Coherent Corp.

Good afternoon and welcome to Coherent's fourth quarter fiscal year 2020 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 or a touch-tone phone. To withdraw your question, please press star then two. Please note, this event is being recorded. I would now like to turn the conference over to DeMarco, Executive Vice President and Chief Legal Officer.

Please go ahead. Thank you, Jason, and good afternoon, everyone. Welcome to today's conference call to discuss Coherent's results from its fourth fiscal quarter and fiscal year ended October 3, 2020. All of us here at Coherent hope that you and your family are staying healthy and safe during these challenging times. On the call with me are Andy Mattis, our President and Chief Executive Officer, and Kevin Platnick, our Executive Vice President and Chief Financial Officer. I would like to remind everyone that some information provided during this call may include forward-looking statements, including without limitation, statements about Coherent's future events, anticipated financial results, business trends, global economic trends, and the expected timing and benefits, if any, of such trends. These forward-looking statements may contain such words as project, outlook, future, expects, will, anticipates, believes, intends, or referred to as guidance. These forward-looking statements reflect beliefs, estimates, and predictions as of today, and coherent expressly assumes no obligation to update any such forward-looking statements. These forward-looking statements are only predictions and are subject to substantial risks. Factors that could cause or contribute to such differences include, but are not limited to, risks associated with the recovery of global and regional economies from the negative effects of COVID-19, and related private and public sector measures, global demand, acceptance and adoption of our products, including but not limited to adoption of OLED displays, the demand for and use of our products in commercial applications, continued timely availability of products and materials from our suppliers, our ability to timely ship our products and our customers' ability to accept such shipments, worldwide government economic policies including trade relations between the United States and China, and other risks identified in the company's SEC filings. For a detailed description of risks and uncertainties which could impact these forward-looking statements, you should review Coherent's periodic SEC filings, including its most recent Form 10-K, Form 10-Q and Forms 8-K, including the risks identified in today's financial press release. I will now turn the call over to Andy Mattis, our President and Chief Executive Officer.

Thank you, Brett. and thank you to everyone for joining our earnings call today. While fiscal Q4 was still overshadowed by the impacts of COVID-19, I'm happy to report that on just about every metric, our performance exceeded the fiscal low of Q3. But before I discuss our results and market trends in more detail, I want to take a moment to acknowledge the tireless effort and dedication of all our teams around the globe who are actively embracing the new normal of either getting business done remotely or working in our labs and manufacturing sites by adhering to our strict, stay safe and healthy rules. It is exciting to see that innovation and our customer-centric focus continue to flourish even in these unusual circumstances. Looking at our top line, we improved bookings and revenues sequentially from last quarter's low. And even though full fiscal 2020 top line was lower than the previous fiscal year, we finished the fiscal year with a positive book to bill ratio and an improved backlog position that increased approximately 10% year over year. To add a little color, three of our four end markets saw solid double-digit percentage increases in bookings over the prior quarter. As anticipated, our OEM components and instrumentation as well as our scientific businesses saw the fastest recovery as research labs and non-COVID-related hospital utilization drove a sequential increase in clinical testing and laser-related medical procedures.