Rehovot, Israel, October 10, 2023 – Nova (Nasdaq: NVMI), a leading innovator and a key provider of metrology solutions for advanced process control used in semiconductor manufacturing, today announced that it expects to release its financial results for the third quarter of 2023 before the Nasdaq market opens on Thursday, November 9.
Q3 2023 Conference Call Details:
Gaby Waisman, President and Chief Executive Officer, and Dror David, Chief Financial Officer, will host a conference call to review the Company’s third quarter 2023 financial results on November 9, 2023 at 8:30 a.m. Eastern Time. To attend the conference call, please dial one of the following numbers at least five minutes before the conference call commences. If you are unable to connect using the toll-free numbers, please try the international dial-in number.
U.S. TOLL-FREE: 1-833-816-1427
ISRAEL TOLL-FREE: 1-80-9213284
INTERNATIONAL: 1-412-317-0519
WEBCAST LINK: https://viavid.webcasts.com/starthere.jsp?ei=1637506&tp_key=87873d02b0
At:
8:30 a.m. Eastern Time
5:30 a.m. Pacific Time
3:30 p.m. Israel Time
The conference call will also be available via a live webcast from a link on Nova’s Investor Relations website. A replay of the conference call will be available from November 9, 2023 to November 16, 2023. To access the replay, please dial one of the following numbers:
Replay TOLL-FREE: 1-844-512-2921
Replay TOLL/INTERNATIONAL: 1-412-317-6671
Replay Pin Number: 10183091
About Nova:
Nova is a leading innovator and key provider of material, optical and chemical metrology solutions for advanced process control in semiconductor manufacturing. Nova delivers continuous innovation by providing state-of-the-art, high-performance metrology solutions for effective process control throughout the semiconductor fabrication lifecycle. Nova's product portfolio, which combines high-precision hardware and cutting-edge software, provides its customers with deep insight into developing and producing the most advanced semiconductor devices. Nova's unique capability to deliver innovative solutions enables its customers to improve performance, enhance product yields and accelerate time to market. Nova acts as a partner to semiconductor manufacturers from its offices worldwide. Additional information may be found on Nova's website link - https://www.novami.com/.
Nova is traded on the Nasdaq and TASE, Nasdaq ticker symbol NVMI.
Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995 relating to future events or our future performance, such as statements regarding, but not limited to, anticipated growth opportunities and projections about our business and its future revenues, expenses and profitability. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied in those forward-looking statements. Factors that may affect our results, performance, circumstances or achievements include, but are not limited to, the following: increased information technology security threats and sophisticated computer crime; foreign political and economic risks including supply-chain difficulties; regulations that could restrict our operations such as economic sanctions and export restrictions; changes in U.S. trade policies; indirect effects of the Russia – Ukraine conflict; market instability including inflation and recessionary pressures; risks related to doing business with China; catastrophic events such as the outbreak of COVID-19; inability to protect our intellectual property; open source technology exposure; failure to compete effectively or to respond to rapid technological changes; consolidation in our industry; difficulty in predicting the length and strength of any downturn or expansion period of the market we target; factors that adversely affect the pricing and demand for our product lines; dependency on a small number of large customers; dependency on a single manufacturing facility per product line; dependency on a limited number of suppliers; difficulty in integrating current or future acquisitions; lengthy sales cycle and customer delays in orders; political, economic and military instability in Israel including related to the potential changes to the judicial system; risks related to our convertible notes; currency fluctuations; and quarterly fluctuations in our operating results. We cannot guarantee future results, levels of activity, performance or achievements. The matters discussed in this press release also involve risks and uncertainties summarized under the heading "Risk Factors" in Nova's Annual Report on Form 20-F for the year ended December 31, 2022, filed with the Securities and Exchange Commission on February 28, 2023. These factors are updated from time to time through the filing of reports and registration statements with the Securities and Exchange Commission. Nova Ltd. does not assume any obligation to update the forward-looking information contained in this press release.
Rehovot, Israel, August 14, 2023 - Nova (Nasdaq: NVMI), a leading innovator and a key provider of metrology solutions for advanced process control used in semiconductor manufacturing, today announced that senior management will participate in the following investor conferences in August and September:
- Needham 4th Annual Virtual Semiconductor and SemiCap 1x1 Conference
Format: Virtual one-on-one meetings
When: Wednesday, August 23
Attendee: Gaby Waisman, President and Chief Executive Officer
- Jefferies Semiconductor, IT Hardware & Communications Technology Summit
Format: In-person one-on-one meetings
When: Wednesday, August 30
Attendee: Dror David, Chief Financial Officer
Location: Chicago, IL
- Citi 2023 Global Technology Conference
Format: In-person fireside chat and one-on-one meetings
When: Wednesday, September 6 (fireside chat 3:15 pm)
Attendees: Gaby Waisman, President and Chief Executive Officer and Dror David, Chief Financial Officer
Location: New York, NY
- Evercore 2023 Semiconductor & Semiconductor Equipment Conference
Format: In-person one-on-one meetings
When: Thursday, September 7
Attendees: Gaby Waisman, President and Chief Executive Officer and Dror David, Chief Financial Officer
Location: New York, NY
- Jefferies Israel Tech Trek
Format: In-person one-on-one meetings
When: Wednesday, September 13
Attendees: Gaby Waisman, President and Chief Executive Officer and Dror David, Chief Financial Officer
Location: Tel Aviv, Israel
Management will be available for one-on-one meetings during these conferences. To schedule a meeting, contact your bank representative.
A live webcast of the Citi Conference fireside chat will be available from Nova’s investor relations page link https://www.novami.com/investors/lobby/.
About Nova:
Nova is a leading innovator and key provider of material, optical, and chemical metrology solutions for advanced process control in semiconductor manufacturing. Nova delivers continuous innovation by providing state-of-the-art high-performance metrology solutions for effective process control throughout the semiconductor fabrication lifecycle. Nova’s product portfolio, which combines high-precision hardware and cutting-edge software, provides its customers with deep insight into developing and producing the most advanced semiconductor devices. Nova’s unique capability to deliver innovative solutions enables its customers to improve performance, enhance product yields, and accelerate time to market. Nova acts as a partner to semiconductor manufacturers from its offices worldwide. Additional information can be found at Nova’s website link – https://www.novami.com/.
Forward looking statement:
This press release contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995 relating to future events or our future performance, such as statements regarding, but not limited to, anticipated growth opportunities and projections about our business and its future revenues, expenses and profitability. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied in those forward-looking statements. Factors that may affect our results, performance, circumstances or achievements include, but are not limited to, the following: increased information technology security threats and sophisticated computer crime; foreign political and economic risks including supply-chain difficulties; regulations that could restrict our operations such as economic sanctions and export restrictions; changes in U.S. trade policies; indirect effects of the Russia – Ukraine conflict; market instability including inflation and recessionary pressures; risks related to doing business with China; catastrophic events such as the outbreak of COVID-19; inability to protect our intellectual property; open source technology exposure; failure to compete effectively or to respond to rapid technological changes; consolidation in our industry; difficulty in predicting the length and strength of any downturn or expansion period of the market we target; factors that adversely affect the pricing and demand for our product lines; dependency on a small number of large customers; dependency on a single manufacturing facility per product line; dependency on a limited number of suppliers; difficulty in integrating current or future acquisitions; lengthy sales cycle and customer delays in orders; political, economic and military instability in Israel including related to the potential changes to the judicial system; risks related to our convertible notes; currency fluctuations; and quarterly fluctuations in our operating results. We cannot guarantee future results, levels of activity, performance or achievements. The matters discussed in this press release also involve risks and uncertainties summarized under the heading "Risk Factors" in Nova's Annual Report on Form 20-F for the year ended December 31, 2022, filed with the Securities and Exchange Commission on February 28, 2023. These factors are updated from time to time through the filing of reports and registration statements with the Securities and Exchange Commission. Nova Ltd. does not assume any obligation to update the forward-looking information contained in this press release.
