inTest Corporation

Greetings and welcome to the Intest Corporation fourth quarter 2022 financial results. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Sean Southard, Investor Relations for Intest Corporation. Thank you. You may begin.

Thank you. Good morning, everyone. We appreciate you joining the call 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 fourth 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 presentation, we will open the lines for Q&A. If you turn to slide two, 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 in 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 slides. With that, please turn to slide three, and I'll turn it over to Nick to begin. Nick?

Thank you, Sean, and good morning, everyone. Thanks for joining us for our fourth quarter 2022 earnings call. I plan to provide some high-level remarks for you Then I'll hand it off to Duncan to speak to the specific results of the quarter and full year. Once he's finished, he'll hand it back to me to speak to our orders and backlog and our expectations and goals for 2023 and beyond. Then we'll take your questions and I'll wrap up with a few closing remarks. Let me start by saying I'm extremely pleased with the results we were able to achieve in 2022. I want to acknowledge the outstanding efforts of our employees across the globe. Solid execution of our five-point strategy by our results-driven team delivered record performance in 2022, including orders, backlog, and revenue. Revenue and orders for the quarter and the year were also in line with our previously announced preliminary results. Our fourth quarter revenue surpassed $32 million, up 45%, And our full-year revenue was approximately $117 million, up 38% versus the prior year. These results include a full year of the impact of the acquisitions we made in 2021 and integrated in 2022, including North Sciences, formerly Z Sciences, and Videology, both acquired in October 2021, and Ackeologic, which was acquired in December 2021. Going forward, these operations will be fully accounted for as part of our organic revenue. Our organic revenue grew a very healthy 28% in the fourth quarter and 17% for the full year. Fourth quarter orders of 31 million increased 3%, while our full year 2022 orders of 130 million increased 27% versus the prior year. with strong demand in semiconductor, automotive, including electric vehicles or EVs, defense aerospace, and life sciences. Additionally, our backlog at the end of the fourth quarter remained strong at 47 million. By expanding our addressable markets, building out our sales channels, building our talent and staffing, and driving innovation with new products, we've successfully expanded our geographic reach, widened our customer base, and grew our target market offerings and positions. Further demonstrating the success of our strategy, we integrated the three acquisitions that added new technologies and deepened our presence in our target markets. Our goal with the five-point strategy is to accelerate growth while diversifying the business. To remind everyone, the elements of our strategy are global and market expansion, innovation and differentiation, service and support, talent and culture, and strategic acquisitions and partnerships. As a result of the investments and focus we've made in these areas to expand our customer base and increase channel partners, we were able to capture organic revenue growth across all markets last year. This growth was fueled both by in-market demand for our highly engineered technology solutions, as well as the impact of the acquisitions. With that, Let me turn it over to Duncan to review the financials in more detail. Duncan, over to you.