Nova Ltd. (NASDAQ:NVMI) Q4 2022 Earnings Conference Call February 15, 2023 8:30 AM ET

Company Participants

Miri Segal - MS-IR LLC

Eitan Oppenhaim - President and Chief Executive Officer

Dror David - Chief Financial Officer

Conference Call Participants

Quinn Bolton - Needham & Company

Mark Miller - The Benchmark Company

Atif Malik - Citigroup Global Markets

Operator

Good day, and welcome to Nova's Fourth Quarter 2022 Results Conference Call. Today's conference is being recorded.

At this time, I would like to turn the conference over to Miri Segal of MS-IR. Please go ahead.

Miri Segal

Thank you, operator, and good day everyone. I would like to welcome all of you to our conference call. With us on the line today are Mr. Eitan Oppenhaim, President and CEO; and Mr. Dror David, CFO.

Before we begin, may I remind our listeners that certain information provided on this call may contain forward-looking statements, and the safe harbor statement outlined in today's earnings release also pertains to this call. If you have not received a copy of the release, please view it in the Investor Relations section of the company's website.

Eitan will begin the call with a business update, followed by Dror with an overview of the financials. We will then open the call for the question-and-answer session.

I'll now turn the call over to Mr. Eitan Oppenhaim, Nova's President and CEO. Eitan, please go ahead.

Eitan Oppenhaim

Thank you, Miri, and thank you all for joining our call today. I will start the call by summarizing our fourth quarter and full-year performance highlights. Following my commentary, Dror will review the quarterly and annual financial results in details.

Nova's strong performance in the fourth quarter concludes another record year highlighted by a notable increase in revenue and profitability. Despite market volatility and dynamic industry behavior, Nova was able to perform well during the fourth quarter and the full-year, demonstrating the strength of our diversified and agile business model across customers, markets and technology.

While we remain focused on addressing the interim challenges, we continue to implement our long-term strategic plans to solidify our position and seize various opportunities, particularly in this periods. We believe that in the current environment, our unique position in process control can help us strengthen the company's fundamentals through proliferation of our newest product portfolio, additional market share gains, and new penetration.

As for the financial highlights, the fourth quarter revenue came in at the high-end of our quarterly guidance testing new quarterly and yearly records. While quarterly revenues grew 24% year-over-year, annual revenue grew 37% outperforming the industry indexes for the year. Profitability for the year remains strong with new record high results allowing the company to exceed EPS of $5 per share on an annual basis for the first time.