inTest Corporation

Good day and welcome to the Intest Corporation third quarter 2022 financial results conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on a touch-tone phone. To ajar your question, please press star then two. Please note today's event is being recorded. I would now like to turn the conference over to Sean Southerd, Investor Relations. Please go ahead.

Thank you. Good morning, everyone. We appreciate your time today and your interest in Intest Corporation. Here with me are Nick Grant, our President and CEO, and Duncan Gilmore, our Chief Financial Officer and Treasurer. You should have a copy of the third quarter 2022 financial results, which we released earlier this morning. If not, you can access the release as well as the slides that will accompany our conversation on our website at ir.intest.com. After our formal presentation, we will be opening the line for Q&A. If you'll turn to slide two in the deck, I'll review the safe harbor statement. You should be aware that we may make some forward-looking statements during the formal discussions as well as during the Q&A session. These statements apply to future events that are subject to risks and uncertainties as well as other factors that could cause actual results to differ materially from what is stated here today. These risks and uncertainties and other factors are provided in the earnings release as well as other documents filed by the company with the Securities and Exchange Commission. These documents can be found on our website or at sec.gov. During today's call, we will also discuss some non-GAAP financial measures. We believe these will be useful in evaluating our performance You should not consider the presentation of this additional information in isolation or as a substitute for results prepared in accordance with GAAP. We have provided reconciliation of non-GAAP measures with comparable GAAP measures in the tables that accompany today's release and in the slides. With that, please turn to slide three, and I will turn it over to Nick to begin. Nick?

Thank you, Sean, and good morning, everyone. Thanks for joining us for our third quarter 2022 earnings call. We delivered another solid quarter that we believe demonstrates strong execution of our five-point strategy as we focus on growing in our target markets, delivering quality engineered solutions, and leveraging our expanding sales force. The entire Intest team has been working hard and staying focused, and I want to thank everyone for their perseverance. In our third quarter, revenue grew 46% year-over-year to another record level of 30.8 million. Organically, revenue grew at an impressive 23% year-over-year. We believe our strong results are indicative of the success of our five-point strategy that directs our efforts in our markets as well as keeps us on track and well-focused. In fact, our focus is enabling us to make some excellent inroads as we increase our customer base, drive innovation, deepen relationships with existing customers, and expand our geographic reach. Demand remains strong for our innovative solutions in the front end of the semi-market, specifically in silicon carbide crystal growth applications. Sales to this market more than doubled over the prior year. The significant growth in demand for our induction heating solutions used in silicon carbide crystal growth reflects the advantages of our technology and this application combined with the rapid expansion of silicon carbide as a more efficient and powerful semiconductor material. We continue to make positive inroads in back-end semi as well with our test and thermal solutions. Back-end semi sales were up 17% versus a year ago and up 23% sequentially. As a reminder, our test solutions in this space primarily serve analog and mixed signal semiconductor production, where demand has remained elevated. Our exposure is minimal in the memory and microprocessor space, which some companies are reporting is currently at overcapacity. We continue to make excellent inroads in the EV market, both with our organic and acquired businesses. Likewise, we have expanded our presence in defense and life sciences with our acquisitions and as a whole are benefiting from the strength in these markets. Of note, we surpassed our previous backlog record with $47.9 million in backlog at the end of the quarter. With that, let me turn it over to Duncan to review the financials in more detail. Duncan, over to you.