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inTEST
🇺🇸 NYSE:INTT
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•
Mar 31, 2022

inTEST Q1 2022 Earnings Report

Revenue increased, GAAP earnings per diluted share and non-GAAP adjusted earnings per diluted share were in line with guidance.

Key Takeaways

inTEST Corporation reported a solid first quarter with revenue up 23% year-over-year and 8% sequentially, driven by strong demand and recent acquisitions. The company is maintaining its full-year outlook despite supply chain constraints.

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.

Total Revenue
$24.1M
Previous year: $19.6M
+23.1%
EPS
$0.12
Previous year: $0.24
-50.0%
Gross Profit
$11.1M
0
Cash and Equivalents
$17.2M
0
Free Cash Flow
-$3.12M
Previous year: -$725K
+330.6%
Total Assets
$130M
Previous year: $67.1M
+93.2%

inTEST

inTEST

inTEST Revenue by Geographic Location

Forward Guidance

inTEST continues to expect 2022 revenue to grow 30% or more over the prior year to approximately $110 million to $115 million. Second quarter 2022 revenue is expected to be in the range of $27 million to $29 million. Second quarter 2022 earnings per diluted share (GAAP) is expected to be in the range of $0.11 to $0.16 while adjusted earnings per diluted share (Non-GAAP) is expected to be in the range of $0.18 to $0.23.

Positive Outlook

  • 2022 revenue is expected to grow 30% or more over the prior year to approximately $110 million to $115 million.
  • Gross margin for the remainder of 2022 is expected to be between 46% to 49% in any given quarter based on volume and mix.
  • Second quarter 2022 revenue is expected to be in the range of $27 million to $29 million.
  • Second quarter 2022 earnings per diluted share (GAAP) is expected to be in the range of $0.11 to $0.16.
  • Second quarter 2022 adjusted earnings per diluted share (Non-GAAP) is expected to be in the range of $0.18 to $0.23.

Challenges Ahead

  • Quarterly operating expenses are now expected to range from approximately $10.9 million to $11.2 million.
  • Estimated expenses include intangible asset amortization, which is now expected to be approximately $780,000 in the second quarter.
  • Interest expense is expected to be approximately $150,000 per quarter.
  • The effective tax rate is expected to be approximately 15% to 17% for the year.
  • Guidance assumes supply chain challenges remain unchanged and begin to improve modestly in the second half of the year.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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