REHOVOT, Israel, Aug. 3, 2023 /PRNewswire/ -- Nova (NASDAQ: NVMI) today announced financial results for the second quarter, the three-month period ended June 30, 2023.
Second Quarter 2023 Highlights:
- Quarterly revenue of $122.7 million, above the midpoint of guidance range of $117 to $125 million and down 13% year over year.
- GAAP net income of $29.9 million, or $0.94 per diluted share, higher than the company guidance of $0.75 to $0.89 and down 14% year over year on a per-share basis.
- Non-GAAP net income of $33.8 million, or $1.06 per diluted share, reaching the top of the company's guidance range of $0.92 to $1.06 and down 15% year over year on a per-share basis.
- Continued adoption of advanced dimensional and materials product portfolio, including the Elipson and multiple procurements of Nova's newest Veraflex model by a leading Memory customer.
- Heightened interest in Nova's unique technology offerings, including advanced packaging solutions, manifested by multiple evaluation processes at leading customers.
GAAP Results (K) |
|||
Q2 2023 |
Q1 2023 |
Q2 2022 |
|
Revenues |
$122,702 |
$132,193 |
$141,628 |
Net Income |
$29,926 |
$34,627 |
$34,878 |
Earnings per Diluted Share |
$0.94 |
$1.09 |
$1.09 |
Non-GAAP Results (K) |
|||
Q2 2023 |
Q1 2023 |
Q2 2022 |
|
Net Income |
$33,814 |
$39,075 |
$39,546 |
Earnings per Diluted Share |
$1.06 |
$1.23 |
$1.24 |
A reconciliation between GAAP operating results and non-GAAP operating results is provided following the financial statements included in |
Management Comments
"Nova's results for the quarter met our expectations, highlighting the resilience of our portfolio, our wide exposure to new advanced applications, a well-maintained operational model, an effective combination of customers' focus and our roadmap of continuous investment in every division," said Gaby Waisman, President and CEO. "The value of our broad Materials and Dimensional portfolio propels increased traction with several notable achievements this quarter, including new penetrations and additional orders following successful evaluations of our new portfolio products. These opportunities will allow us to broaden our position and capitalize on larger opportunities once the industry fully recovers."
2023 Third Quarter Financial Outlook
Management provided an outlook for the third quarter, the period ending September 30, 2023. Based on current estimates, management expects:
- $119 million to $126 million in revenue
- $0.83 to $0.94 in diluted GAAP EPS
- $1.02 to $1.13 in diluted non-GAAP EPS
2023 Second Quarter Results
Total revenues for the second quarter of 2023 were $122.7 million, a decrease of 7% compared with the first quarter of 2023 and a decrease of 13% compared with the second quarter of 2022.
Gross margin in the second quarter of 2023 was 57%, compared with 58% in the first quarter of 2023 and 56% in the second quarter of 2022.
Operating expenses in the second quarter of 2023 were $40.9 million, compared with $41.5 million in the first quarter of 2023 and $42.1 million in the second quarter of 2022.
On a GAAP basis, the Company reported net income of $29.9 million, or $0.94 per diluted share, in the second quarter of 2023. This is compared with net income of $34.6 million, or $1.09 per diluted share, in the first quarter of 2023, and net income of $34.9 million, or $1.09 per diluted share, in the second quarter of 2022.
On a non-GAAP basis, the Company reported net income of $33.8 million, or $1.06 per diluted share, in the second quarter of 2023. This is compared with net income of $39.1 million, or $1.23 per diluted share, in the first quarter of 2023, and net income of $39.5 million, or $1.24 per diluted share, in the second quarter of 2022.
Conference Call Information
Nova will host a conference call today, August 03, 2023, at 8:30 a.m. Eastern Time, to discuss the Company's second quarter 2023 financial results and outlook. To attend the conference call, please dial one of the following teleconferencing numbers. Please begin by placing your calls five minutes before the conference call commences. If you are unable to connect using the toll-free numbers, please try the international dial-in number.
U.S. TOLL-FREE Dial-in Number: 1-877-300-8521
ISRAEL TOLL-FREE Dial-in Number: 1809-213-284
INTERNATIONAL Dial-in Number: 1-412-317-6026
At:
8:30 a.m. Eastern Time
5:30 a.m. Pacific Time
3:30 p.m. Israel Time
The conference call will also be webcast live from a Link on Nova's website at https://www.novami.com/investors/events/.
A replay of the conference call will be available from August 3, 2023, at 11:30 a.m. Eastern Time until August 10, 2023, at 11:59 p.m. Eastern Time. To access the replay, please dial one of the following numbers:
Replay Dial-in U.S. TOLL-FREE: 1-844-512-2921
Replay Dial-in INTERNATIONAL : 1-412-317-6671
Replay Pin Number: 10180161
A replay will also be available for 90 days on Nova's website link at https://www.novami.com/investors/events/.
About Nova
Nova is a leading innovator and key provider of material, optical and chemical metrology solutions for advanced process control in semiconductor manufacturing. Nova delivers continuous innovation by providing state-of-the-art, high-performance metrology solutions for effective process control throughout the semiconductor fabrication lifecycle. Nova's product portfolio, which combines high-precision hardware and cutting-edge software, provides its customers with deep insight into developing and producing the most advanced semiconductor devices. Nova's unique capability to deliver innovative solutions enables its customers to improve performance, enhance product yields and accelerate time to market. Nova acts as a partner to semiconductor manufacturers from its offices worldwide. Additional information may be found on Nova's website link - https://www.novami.com/.
Nova is traded on the Nasdaq and TASE, Nasdaq ticker symbol NVMI.
Use of Non-GAAP Adjusted Financial Measures
This press release provides financial measures that exclude amortization of acquired intangible assets, acquisition-related expenses, inventory step-up and contingent consideration revaluation, stock-based compensation expenses, revaluation of operating lease liabilities, amortization of debt discount and issuance costs and tax effect of non-GAAP adjustment, as applicable, and are therefore not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding Nova's performance because they reflect our operational results and enhance management's and investors' ability to evaluate Nova's performance before charges or benefits considered by management to be outside Nova's ongoing operating results. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management believes that it is in the best interest of its investors to provide financial information that will facilitate comparison of both historical and future results and allow greater transparency to supplemental information used by management in its financial and operational decision making. A reconciliation of each GAAP to non-GAAP financial measure discussed in this press release is contained in the accompanying financial tables.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995 relating to future events or our future performance, such as statements regarding, but not limited to, anticipated growth opportunities and projections about our business and its future revenues, expenses and profitability. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied in those forward-looking statements. Factors that may affect our results, performance, circumstances or achievements include, but are not limited to, the following: catastrophic events such as the outbreak of COVID-19; increased information technology security threats and sophisticated computer crime; foreign political and economic risks; changes in U.S. trade policies; inability to protect our intellectual property; open source technology exposure; failure to compete effectively or to respond to rapid technological change; consolidation in our industry; difficulty in predicting the length and strength of any downturn or expansion period of the market we target; factors that adversely affect the pricing and demand for our product lines; dependency on a small number of large customers; dependency on a single manufacturing facility per product line; dependency on a limited number of suppliers; difficulty in integrating current or future acquisitions; lengthy sales cycle and customer delays in orders; political, economic, and military instability in Israel; risks related to our convertible notes; currency fluctuations; and quarterly fluctuations in our operating results. We cannot guarantee future results, levels of activity, performance or achievements. The matters discussed in this press release also involve risks and uncertainties summarized under the heading "Risk Factors" in Nova's Annual Report on Form 20-F for the year ended December 31, 2022, filed with the Securities and Exchange Commission on February 28, 2023. These factors are updated from time to time through the filing of reports and registration statements with the Securities and Exchange Commission. Nova Ltd. does not assume any obligation to update the forward-looking information contained in this press release.
