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Dec 31, 2021
inTEST Q4 2021 Earnings Report
Reported a 50% revenue growth driven by key target markets and acquisitions.
Key Takeaways
inTEST Corporation reported a strong Q4 2021 with a 50% increase in revenue. The growth was driven by key target markets and acquisitions. The company also issued guidance for 2022, expecting revenue to be in the range of $110 million to $115 million.
50% revenue growth driven by key target markets led by both front-end and back-end semiconductor industry demand and the benefit of acquisitions.
Strong demand in semi, automotive, specifically EVs, and life sciences resulted in record annual orders of $101.9 million.
Front-end semiconductor market pushed quarterly orders to record $30.5 million.
Acquisition and financing expenses of $1.6 million in the quarter impacted operating income.
Forward Guidance
inTEST expects revenue in 2022 to grow to approximately $110 million to $115 million. First quarter 2022 revenue is expected to be in the range of $23 million to $25 million.
Positive Outlook
- Revenue in 2022 is expected to grow to approximately $110 million to $115 million.
- Gross margin in 2022 is expected to moderate between 46% to 49%.
- First quarter 2022 revenue is expected to be in the range of $23 million to $25 million.
- First quarter 2022 net earnings per diluted share (GAAP) is expected to be in the range of $0.04 to $0.09.
- First quarter 2022 adjusted net earnings per diluted share (Non-GAAP) is expected to be in the range of $0.10 to $0.15.
Challenges Ahead
- Supply chain challenges remain unchanged in the first half of the year and begin to improve modestly in the second half.
- Quarterly operating expenses are expected to range from approximately $10.5 million to $11.2 million.
- Expenses include intangible asset amortization expense which is currently estimated to be approximately $650,000 per quarter.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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