• 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, 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 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)