(Tables to Follow)
NOVA LTD. CONDENSED CONSOLIDATED BALANCE SHEETS (U.S. dollars in thousands) - (Unaudited) |
||
As of |
||
June 30, |
December 31, |
|
ASSETS |
2023 |
2022 |
Current assets |
||
Cash and cash equivalents |
129,190 |
111,121 |
Short-term interest-bearing bank deposits |
99,036 |
95,305 |
Marketable securities |
188,163 |
167,073 |
Trade accounts receivable, net |
82,904 |
109,320 |
Inventories |
149,001 |
116,600 |
Other current assets |
16,220 |
13,527 |
Total current assets |
664,514 |
612,946 |
Non-current assets |
||
Marketable securities |
148,379 |
153,462 |
Interest-bearing bank deposits and restricted cash |
5,971 |
2,083 |
Deferred tax assets |
23,756 |
20,097 |
Operating lease right-of-use assets |
43,134 |
44,885 |
Property plant and equipment, net |
60,471 |
55,886 |
Intangible assets, net |
41,434 |
43,586 |
Goodwill |
49,539 |
49,009 |
Other long-term assets |
1,906 |
2,151 |
Total non-current assets |
374,590 |
371,159 |
Total assets |
1,039,104 |
984,105 |
LIABILITIES AND SHAREHOLDERS' EQUITY |
||
Current liabilities |
||
Convertible senior notes, net |
197,030 |
- |
Trade accounts payable |
35,951 |
42,732 |
Deferred revenues |
27,181 |
30,543 |
Operating lease current liabilities |
5,728 |
5,968 |
Other current liabilities |
47,323 |
54,825 |
Total current liabilities |
313,213 |
134,068 |
Non-current liabilities |
||
Convertible senior notes, net |
- |
196,394 |
Operating lease long-term liabilities |
40,564 |
43,697 |
Long-term deferred tax liability |
11,675 |
12,190 |
Other long-term liabilities |
11,324 |
10,793 |
Total non-current liabilities |
63,563 |
263,074 |
Shareholders' equity |
662,328 |
586,963 |
Total liabilities and shareholders' equity |
1,039,104 |
984,105 |
NOVA LTD. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (U.S. dollars in thousands, except per share data) - (Unaudited) |
||||
Three months ended June 30, |
Six months ended June 30, |
|||
2023 |
2022 |
2023 |
2022 |
|
Revenues: |
||||
Products |
95,627 |
114,120 |
200,958 |
224,032 |
Services |
27,075 |
27,508 |
53,937 |
51,553 |
Total revenues |
122,702 |
141,628 |
254,895 |
275,585 |
Total cost of revenues |
53,044 |
62,595 |
107,971 |
121,877 |
Gross profit |
69,658 |
79,033 |
146,924 |
153,708 |
Operating expenses: |
||||
Research and development, net |
22,413 |
22,115 |
45,381 |
41,244 |
Sales and marketing |
12,927 |
12,500 |
26,449 |
24,884 |
General and administrative |
5,602 |
7,455 |
10,641 |
13,511 |
Total operating expenses |
40,942 |
42,070 |
82,471 |
79,639 |
Operating income |
28,716 |
36,963 |
64,453 |
74,069 |
Financing income, net |
5,628 |
3,568 |
10,356 |
4,786 |
Income before taxes on income |
34,344 |
40,531 |
74,809 |
78,855 |
Income tax expenses |
4,418 |
5,653 |
10,256 |
9,815 |
Net income for the period |
29,926 |
34,878 |
64,553 |
69,040 |
Earnings per share: |
||||
Basic |
1.04 |
1.22 |
2.25 |
2.41 |
Diluted |
0.94 |
1.09 |
2.02 |
2.16 |
Shares used in calculation of earnings per share |
||||
Basic |
28,766 |
28,688 |
28,706 |
28,662 |
Diluted |
31,928 |
31,902 |
31,927 |
31,963 |
NOVA LTD. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (U.S. dollars in thousands) - (Unaudited) |
||||
Three months ended June 30, |
Six months ended June 30, |
|||
2023 |
2022 |
2023 |
2022 |
|
Cash flows from operating activities: |
||||
Net income |
29,926 |
34,878 |
64,553 |
69,040 |
Adjustments to reconcile net income to net cash provided by operating activities: |
||||
Depreciation of property and equipment |
2,476 |
2,001 |
4,816 |
4,036 |
Amortization of intangible assets |
1,475 |
1,513 |
2,919 |
3,126 |
Amortization of premium and accretion of discount on marketable securities, net |
(621) |
715 |
(1,049) |
1,544 |
Amortization of debt discount and issuance costs |
320 |
318 |
636 |
638 |
Share-based compensation |
3,667 |
4,072 |
8,061 |
7,932 |
Net effect of exchange rate fluctuation |
407 |
2,178 |
1,756 |
2,971 |
Changes in assets and liabilities: |
||||
Trade accounts receivable, net |
18,064 |
(17,264) |
26,681 |
(16,794) |
Inventories |
(14,689) |
(5,637) |
(35,024) |
(12,535) |
Other current and long-term assets |
5,513 |
7,925 |
(2,718) |
(8,071) |
Deferred tax assets, net |
(2,406) |
(2,331) |
(4,343) |
(4,940) |
Operating lease right-of-use assets |
839 |
1,123 |
1,641 |
2,035 |
Trade accounts payable |
(7,773) |
881 |
(7,273) |
(1,060) |
Deferred revenues |
(3,055) |
5,266 |
(3,368) |
4,522 |
Operating lease liabilities |
(1,617) |
(4,332) |
(3,262) |
(5,138) |
Other current and long-term liabilities |
(8,288) |
(6,234) |
(6,618) |
(9,385) |
Accrued severance pay, net |
(71) |
10 |
(169) |
71 |
Net cash provided by operating activities |
24,167 |
25,082 |
47,239 |
37,992 |
Cash flows from investment activities: |
||||
Acquisition of subsidiary, net of acquired cash |
- |
- |
- |
(78,469) |
Change in short-term and long-term interest-bearing bank deposits |
14,452 |
66,872 |
(8,610) |
116,504 |
Investment in marketable securities |
(44,458) |
(34,691) |
(98,140) |
(51,527) |
Proceeds from maturity of marketable securities |
42,423 |
18,428 |
84,315 |
34,198 |
Purchase of property and equipment |
(3,274) |
(4,239) |
(6,032) |
(7,957) |
Net cash provided by (used in) investing activities |
9,143 |
46,370 |
(28,467) |
12,749 |
Cash flows from financing activities: |
||||
Purchases of treasury shares |
- |
(4,270) |
(112) |
(4,270) |
Proceeds from exercise of options |
115 |
82 |
115 |
82 |
Net cash provided by (used in) financing activities |
115 |
(4,188) |
3 |
(4,188) |
Effect of exchange rate fluctuations on cash and cash equivalents |
(310) |
(2,160) |
(1,306) |
(2,954) |
Changes in cash and cash equivalents and restricted cash |
33,115 |
65,104 |
17,469 |
43,599 |
Cash and cash equivalents and restricted cash -beginning of period |
96,075 |
105,193 |
111,721 |
126,698 |
Cash and cash equivalents - end of period |
129,190 |
170,297 |
129,190 |
170,297 |
NOVA LTD. RECONCILIATION OF GAAP TO NON-GAAP RESULTS (U.S. dollars in thousands, except percentage and per share data) - (Unaudited) |
||||||
Three months ended |
||||||
June 30, |
March 31, |
June 30, |
||||
GAAP gross profit |
69,658 |
77,266 |
79,033 |
|||
Stock-based compensation* |
1,071 |
1,165 |
1,021 |
|||
Amortization of acquired intangible assets |
1,368 |
1,338 |
1,355 |
|||
Acquisition related inventory step-up |
- |
- |
366 |
|||
Non-GAAP gross profit |
72,097 |
79,769 |
81,775 |
|||
GAAP gross margin as a percentage of revenues |
57 % |
58 % |
56 % |
|||
Non-GAAP gross margin as a percentage of revenues |
59 % |
60 % |
58 % |
|||
GAAP operating income |
28,716 |
35,737 |
36,963 |
|||
Stock-based compensation* |
3,667 |
4,394 |
4,072 |
|||
Acquisition-related inventory step-up |
- |
- |
366 |
|||
Acquisition-related expenses and contingent consideration revaluation |
- |
- |
2,392 |
|||
Amortization of acquired intangible assets |
1,475 |
1,444 |
1,513 |
|||
Non-GAAP operating income |
33,858 |
41,575 |
45,306 |
|||
GAAP operating margin as a percentage of revenues |
23 % |
27 % |
26 % |
|||
Non-GAAP operating margin as a percentage of revenues |
28 % |
31 % |
32 % |
|||
GAAP net income |
29,926 |
34,627 |
34,878 |
|||
Stock-based compensation* |
3,667 |
4,394 |
4,072 |
|||
Acquisition-related inventory step-up |
- |
- |
366 |
|||
Acquisition-related expenses and contingent consideration revaluation |
- |
- |
2,392 |
|||
Amortization of acquired intangible assets |
1,475 |
1,444 |
1,513 |
|||
Amortization of debt discount and issuance costs |
320 |
316 |
318 |
|||
Revaluation of operating lease liabilities |
(768) |
(822) |
(3,350) |
|||
