inTEST Reports Fourth Quarter 2021 Revenue Grew 50% and Guides to Revenue of over $100 Million in 2022

Revenue to the Semi Market grew more than 60% year-over-year as the Company improved its market position and expanded its customer base as well as benefitted from strong market conditions. Multimarket grew 39% year-over-year reflecting the success of new product introductions, the addition of new customers and a broad-based economic recovery. Acquisitions contributed $1.5 million in revenue in the quarter, all of which was reflected in Multimarket, in particular life sciences. Acquisitions expanded the Company’s target markets to include security, while expanding its reach into defense/aerospace, industrial and life sciences.

The Company’s top five customers in the fourth quarter represented approximately 28% of revenue. The Company had no single customer that represented 10% or more in revenue during the quarter. For the full year 2021, the Company’s top five customers represented approximately 32% of revenue with the largest customer representing approximately 13%.

Fourth Quarter 2021 Operating Results

 

Three Months Ended

($ in 000s)

 

 

 

 

 

Change

 

 

 

Change

 

12/31/2021

 

9/30/2021

 

$

 

%

 

12/31/2020

 

$

 

%

Gross profit

 

$

10,346

 

$

10,395

 

$

(49)

 

-0.5%

 

$

6,720

 

$

3,626

 

54.0%

Gross margin

 

 

46.3%

 

 

49.2%

     

 

45.2%

   
               

Operating income (loss)

 

$

295

 

$

2,549

 

$

(2,254)

 

-88.4%

 

$

(484)

 

$

779

 

NM

Operating margin

 

 

1.3%

 

 

12.1%

     

 

-3.3%

   
               

Net earnings (loss) (GAAP)

 

$

287

 

$

2,175

 

$

(1,888)

 

-86.8%

 

$

(380)

 

$

667

 

NM

Net earnings per diluted share (GAAP)

 

$

0.03

 

$

0.20

     

 

(0.04)

   
               

Adjusted net earnings (Non-GAAP) (1)

 

$

799

 

$

2,480

 

$

(1,681)

 

-67.8%

 

$

(76)

 

$

875

 

NM

Adjusted net earnings per diluted share (Non-GAAP) (1)

 

$

0.07

 

$

0.23

     

$

(0.01)

   
               

Adjusted EBITDA (Non-GAAP) (1)

 

$

1,368

 

$

3,388

 

$

(2,020)

 

-59.6%

 

$

203

 

$

1,165

 

573.9%

Adjusted EBITDA margin (Non-GAAP) (1)

 

 

6.1%

 

 

16.0%

     

 

1.4%

   

(NM means not measurable)

(1)

 

Adjusted net earnings, adjusted net 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.


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