Nova Ltd. (NASDAQ:NVMI) Q3 2023 Earnings Conference Call November 9, 2023 8:30 AM ET
Company Participants
Miri Segal – CEO-MS-IR LLC
Gaby Waisman – President and Chief Executive Officer
Dror David – Chief Financial Officer
Conference Call Participants
Vivek Arya – Bank of America Securities
Charles Shi – Needham & Company
Vedvati Shrotre – Jefferies
Operator
Good day, and welcome to the Nova Limited Third Quarter 2023 Results Conference Call. All participants will be in the listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded.
I would now like to turn the conference over to Ms. Miri Segal, CEO of MSIR. Please go ahead.
Miri Segal
Welcome all of you to Nova's third quarter 2023 financial results conference call. With us on the line today are Mr. Gaby Waisman, 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. Gaby 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. Gaby Waisman, Nova's President and CEO. Gaby, please go ahead.
Gaby Waisman
Thank you, Miri, and welcome, everyone, to our third quarter financial results conference call. I will start the call today by speaking about our quarterly performance highlights and the market dynamics as they relate to Nova. Following my commentary, Dror will review the financial results in detail and present the guidance for the fourth quarter.
Nova's performance this quarter exceeded the company's revenue and profitability guidance, and our goal is to maintain similar business levels in the next quarter as well, making the second half of 2023 stronger than the first. These results once again demonstrate the strength of our diverse portfolio driven by our expanding exposure to new applications and our ability to leverage market opportunities.
Nova's revenue and margins in this quarter and in 2023, thus far, validate our flexible and resilient business model as well as the actions we took over the past year to address changes in the market. As we look ahead towards 2024, we expect Nova to resume its growth and outperformance trajectory. We were able to deliver better results than our earlier projections by adding several new customers by leveraging the growth in our materials metrology offerings by increasing the adoption of new technologies in our chemical and optical metrology solutions and by the growth of our service business.