Tax effect of non-GAAP adjustments |
(806) |
(884) |
(643) |
|||
Non-GAAP net income |
33,814 |
39,075 |
39,546 |
|||
GAAP basic earnings per share |
1.04 |
1.21 |
1.22 |
|||
Non-GAAP basic earnings per share |
1.18 |
1.36 |
1.38 |
|||
GAAP diluted earnings per share |
0.94 |
1.09 |
1.09 |
|||
Non-GAAP diluted earnings per share |
1.06 |
1.23 |
1.24 |
|||
Shares used for calculation of earnings per share |
||||||
Basic |
28,766 |
28,678 |
28,688 |
|||
Diluted |
31,928 |
31,824 |
31,902 |
|||
* Stock-based compensation for the three months ended June 30, 2023, included in – Cost of revenues - 1,071; |
NOVA LTD. SUPPLEMENTAL INFORMATION - RECONCILIATION OF SECOND QUARTER 2023 GAAP TO NON-GAAP GUIDANCE (U.S. dollars) (Unaudited) |
||
Low |
High |
|
Estimated GAAP net income per diluted share |
0.83 |
0.94 |
Estimated non-GAAP items: |
||
Stock-based compensation |
0.18 |
0.18 |
Amortization of acquired intangible assets |
0.04 |
0.04 |
Amortization of issuance costs |
0.01 |
0.01 |
Tax effect of non-GAAP adjustments |
(0.04) |
(0.04) |
Estimated non-GAAP net income per diluted share |
1.02 |
1.13 |
Company Contact:
Dror David, Chief Financial Officer
Tel: +972-73-229-5760
E-mail - [email protected]
Nova website link - https://www.novami.com/
Investor Relations Contact:
Miri Segal MS-IR LLC
Tel: +917-607-8654
E-mail - [email protected]
Logo - https://mma.prnewswire.com/media/1446151/Nova_Logo.jpg [mma.prnewswire.com]
Rehovot, Israel, May 24, 2023 – Nova (Nasdaq: NVMI), a leading innovator and a key provider of metrology solutions for advanced process control used in semiconductor manufacturing, today announced that Gaby Waisman, President and Chief Executive Officer and Dror David, Chief Financial Officer, will participate in the following investor conferences in June and in Semicon West in July:
- Stifel Cross Sector Insight Conference
Format: In-person one-on-one meetings
When: Tuesday, June 6
Location: InterContinental Hotel, Boston
- Bank of America 2023 Global Technology Conference
Format: In-person fireside chat and one-on-one meetings
When: Meetings will be held on Wednesday, June 7, and the fireside chat, moderated by Vivek Aya, Managing Director, is scheduled for Thursday, June 8 at 8:40 a.m. PT
Location: The Westin St. Francis Hotel, Union Square, San Francisco
- Semicon West Investor Meetings
Format: In-person one-on-one meetings
When: July 11-12
Location: Hotel Zelos, San Francisco
Management will be available for one-on-one meetings during these conferences. To schedule a meeting, contact your Stifel or Bank of America representative.
A live webcast of the Bank of America fireside chat will be available from Nova’s investor relations page link – https://www.novami.com/investors/lobby/.
To schedule meetings at Semicon West, please contact Miri Segal at E-mail: [email protected].
About Nova:
Nova is a leading innovator and key provider of material, optical, and chemical metrology solutions for advanced process control in semiconductor manufacturing. Nova delivers continuous innovation by providing state-of-the-art high-performance metrology solutions for effective process control throughout the semiconductor fabrication lifecycle. Nova’s product portfolio, which combines high-precision hardware and cutting-edge software, provides its customers with deep insight into developing and producing the most advanced semiconductor devices. Nova’s unique capability to deliver innovative solutions enables its customers to improve performance, enhance product yields, and accelerate time to market. Nova acts as a partner to semiconductor manufacturers from its offices worldwide. Additional information can be found at Nova’s website link – https://www.novami.com/.
Forward looking statement:
This press release contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995 relating to future events or our future performance, such as statements regarding, but not limited to, anticipated growth opportunities and projections about our business and its future revenues, expenses and profitability. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied in those forward-looking statements. Factors that may affect our results, performance, circumstances or achievements include, but are not limited to, the following: increased information technology security threats and sophisticated computer crime; foreign political and economic risks including supply-chain difficulties; regulations that could restrict our operations such as economic sanctions and export restrictions; changes in U.S. trade policies; indirect effects of the Russia – Ukraine conflict; market instability including inflation and recessionary pressures; risks related to doing business with China; catastrophic events such as the outbreak of COVID-19; inability to protect our intellectual property; open source technology exposure; failure to compete effectively or to respond to rapid technological changes; consolidation in our industry; difficulty in predicting the length and strength of any downturn or expansion period of the market we target; factors that adversely affect the pricing and demand for our product lines; dependency on a small number of large customers; dependency on a single manufacturing facility per product line; dependency on a limited number of suppliers; difficulty in integrating current or future acquisitions; lengthy sales cycle and customer delays in orders; political, economic and military instability in Israel including related to the potential changes to the judicial system; risks related to our convertible notes; currency fluctuations; and quarterly fluctuations in our operating results. We cannot guarantee future results, levels of activity, performance or achievements. The matters discussed in this press release also involve risks and uncertainties summarized under the heading “Risk Factors” in Nova’s Annual Report on Form 20-F for the year ended December 31, 2022, filed with the Securities and Exchange Commission on February 28, 2023. These factors are updated from time to time through the filing of reports and registration statements with the Securities and Exchange Commission. Nova Ltd. does not assume any obligation to update the forward-looking information contained in this press release.
REHOVOT, Israel, May 11, 2023 /PRNewswire/ — Nova (Nasdaq: NVMI) today announced financial results for the first quarter ended March 31, 2023.
First Quarter 2023 Highlights:
- Quarterly revenue of $132.2 million, down 1% year over year
- GAAP net income of $34.6 million, or $1.09 per diluted share, up 2% year over year on a per-share basis, exceeding management guidance of $0.77 to $0.98
- Non-GAAP net income of $39.1 million, or $1.23 per diluted share, down 5% year over year on a per-share basis, exceeding management guidance of $0.93 to $1.14
- Significant improvement in blended gross margin, driven by record software revenues and a favorable product mix
- Record bookings for materials metrology, including VeraFlex, Metrion, and Elipson platforms
GAAP Results (K)
Q1 2023 |
Q4 2022 |
Q1 2022 |
|
Revenues |
$132,193 |
$151,238 |
$133,957 |
Net Income |
$34,627 |
$36,098 |
$34,162 |
Earnings per Diluted Share |
$1.09 |
$1.14 |
$1.07 |
Non-GAAP Results (K)
Q1 2023 |
Q4 2022 |
Q1 2022 |
|
Net Income |
$39,075 |
$40,778 |
$41,487 |
Earnings per Diluted Share |
$1.23 |
$1.28 |
$1.30 |
A reconciliation between GAAP operating results and non-GAAP operating results is provided following the financial statements included in this release. See also “Use of Non-GAAP Adjusted Financial Measures” section.
