IPG Photonics Corporation

good morning and welcome to the ipg photonics second quarter 2021 conference call webcast today's call is being recorded and webcast at this time i'd like to turn the call over to eugene penned up ipg director of investor relations for introductions please go ahead sir thank you ken and good morning everyone with us today is ipg photonics executive chairman dr valentin caponza

Chief Executive Officer Dr. Eugene Shcherbakov, and Senior Vice President and CFO Tim Laman. Statements made during the course of this call that discuss management or the company's intentions, expectations, or predictions of the future are forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause the company's actual results to differ materially from those projected in such forward-looking statements. These risks and uncertainties include the impact of the COVID-19 pandemic on our business and those detailed in IPG Photonics Form 10-K for the period end of December 31, 2020, and other reports on file with the Securities and Exchange Commission. Copies of these filings may be obtained by visiting the industrial section of IPG's website or by contacting the company directly. You may also find copies on the SEC's website. Any forward-looking statements made on this call are the company's expectations or predictions as of today, August 3rd, 2021 only. The company assumes no obligation to publicly release any updates or revisions to any such statements. For additional details on our reported results, please refer to the Earnings Press release and the Excel-based Financial Data Workbook posted on our Investor Relations website. You will post these prepared remarks on our website following the completion of this call. With that, I'll now turn the call over to Valentin.

Good morning, everyone. We are pleased to report another good quarter for IPG. Our second quarter revenue was significantly above the same period for last year and increased from strong results in the prior quarter. driving by improved microeconomic conditions in most major geographies, growth in emerging products, as well as excellent execution by the IPG team. We saw high-end market demand for our core material processing products, where our fiber lasers are replacing traditional tools and other lasers. and continued to pursue the opportunities in emerging markets. We remain focused on growing sales in applications that require innovative solutions. Our expertise in fiber weather technology and superior quality of product, such as advanced applications electric vehicle battery production, medical and microprocessing. Our technologies are transforming the way products are created, enabling production of smaller and more complex devices, improving the product we use every day, and bringing advanced manufacturing capabilities to electric vehicle and renewable energy industries, helping to address climate change and sustainability initiatives. Our investment in new products and applications are paying dividends. In the second quarter, emerging product sales increased 47% year-over-year and accounted for 29% of sales compared to 25% last year. We continue to focus on innovation at APG and are working on tens of exciting new opportunities. I hope to share more details about these opportunities with you on our future calls. With that, I will turn the call over to Eugene Shcherbakov.