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

The sequential contraction of gross margin included the impact of less favorable product mix, production inefficiencies and lower than expected absorption of fixed manufacturing costs. Production inefficiencies and under absorption were the result of escalated supply chain constraints as well as the timing related to inflationary increases in component material and labor costs with slightly lagging price improvements given pre-existing order commitments.

Compared with the third quarter of 2021, operating expenses were up $2.2 million which includes approximately $750,000 of operating expenses associated with acquisitions and incremental amortization expense for acquired intangibles of $200,000. In addition, fourth quarter operating expenses included $1.3 million in incremental atypical costs comprised of transaction expenses related to acquisitions and financing costs.

Full Year 2021 Revenue

($ in 000s)

 

Years Ended

 

 

 

 

 

 

 

 

 

Change

 

12/31/2021

 

 

 

12/31/2020

 

 

 

$

 

%

Revenue

           

Multimarket

 

$

29,941

 

35.3%

 

$

26,953

 

50.1%

 

$

2,988

 

11.1%

Semi Market

 

 

54,937

 

64.7%

 

 

26,870

 

49.9%

 

 

28,067

 

104.5%

 

$

84,878

 

100.0%

 

$

53,823

 

100.0%

 

$

31,055

 

57.7%

             

Revenue in the Semi Market more than doubled in 2021 as the Company focused on gaining market share, deepening customer relationships and advancing new opportunities in the front-end of the semiconductor manufacturing process while capitalizing on strong market conditions. Revenue in Multimarket expanded 11% from the development of new applications in the automotive industry, specifically electric vehicles, broadening the Company’s customer reach, acquisitions and improving market conditions.

Full Year 2021 Operating Results

 

Years Ended

($ in 000s)

     

Change

 

12/31/2021

 

12/31/2020

 

$

 

%

Gross profit

 

$

41,224

 

$

24,104

 

$

17,120

 

71.0%

Gross margin

 

 

48.6%

 

 

44.8%

   
         

Operating income (loss)

 

$

8,459

 

$

(1,217)

 

$

9,676

 

NM

Operating margin

 

 

10.0%

 

 

(2.3)%

   
         

Net earnings (loss) (GAAP)

 

$

7,283

 

$

(895)

 

$

8,178

 

NM

Net earnings per diluted share (GAAP)

 

$

0.68

 

$

(0.09)

   
         

Adjusted net earnings (Non-GAAP) (1)

 

$

8,701

 

$

312

 

$

8,389

 

2,689.0%

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

 

$

0.81

 

$

0.03

   
         

Adjusted EBITDA (Non-GAAP) (1)

 

$

12,047

 

$

1,336

 

$

10,711

 

801.7%

Adjusted EBITDA margin (Non-GAAP) (1)

 

 

14.2%

 

 

2.5%

   

(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.


« Previous Page 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9  Next Page »



© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us
ShareCG™ is a trademark of Internet Business Systems, Inc.

Report a Bug Report Abuse Make a Suggestion About Privacy Policy Contact Us User Agreement Advertise