Management Comments
“Nova’s performance in the first quarter displays resilience amidst a challenging industry environment. Our excellent profitability attests to the exceptional value our portfolio offers to customers and to the agility of our operational model,” said Gaby Waisman, President and CEO. “We’re encouraged by the record bookings for our materials metrology solutions and believe our positioning in this strategic domain is a growth engine for years to come. As our industry charts a path forward, navigating a host of global volatile conditions, we at Nova remain focused on our strategic plans and infrastructure investments that will enable our long-term growth.”
2023 Second Quarter Financial Outlook
Management provided an outlook for the second quarter, the period ending June 30, 2023. Based on current estimates, management expects:
- $117 million to $125 million in revenue
- $0.75 to $0.89 in diluted GAAP EPS
- $0.92 to $1.06 in diluted non-GAAP EPS
2023 First Quarter Results
Total revenues for the first quarter of 2023 were $132.2 million, a decrease of 13% compared with the fourth quarter of 2022 and a decrease of 1% compared with the first quarter of 2022.
Gross margin in the first quarter of 2023 was 58%, compared with 55% in the fourth quarter of 2022 and 56% in the first quarter of 2022.
Operating expenses in the first quarter of 2023 were $41.5 million, compared with $45.5 million in the fourth quarter of 2022 and $37.6 million in the first quarter of 2022.
On a GAAP basis, the Company reported net income of $34.6 million, or $1.09 per diluted share, in the first quarter of 2023. This is compared with net income of $36.1 million, or $1.14 per diluted share, in the fourth quarter of 2022, and net income of $34.2 million, or $1.07 per diluted share, in the first quarter of 2022.
On a non-GAAP basis, the Company reported net income of $39.1 million, or $1.23 per diluted share, in the first quarter of 2023. This is compared with net income of $40.8 million, or $1.28 per diluted share, in the fourth quarter of 2022, and net income of $41.5 million, or $1.30 per diluted share, in the first quarter of 2022.
Conference Call Information
Nova will host a conference call today, May 11, 2023, at 8:30 a.m. Eastern Time, to discuss the financial results and outlook. To attend the conference call, please dial one of the following teleconferencing numbers. Please begin by placing your calls five minutes before the conference call commences. If you are unable to connect using the toll-free numbers, please try the international dial-in number.
U.S. TOLL-FREE Dial-in Number: 1-844-826-3035
ISRAEL TOLL-FREE Dial-in Number: 1-80-921-3284
INTERNATIONAL Dial-in Number: 1-412-317-5195
At:
8:30 a.m. Eastern Time
5:30 a.m. Pacific Time
3:30 p.m. Israel Time
The conference call will also be webcast live from a Link on Nova’s website at https://www.novami.com/investors/events/.
A replay of the conference call will be available from May 11, 2023, at 11:30 a.m. Eastern Time until May 18, 2023, at 11:59 p.m. Eastern Time. To access the replay, please dial one of the following numbers:
Replay Dial-in TOLL-FREE: 1-844-512-2921
Replay Dial-in TOLL/INTERNATIONAL: 1-412-317-6671
Replay Pin Number: 10177465
A replay will also be available for 90 days on Nova’s website link at https://www.novami.com/investors/events/.
About Nova
Nova is a leading innovator and key provider of material, optical and chemical metrology solutions for advanced process control in semiconductor manufacturing. Nova delivers continuous innovation by providing state-of-the-art, high-performance metrology solutions for effective process control throughout the semiconductor fabrication lifecycle. Nova’s product portfolio, which combines high-precision hardware and cutting-edge software, provides its customers with deep insight into developing and producing the most advanced semiconductor devices. Nova’s unique capability to deliver innovative solutions enables its customers to improve performance, enhance product yields and accelerate time to market. Nova acts as a partner to semiconductor manufacturers from its offices worldwide. Additional information may be found on Nova’s website link – https://www.novami.com/.
Nova is traded on the Nasdaq and TASE, Nasdaq ticker symbol NVMI.
Use of Non-GAAP Adjusted Financial Measures
This press release provides financial measures that exclude amortization of acquired intangible assets, acquisition-related expenses, inventory step-up and contingent consideration revaluation, stock-based compensation expenses, revaluation of operating lease liabilities, amortization of debt discount and issuance costs and tax effect of non-GAAP adjustment, as applicable, and are therefore not calculated in accordance with generally accepted accounting principles (GAAP). Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding Nova’s performance because they reflect our operational results and enhance management’s and investors’ ability to evaluate Nova’s performance before charges or benefits considered by management to be outside Nova’s ongoing operating results. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. Management believes that it is in the best interest of its investors to provide financial information that will facilitate comparison of both historical and future results and allow greater transparency to supplemental information used by management in its financial and operational decision making. A reconciliation of each GAAP to non-GAAP financial measure discussed in this press release is contained in the accompanying financial tables.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995 relating to future events or our future performance, such as statements regarding, but not limited to, anticipated growth opportunities and projections about our business and its future revenues, expenses and profitability. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied in those forward-looking statements. Factors that may affect our results, performance, circumstances or achievements include, but are not limited to, the following: increased information technology security threats and sophisticated computer crime; foreign political and economic risks including supply-chain difficulties; regulations that could restrict our operations such as economic sanctions and export restrictions; changes in U.S. trade policies; indirect effects of the Russia – Ukraine conflict; market instability including inflation and recessionary pressures; risks related to doing business with China; catastrophic events such as the outbreak of COVID-19; inability to protect our intellectual property; open source technology exposure; failure to compete effectively or to respond to rapid technological changes; consolidation in our industry; difficulty in predicting the length and strength of any downturn or expansion period of the market we target; factors that adversely affect the pricing and demand for our product lines; dependency on a small number of large customers; dependency on a single manufacturing facility per product line; dependency on a limited number of suppliers; difficulty in integrating current or future acquisitions; lengthy sales cycle and customer delays in orders; political, economic and military instability in Israel including related to the potential changes to the judicial system; risks related to our convertible notes; currency fluctuations; and quarterly fluctuations in our operating results. We cannot guarantee future results, levels of activity, performance or achievements. The matters discussed in this press release also involve risks and uncertainties summarized under the heading “Risk Factors” in Nova’s Annual Report on Form 20-F for the year ended December 31, 2022, filed with the Securities and Exchange Commission on February 28, 2023. These factors are updated from time to time through the filing of reports and registration statements with the Securities and Exchange Commission. Nova Ltd. does not assume any obligation to update the forward-looking information contained in this press release.
