermarket support. We are building the talent pool and culture to achieve our goals while also continuing to pursue acquisition targets to enhance our product offerings, expand our addressable markets and deepen our presence in our served industries.”
(1) 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.
Second Quarter 2023 Review (see revenue by market and by segments in accompanying tables)
Three Months Ended |
|||||||
($ in 000s) |
Change |
Change |
|||||
6/30/2023 |
6/30/2022 |
$ |
% |
3/31/2023 |
$ |
% |
|
Revenue |
$32,558 |
$29,571 |
$2,987 |
10.1% |
$31,919 |
$639 |
2.0% |
Gross profit |
$15,030 |
$13,548 |
$1,482 |
10.9% |
$15,052 |
($22) |
-0.1% |
Gross margin |
46.2% |
45.8% |
|
47.2% |
|||
Operating expenses (incl. intangible amort.) |
$11,686 |
$10,820 |
$866 |
8.0% |
$11,534 |
$152 |
1.3% |
Operating income |
$3,344 |
$2,728 |
$616 |
22.6% |
$3,518 |
($174) |
-4.9% |
Operating margin |
10.3% |
9.2% |
|
11.0% |
|||
| Net earnings |
$2,793 |
$2,116 |
$677 |
32.0% |
$2,817 |
($24) |
-0.9% |
| Net margin |
8.6% |
7.2% |
|
|
8.8% |
|
|
| Earnings per diluted share (“EPS”) |
$0.24 |
$0.20 |
$0.04 |
20.0% |
$0.25 |
($0.01) |
-4.0% |
| Adjusted net earnings (Non-GAAP) (2) |
$3,227 |
$2,719 |
$508 |
18.7% |
$3,269 |
($42) |
-1.3% |
| Adjusted EPS (Non-GAAP) (2) |
$0.28 |
$0.25 |
$0.03 |
12.0% |
$0.29 |
($0.01) |
-3.4% |
| Adjusted EBITDA (Non-GAAP) (2) |
$4,795 |
$4,193 |
$602 |
14.4% |
$4,826 |
($31) |
-0.6% |
| Adjusted EBITDA margin (Non-GAAP) (2) |
14.7% |
14.2% |
15.1% |
||||
