- Revenue increased to $24.1 million; GAAP earnings per diluted share of $0.05 and non-GAAP adjusted earnings per diluted share of $0.12 in line with guidance
- Orders of $25.1 million in first quarter 2022 with demand strengthening entering second quarter
- Record quarter-end backlog of $35.0 million
- Acquisition integrations on track; enhancing sales channels, growing customer base and improving systems and processes
- Maintaining full year outlook based on strong end market demand, despite supply chain constraints
MT. LAUREL, N.J. — (BUSINESS WIRE) — May 6, 2022 — inTEST 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 March 31, 2022. Results include the impact of the following acquisitions: North Sciences, formerly Z-Sciences (October 6, 2021), Videology (October 28, 2021) and Acculogic (December 21, 2021). Beginning in the first quarter of 2022, the Company made a change to its reportable segments from two reportable segments to three reportable segments. These segments are Electronic Test, Environmental Technologies and
Process Technologies. Segment data can be found in the tables that accompany this release Nick Grant, President and CEO, commented, “We delivered another solid quarter by executing on our 5-Point Strategy as the combination of the continued demand for our innovative solutions and recent acquisitions drove growth. We are excited about our acquisitions as the integrations are going as planned. We are improving their systems and processes with more discipline and sophistication to enable greater scalability while investing in the sales organization across our enterprise. Notably, we are building out our sales teams both domestically and in Europe and recently, we opened our newest induction heating demonstration lab in conjunction with our channel partner in Mexico. Our experience has demonstrated that prospects who witness our technology solving their production challenges in our labs are highly likely to become new customers, so we are expanding the number of labs we have around the world to drive higher conversion. In parallel with these efforts, we are driving new product innovation initiatives to further enhance sales growth. Importantly as well, we believe our reorganization into three technology divisions increases efficiencies, broadens opportunities, better utilizes our managers’ talents and leverages our strong customer relationships to accelerate growth.”
Mr. Grant added, “Encouragingly, demand remains strong across our markets. Our solid first quarter results along with the pace of second quarter orders thus far gives us confidence in our 2022 outlook even in the face of continuing supply chain challenges. We are optimistic about our healthy pipeline of projects as we manage our operations to meet customers’ needs.”
First Quarter 2022 Review (see revenue by market and by segments in accompanying tables)
Three Months Ended |
|
||||||||||||||||||
($ in 000s) |
Change |
Change |
|
||||||||||||||||
3/31/2022 |
12/31/2021 |
$ |
% |
3/31/2021 |
$ |
% |
|||||||||||||
Revenue |
$ |
24,081 |
|
$ |
22,358 |
|
$ |
1,723 |
7.7 |
% |
$ |
19,556 |
|
$ |
4,525 |
|
23.1 |
% |
|
Gross profit |
$ |
11,013 |
|
$ |
10,346 |
|
$ |
667 |
6.4 |
% |
$ |
9,521 |
|
$ |
1,492 |
|
15.7 |
% |
|
| Gross margin |
|
45.7 |
% |
|
46.3 |
% |
|
48.7 |
% |
||||||||||
| Operating expenses (incl. intangible amort.) |
$ |
10,211 |
|
$ |
10,051 |
|
$ |
160 |
1.6 |
% |
$ |
6,941 |
|
$ |
3,270 |
|
47.1 |
% |
|
| Operating income |
$ |
802 |
|
$ |
295 |
|
$ |
507 |
171.9 |
% |
$ |
2,580 |
|
$ |
(1,778 |
) |
-68.9 |
% |
|
| Operating margin |
|
3.2 |
% |
|
1.3 |
% |
|
13.1 |
% |
||||||||||
| Net earnings (GAAP) |
$ |
577 |
|
$ |
287 |
|
$ |
290 |
101.0 |
% |
$ |
2,212 |
|
$ |
(1,635 |
) |
-73.9 |
% |
|
| Earnings per diluted share (“EPS”) (GAAP) |
$ |
0.05 |
|
$ |
0.03 |
|
$ |
0.02 |
66.7 |
% |
$ |
0.21 |
|
$ |
(0.16 |
) |
-76.2 |
% |
|
| Adjusted net earnings (Non-GAAP) (1) |
$ |
1,266 |
|
$ |
799 |
|
$ |
467 |
58.4 |
% |
$ |
2,512 |
|
$ |
(1,246 |
) |
-49.6 |
% |
|
| Adjusted EPS (Non-GAAP) (1) |
$ |
0.12 |
|
$ |
0.07 |
|
$ |
0.05 |
71.4 |
% |
$ |
0.24 |
|
$ |
(0.12 |
) |
-50.0 |
% |
|
| Adjusted EBITDA (Non-GAAP) (1) |
$ |
2,134 |
|
$ |
1,368 |
|
$ |
766 |
56.0 |
% |
$ |
3,307 |
|
$ |
(1,173 |
) |
-35.5 |
% |
|
| Adjusted EBITDA margin (Non-GAAP) (1) |
|
8.9 |
% |
|
6.1 |
% |
|
16.9 |
% |
||||||||||
| (1) |
Adjusted net earnings, adjusted earnings per diluted share, 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. |