NOVA LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands) – (Unaudited)
As of |
||
March 31, |
December 31, |
|
ASSETS |
2023 |
2022 |
Current assets |
||
Cash and cash equivalents |
96,075 |
111,121 |
Short-term interest-bearing bank deposits |
113,562 |
95,305 |
Marketable securities |
179,761 |
167,073 |
Trade accounts receivable, net |
100,985 |
109,320 |
Inventories |
137,096 |
116,600 |
Other current assets |
21,639 |
13,527 |
Total current assets |
649,118 |
612,946 |
Non-current assets |
||
Marketable securities |
154,825 |
153,462 |
Interest-bearing bank deposits and restricted cash |
5,998 |
2,083 |
Deferred tax assets |
21,656 |
20,097 |
Operating lease right-of-use assets |
43,968 |
44,885 |
Property plant and equipment, net |
56,821 |
55,886 |
Intangible assets, net |
42,969 |
43,586 |
Goodwill |
49,585 |
49,009 |
Other long-term assets |
1,997 |
2,151 |
Total non-current assets |
377,819 |
371,159 |
Total assets |
1,026,937 |
984,105 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |
||
Current liabilities |
||
Trade accounts payable |
43,092 |
42,732 |
Deferred revenues |
30,238 |
30,543 |
Operating lease current liabilities |
5,974 |
5,968 |
Other current liabilities |
56,426 |
54,825 |
Total current liabilities |
135,730 |
134,068 |
Non-current liabilities |
||
Convertible senior notes, net |
196,710 |
196,394 |
Operating lease long-term liabilities |
41,932 |
43,697 |
Long-term deferred tax liability |
12,065 |
12,190 |
Other long-term liabilities |
11,206 |
10,793 |
Total non-current liabilities |
261,913 |
263,074 |
Shareholders’ equity |
629,294 |
586,963 |
Total liabilities and shareholders’ equity |
1,026,937 |
984,105 |
NOVA LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(U.S. dollars in thousands, except per share data) – (Unaudited)
Three months ended |
||
2023 |
2022 |
|
Revenues: |
||
Products |
105,331 |
109,912 |
Services |
26,862 |
24,045 |
Total revenues |
132,193 |
133,957 |
Total cost of revenues |
54,927 |
59,282 |
Gross profit |
77,266 |
74,675 |
Operating expenses: |
||
Research and development, net |
22,968 |
19,129 |
Sales and marketing |
13,522 |
12,384 |
General and administrative |
5,039 |
6,056 |
Total operating expenses |
41,529 |
37,569 |
Operating income |
35,737 |
37,106 |
Financing income, net |
4,728 |
1,218 |
Income before taxes on income |
40,465 |
38,324 |
Income tax expenses |
5,838 |
4,162 |
Net income for the period |
34,627 |
34,162 |
Earnings per share: |
||
Basic |
1.21 |
1.20 |
Diluted |
1.09 |
1.07 |
Shares used in calculation of earnings per share |
||
Basic |
28,678 |
28,579 |
Diluted |
31,824 |
31,968 |
NOVA LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S. dollars in thousands) – (Unaudited)
Three months ended |
||
2023 |
2022 |
|
Cash flows from operating activities: |
||
Net income |
34,627 |
34,162 |
Adjustments to reconcile net income to net cash provided by operating activities: |
||
Depreciation of property and equipment |
2,340 |
2,035 |
Amortization of intangible assets |
1,444 |
1,613 |
Amortization of premium and accretion of discount on marketable securities, net |
(428) |
829 |
Amortization of debt discount and issuance costs |
316 |
320 |
Share-based compensation |
4,394 |
3,860 |
Net effect of exchange rate fluctuation |
1,349 |
793 |
Changes in assets and liabilities: |
||
Trade accounts receivables, net |
8,617 |
470 |
Inventories |
(20,335) |
(6,898) |
Other current and long-term assets |
(8,231) |
(15,996) |
Deferred tax assets, net |
(1,937) |
(2,609) |
Operating lease right-of-use assets |
802 |
912 |
Trade accounts payables |
500 |
(1,941) |
Deferred revenues |
(313) |
(744) |
Operating lease liabilities |
(1,645) |
(806) |
Other current and long-term liabilities |
1,670 |
(3,151) |
Accrued severance pay, net |
(98) |
61 |
Net cash provided by operating activities |
23,072 |
12,910 |
Cash flows from investment activities: |
||
Acquisition of subsidiary, net of acquired cash |
– |
(78,469) |
Change in short-term and long-term interest-bearing bank deposits |
(23,062) |
49,632 |
Investment in marketable securities |
(53,682) |
(16,836) |
Proceeds from maturity of marketable securities |
41,892 |
15,770 |
Purchase of property and equipment |
(2,758) |
(3,718) |
Net cash used in investing activities |
(37,610) |
(33,621) |
Cash flows from financing activities: |
||
Purchases of treasury shares |
(112) |
– |
Net cash used in financing activities |
(112) |
– |
Effect of exchange rate fluctuations on cash and cash equivalents |
(996) |
(794) |
Changes in cash and cash equivalents and restricted cash |
(15,646) |
(21,505) |
Cash and cash equivalents and restricted cash – beginning of period |
111,721 |
126,698 |
Cash and cash equivalents – end of period |
96,075 |
105,193 |
NOVA LTD.
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(U.S. dollars in thousands, except percentage and per share data) – (Unaudited)
Three months ended |
||||
March 31, |
December 31, |
March 31, |
||
GAAP gross profit |
77,266 |
82,421 |
74,675 |
|
Stock-based compensation* |
1,165 |
1,148 |
883 |
|
Amortization of acquired intangible assets |
1,338 |
1,307 |
1,475 |
|
Acquisition related inventory step-up |
– |
– |
2,606 |
|
Non-GAAP gross profit |
79,769 |
84,876 |
79,639 |
|
GAAP gross margin as a percentage of revenues |
58 % |
54 % |
56 % |
|
Non-GAAP gross margin as a percentage of revenues |
60 % |
56 % |
59 % |
|
GAAP operating income |
35,737 |
36,924 |
37,106 |
|
Stock-based compensation* |
4,394 |
4,381 |
3,860 |
|
Acquisition-related inventory step-up |
– |
– |
2,606 |
|
Acquisition-related expenses and contingent consideration revaluation |
– |
(752) |
1,355 |
|
Amortization of acquired intangible assets |
1,444 |
1,463 |
1,613 |
|
Non-GAAP operating income |
41,575 |
42,016 |
46,540 |
|
GAAP operating margin as a percentage of revenues |
27 % |
24 % |
28 % |
|
Non-GAAP operating margin as a percentage of revenues |
31 % |
28 % |
35 % |
|
GAAP net income |
34,627 |
36,098 |
34,162 |
|
Stock-based compensation* |
4,394 |
4,381 |
3,860 |
|
Acquisition-related inventory step-up |
– |
– |
2,606 |
|
Acquisition-related expenses and contingent consideration revaluation |
– |
(752) |
1,355 |
|
Amortization of acquired intangible assets |
1,444 |
1,463 |
1,613 |
|
Amortization of debt discount and issuance costs |
316 |
322 |
320 |
|
Revaluation of operating lease liabilities |
(822) |
294 |
(546) |
|
Tax effect of non-GAAP adjustments |
(884) |
(1,028) |
(1,883) |
|
Non-GAAP net income |
39,075 |
40,778 |
41,487 |
|
GAAP basic earnings per share |
1.21 |
1.26 |
1.20 |
|
Non-GAAP basic earnings per share |
1.36 |
1.42 |
1.45 |
|
GAAP diluted earnings per share |
1.09 |
1.14 |
1.07 |
|
Non-GAAP diluted earnings per share |
1.23 |
1.28 |
1.30 |
|
Shares used for calculation of earnings per share |
||||
Basic |
28,678 |
28,731 |
28,579 |
|
Diluted |
31,824 |
31,737 |
31,968 |
|
* Stock-based compensation for the three months ended, March 31, 2023 included in – Cost of revenues – 1,165; Research and development, net – 1,784; Sales and marketing – 847; General and administrative – 598.
NOVA LTD.
