Airgain, Inc. (NASDAQ:AIRG) Q1 2019 Earnings Conference Call - Final Transcript

May 09, 2019 • 04:29 pm ET

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Airgain, Inc. (NASDAQ:AIRG) Q1 2019 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good afternoon. Welcome to Airgain's First Quarter 2019 Earnings Conference Call. My name is Christine and I'll be your coordinator for today's call. Joining us today on today's call are Airgain's CEO, Jim Sims; CFO, Anil Doradla; and President Jacob Suen.

I would now like to turn the call over to Mr. Doradla who will be providing the necessary cautions regarding the forward-looking statements made by management during today's call.

Executive
Anil Doradla

Thank you and good afternoon, everyone. Please note that certain information discussed on the call today is covered under the Safe Harbor's provisions of the Private Securities Litigation Reform Act. I caution listeners that during this call Airgain management will be making forward-looking statements about future events and Airgain's business strategy and future financial and operating performance, including performance for the second quarter 2019. Actual results could differ materially from those stated or implied by these forward-looking statements due to risks and uncertainties associated with the Company's business.

These forward-looking statements should be considered in conjunction with and are qualified by the cautionary statements contained in Airgain's earning release and SEC filings including its Form 10-K and Form 10-Q, which will be filed today May 9, 2019. This conference call contains time-sensitive information that is accurate only as of the date of this live broadcast May 9, 2019. Airgain undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date of this conference call.

This conference call may include a discussion of non-GAAP financial measures including non-GAAP net income, non-GAAP EPS and adjusted EBITDA. Please see today's earnings release which is posted on Airgain's website for further details including a reconciliation of GAAP to non-GAAP results. Any discussion of non-GAAP measures is not intended to detract from the importance of comparable GAAP measures.

Finally, I would like to remind everyone that this call will be recorded and made available for replay via a link available in the Investors section of the Company's website at www.airgain.com. Following management's prepared remarks we will open up the call for questions from Airgain's publishing sell-side analysts.

Now with that I would like to turn the call over to our CEO, Jim Sims. Jim?

Executive
James K. Sims

Thank you, Anil. Welcome everyone and thank you for joining us today. After the market closed, we issued a press release announcing our results for the first quarter ended March 31, 2019 which is available in the Investor Relations section of our web site.

I am pleased with our first quarter 2019 results with sales of $15.1 million, up 14% on a year-over-year basis and within our guidance range of $15 million to $15.25 million. Key highlights in the first quarter results included a strong sequential improvement in the Company-wide gross margin, especially in a historically seasonally weak quarter, largely driven by the efforts that we put in place over the past several quarters around the efficiency improvements on the manufacturing front along with favorable product and pricing mix.

Like the last several quarters, we