Nova Ltd. (NASDAQ:NVMI) Q2 2022 Earnings Conference Call August 4, 2022 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

Vivek Arya - Bank of America Merrill Lynch

Atif Malik - Citigroup, Inc.

Trevor Janoskie - Needham & Company, LLC

Operator

Thank you for standing by. This is the conference operator. Good day, and welcome to Nova's Second 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, CEO of MS-IR. Please go ahead.

Miri Segal

Thank you, operator, and good day to everybody. I would like to welcome all of you to Nova's second quarter 2022 financial results conference call. With us on the line today are Mr. Eitan Oppenhaim, President and CEO; and Mr. Dror David, CFO.

Before we begin, I'd like to 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 to Mr. Eitan Oppenhaim, Nova's President and CEO. Eitan, please go ahead.

Eitan Oppenhaim

Thank you all for joining our second quarter financial results conference call. I will start the call today by speaking about our quarterly results and performance highlights. Following my commentary, Dror will review the quarter's financial results in detail and then conclude with the guidance for the third quarter of 2022.

Nova reported solid results for the second quarter, demonstrating strength in all our product lines across dimensional, materials and chemical metrology portfolios. While we keep gaining momentum from multiple industry growth driver in various semiconductor segments, we continue to expand our portfolio diversification and its market adoption to secure long-term growth and outperformance. This quarter results demonstrate once again the resiliency we are embedding into our operating model, which continues to be strained by multiple elements, including supply chain issues and various other macroeconomics and geopolitical concerns.

We believe that the fundamental changes implemented in the company over the last two years to meet our strategic goal of reaching $500 million in revenue will significantly strengthen the company position in multiple verticals and markets in the next few years. For the quarter, our earnings results came in well ahead of expectation and at the top end of our guidance, including another sequential quarterly revenue record, which represents around 45% growth year-over-year.