SUPPLEMENTAL INFORMATION – RECONCILIATION OF SECOND QUARTER 2023
GAAP TO NON-GAAP GUIDANCE
(Unaudited)
Low |
High |
|
Estimated GAAP net income per diluted share |
0.75 |
0.89 |
Estimated non-GAAP items: |
||
Stock-based compensation |
0.15 |
0.15 |
Amortization of acquired intangible assets |
0.04 |
0.04 |
Amortization of issuance costs |
0.01 |
0.01 |
Tax effect of non-GAAP adjustments |
(0.03) |
(0.03) |
Estimated non-GAAP net income per diluted share |
0.92 |
1.06 |
Company Contact:
Dror David, Chief Financial Officer
Tel: +972-73-229-5760
E-mail – [email protected]
Nova website link – https://www.novami.com/
Investor Relations Contact:
Miri Segal MS-IR LLC
Tel: +917-607-8654
E-mail – [email protected]
Logo – https://mma.prnewswire.com/media/1446151/Nova_Logo.jpg [mma.prnewswire.com]
Rehovot, Israel, May 10, 2021 – Nova (Nasdaq: NVMI) today announced that Dror David, Chief Financial Officer, will participate in the following upcoming virtual investor conferences:
- Needham’s 16th Annual Technology & Media Conference
The conference will take place May 17-20, 2021. Dror David will be available for one-on-one meetings on May 19.
- The 2021 BofA Securities Global Technology Conference
The conference will take place June 8-10, 2021. Dror David will participate in a fireside chat on June 8 at 9:15 a.m. ET. The session will be moderated by the research analyst Vivek Arya. Dror will be available for one-on-one meetings throughout the same day.
- Stifel 2021 Cross Sector Insight Conference
The conference will take place on June 6-8, 2021. Dror David will hold one-on-one meetings on June 9.
To schedule a meeting, please contact your salesperson or Miri Segal at [email protected].
About Nova: Nova is a leading innovator and key provider of metrology solutions for advanced process control used in semiconductor manufacturing. Nova delivers continuous innovation by providing state-of-the-art high-performance metrology solutions for effective process control throughout the semiconductor fabrication lifecycle. Nova’s product portfolio combines high-precision hardware and cutting-edge software provides customers with deep insight into the development and production of the most advanced semiconductor devices. Nova’s unique capability to deliver innovative X-ray and optical solutions enable its customers to improve performance, enhance product yields and accelerate time to market. Nova partners with semiconductor manufacturers from its offices around the world. Additional information may be found at https://www.novami.com/.
Nova is traded on NASDAQ & TASE under the symbol NVMI.
This press release contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995 relating to future events or our future performance, such as statements regarding, but are not limited to, anticipated growth opportunities and projections about our business and its future revenues, expenses and profitability. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied in those forward-looking statements. Factors that may affect our results, performance, circumstances or achievements include, but are not limited to, the following: catastrophic events such as the outbreak of COVID-19; increased information technology security threats and sophisticated computer crime; foreign political and economic risks; changes in U.S. trade policies; inability to protect intellectual property; open source technology exposure; failure to compete effectively or to respond to the rapid technological changes; consolidation in our industry; difficulty to predict the length and strength of any downturn or expansion period of the market we target; factors that adversely affect the pricing and demand for our product lines; dependency on a small number of large customers; dependency on a single manufacturing facility per product line; dependency on a limited number of suppliers; lengthy sales cycle and customer delays in orders; political, economic, and military instability in Israel; risks related to our convertible notes; currency fluctuations; and quarterly fluctuations in our operating results. We cannot guarantee future results, levels of activity, performance or achievements. The matters discussed in this press release also involve risks and uncertainties summarized under the heading “Risk Factors” in Nova’s Annual Report on Form 20-F for the year ended December 31, 2020 filed with the Securities and Exchange Commission on March 1, 2021. These factors are updated from time to time through the filing of reports and registration statements with the Securities and Exchange Commission. Nova Measuring Instruments Ltd. does not assume any obligation to update the forward-looking information contained in this press release.
Rehovot, Israel – February 28, 2023 – Nova (Nasdaq: NVMI) announced today that its annual report on Form 20-F, containing audited consolidated financial statements for the year ended December 31, 2022, as filed with the Securities and Exchange Commission on February 28, 2023, is available through its website (https://www.novami.com/). Shareholders may receive a hard copy of the annual report free of charge upon request. This press release is being issued pursuant to Nasdaq Listing Rule 5250(d)(1)(C).
About Nova:
Nova is a leading innovator and key provider of material, optical, and chemical metrology solutions for advanced process control in semiconductor manufacturing. Nova delivers continuous innovation by providing state-of-the-art high-performance metrology solutions for effective process control throughout the semiconductor fabrication lifecycle. Nova’s product portfolio, which combines high-precision hardware and cutting-edge software, provides its customers with deep insight into developing and producing the most advanced semiconductor devices. Nova’s unique capability to deliver innovative solutions enables its customers to improve performance, enhance product yields, and accelerate time to market. Nova acts as a partner to semiconductor manufacturers from its offices worldwide. Additional information can be found at Nova’s website link – https://www.novami.com/.
Rehovot, Israel, April 4, 2023 – Nova (Nasdaq: NVMI), a leading innovator and a key provider of metrology solutions for advanced process control used in semiconductor manufacturing, today announced that it has published the Company’s first Environmental, Social, and Governance (ESG) Insight Review. The Review provides details on the Company’s ESG strategy and its principles.
“Nova’s sustainable growth over the years is based on our ability to combine a unique people-centric culture with a distinctive innovative technology and advanced social engagement programs for the benefit of societies around us,” said Gaby Waisman, President and CEO of Nova. “We are working towards embedding ESG principles into our operating model, business management and decision-making processes, leveraging our journey from ‘Dream to Win’, which are the core values of the Company.”
“As a public company, Nova recognizes its corporate responsibility to achieve success while also creating a positive impact on society and the environment. Nova aspires to continue its growth trajectory by positively impacting the world around us, creating meaningful social impact, and exhibiting ethical and responsible behavior for the benefits of society and its stakeholders,” said Eitan Oppenhaim, Executive Chairman of Nova’s Board of Directors.
The review reflects a strategic process outcome that identified the significant ESG topics for Nova and sets clear goals and milestones for the next few years. It is also a major milestone on the Company’s journey toward meeting the goals of the “Nova 1B” strategic plan.
Nova’s vision is to become a more active influencer in creating a sustainable and equitable future. The ESG strategy is built on four pillars that the Company aims to interlace across its daily operations and culture:
- Governance – elevating ethical and corporate governance methods.
- People and Social Impact – with a focus on both the individual and the surrounding communities.
- Innovative Approach – connecting technical roadmap to unique culture for long-term impact.
- Environment and Supply Chain – managing efficiently footprint, energy and sustainable supply chain.
The review was composed in accordance with the Global Reporting Initiative (GRI), the Sustainability Accounting Standards Board (SASB) guidelines, and the United Nations Sustainable Development Goals (SDGs).
About Nova
Nova is a leading innovator and key provider of material, optical and chemical metrology solutions for advanced process control in semiconductor manufacturing. Nova delivers continuous innovation by providing state-of-the-art high-performance metrology solutions for effective process control throughout the semiconductor fabrication lifecycle. Nova’s product portfolio, which combines high-precision hardware and cutting-edge software, provides its customers with deep insight into developing and producing the most advanced semiconductor devices. Nova’s unique capability to deliver innovative solutions enables its customers to improve performance, enhance product yields and accelerate time to market. Nova acts as a partner to semiconductor manufacturers from its offices worldwide. Additional information may be found on Nova’s website link – https://www.novami.com/.
Nova is traded on the Nasdaq and TASE, Nasdaq ticker symbol NVMI.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995 relating to future events or our future performance, such as statements regarding, but not limited to, anticipated growth opportunities and projections about our business and its future revenues, expenses and profitability. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied in those forward-looking statements. Factors that may affect our results, performance, circumstances or achievements include, but are not limited to, the following: increased information technology security threats and sophisticated computer crime; foreign political and economic risks including supply-chain difficulties; regulations that could restrict our operations such as economic sanctions and export restrictions; changes in U.S. trade policies; indirect effects of the Russia – Ukraine conflict; market instability including inflation and recessionary pressures; risks related to doing business with China; catastrophic events such as the outbreak of COVID-19; inability to protect our intellectual property; open source technology exposure; failure to compete effectively or to respond to rapid technological changes; consolidation in our industry; difficulty in predicting the length and strength of any downturn or expansion period of the market we target; factors that adversely affect the pricing and demand for our product lines; dependency on a small number of large customers; dependency on a single manufacturing facility per product line; dependency on a limited number of suppliers; difficulty in integrating current or future acquisitions; lengthy sales cycle and customer delays in orders; political, economic and military instability in Israel including related to the potential changes to the judicial system; risks related to our convertible notes; currency fluctuations; and quarterly fluctuations in our operating results. We cannot guarantee future results, levels of activity, performance or achievements. The matters discussed in this press release also involve risks and uncertainties summarized under the heading “Risk Factors” in Nova’s Annual Report on Form 20-F for the year ended December 31, 2022, filed with the Securities and Exchange Commission on February 28, 2023. These factors are updated from time to time through the filing of reports and registration statements with the Securities and Exchange Commission. Nova Ltd. does not assume any obligation to update the forward-looking information contained in this press release.
REHOVOT, Israel, April 3, 2023 – Nova (Nasdaq: NVMI) today announced the appointment of Yaniv Garty to its Board of Directors effective April 2, 2023. Garty is a seasoned executive, with vast experience in the semiconductor and chip industry. For the past six years Garty served as a Vice President at Intel and as the General Manager of Intel Israel. Since its acquisition of Envara Inc. in 2004 and prior to his most recent position, Garty held multiple executive positions in various technology areas within Intel. Throughout his career, Garty has also held multiple engineering, business, and managerial positions in several technology companies. Additionally, Garty has served since 2018 as the Chairman of the America-Israel Chamber of Commerce, a voluntary organization of more than 230 Israeli and multinational companies.
“As Nova moves into its next phase of growth, I am excited to welcome Yaniv Garty to Nova’s Board of Directors,” said Eitan Oppenhaim, Nova’s Chairman of the Board. “Yaniv’s track record in leadership positions within the chip industry, and specifically in one of the leading IC manufacturers in the world, will help us to further expand our growth and support our strategic initiatives across the semiconductor industry.”
“I am exhilarated by the opportunity to join Nova’s Board of Directors and play an instrumental role in shaping the Company’s future growth trajectory. I am highly motivated to provide valuable guidance and support to help the Company capitalize on the numerous exciting opportunities that lie ahead,” added Garty.
About Nova
Nova is a leading innovator and key provider of material, optical and chemical metrology solutions for advanced process control in semiconductor manufacturing. Nova delivers continuous innovation by providing state-of-the-art high-performance metrology solutions for effective process control throughout the semiconductor fabrication lifecycle. Nova’s product portfolio, which combines high-precision hardware and cutting-edge software, provides its customers with deep insight into developing and producing the most advanced semiconductor devices. Nova’s unique capability to deliver innovative solutions enables its customers to improve performance, enhance product yields and accelerate time to market. Nova acts as a partner to semiconductor manufacturers from its offices worldwide. Additional information may be found on Nova’s website link – https://www.novami.com/.
Nova is traded on the Nasdaq and TASE, Nasdaq ticker symbol NVMI.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995 relating to future events or our future performance, such as statements regarding, but not limited to, anticipated growth opportunities and projections about our business and its future revenues, expenses and profitability. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied in those forward-looking statements. Factors that may affect our results, performance, circumstances or achievements include, but are not limited to, the following: increased information technology security threats and sophisticated computer crime; foreign political and economic risks including supply-chain difficulties; regulations that could restrict our operations such as economic sanctions and export restrictions; changes in U.S. trade policies; indirect effects of the Russia – Ukraine conflict; market instability including inflation and recessionary pressures; risks related to doing business with China; catastrophic events such as the outbreak of COVID-19; inability to protect our intellectual property; open source technology exposure; failure to compete effectively or to respond to rapid technological changes; consolidation in our industry; difficulty in predicting the length and strength of any downturn or expansion period of the market we target; factors that adversely affect the pricing and demand for our product lines; dependency on a small number of large customers; dependency on a single manufacturing facility per product line; dependency on a limited number of suppliers; difficulty in integrating current or future acquisitions; lengthy sales cycle and customer delays in orders; political, economic and military instability in Israel including related to the potential changes to the judicial system; risks related to our convertible notes; currency fluctuations; and quarterly fluctuations in our operating results. We cannot guarantee future results, levels of activity, performance or achievements. The matters discussed in this press release also involve risks and uncertainties summarized under the heading “Risk Factors” in Nova’s Annual Report on Form 20-F for the year ended December 31, 2022, filed with the Securities and Exchange Commission on February 28, 2023. These factors are updated from time to time through the filing of reports and registration statements with the Securities and Exchange Commission. Nova Ltd. does not assume any obligation to update the forward-looking information contained in this press release.
REHOVOT, Israel, March 23, 2023 – Nova (Nasdaq: NVMI) announced today the opening of its new production facility in Israel. The state-of-the-art clean room aims at expanding Nova’s production capacity and complements the existing facilities, allowing the Company to improve production procedures and yields.
The new, highly advanced clean room facility supports the Company’s long-term growth strategy by establishing the required manufacturing environment to produce Nova’s most advanced platforms. The facility utilizes state-of-the-art production methods, including industry 4.0 elements and high levels of automation. In keeping with Nova’s ESG commitment, it is constructed to support high sustainability and environmental standards.
“As part of the NOVA 1B strategic plan, we aim at doubling our production capacity in the next five years. In order to meet that, our plan is to expand production output at all main sites for our three metrology divisions,” explained Eitan Oppenhaim, Nova’s President and CEO. “The new clean room in Israel can support higher yield for our established products but also accommodate high-volume manufacturing of our new products. Built with ESG principles in mind, the new facility meets high industry standards for a safe and smart work environment to enable cutting-edge production methods.”
About Nova
Nova is a leading innovator and key provider of material, optical and chemical metrology solutions for advanced process control in semiconductor manufacturing. Nova delivers continuous innovation by providing state-of-the-art high-performance metrology solutions for effective process control throughout the semiconductor fabrication lifecycle. Nova’s product portfolio, which combines high-precision hardware and cutting-edge software, provides its customers with deep insight into developing and producing the most advanced semiconductor devices. Nova’s unique capability to deliver innovative solutions enables its customers to improve performance, enhance product yields and accelerate time to market. Nova acts as a partner to semiconductor manufacturers from its offices worldwide. Additional information may be found on Nova’s website link – https://www.novami.com/.
Nova is traded on the Nasdaq and TASE, Nasdaq ticker symbol NVMI.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995 relating to future events or our future performance, such as statements regarding, but not limited to, anticipated growth opportunities and projections about our business and its future revenues, expenses and profitability. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from any future results, levels of activity, performance or achievements expressed or implied in those forward-looking statements. Factors that may affect our results, performance, circumstances or achievements include, but are not limited to, the following: catastrophic events such as the outbreak of COVID-19; increased information technology security threats and sophisticated computer crime; foreign political and economic risks; changes in U.S. trade policies; inability to protect our intellectual property; open source technology exposure; failure to compete effectively or to respond to rapid technological changes; consolidation in our industry; difficulty in predicting the length and strength of any downturn or expansion period of the market we target; factors that adversely affect the pricing and demand for our product lines; dependency on a small number of large customers; dependency on a single manufacturing facility per product line; dependency on a limited number of suppliers; difficulty in integrating current or future acquisitions; lengthy sales cycle and customer delays in orders; political, economic and military instability in Israel; risks related to our convertible notes; currency fluctuations; and quarterly fluctuations in our operating results. We cannot guarantee future results, levels of activity, performance or achievements. The matters discussed in this press release also involve risks and uncertainties summarized under the heading “Risk Factors” in Nova’s Annual Report on Form 20-F for the year ended December 31, 2022, filed with the Securities and Exchange Commission on February 23, 2023. These factors are updated from time to time through the filing of reports and registration statements with the Securities and Exchange Commission. Nova Ltd. does not assume any obligation to update the forward-looking information contained in this press release.