Nova Measuring Instruments Ltd. (NASDAQ:NVMI) Q1 2020 Earnings Conference Call - Final Transcript

May 14, 2020 • 09:00 am ET

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Nova Measuring Instruments Ltd. (NASDAQ:NVMI) Q1 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good day, ladies and gentlemen, and welcome to the Nova Measuring Instruments First Quarter 2020 Results Conference Call. For your information, today's conference is being recorded. I would now like to turn the conference over to your host, Miri Segal of MS-IR. Please go ahead.

Executive
Miri Segal

Thank you, operator, and good day to everybody. I would like to welcome all of you to Nova's first quarter 2020 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, 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 will now hand over the call to Mr. Eitan Oppenhaim, Nova's President and CEO. Eitan, please go ahead.

Executive
Eitan Oppenhaim

Thank you, Miri, and thank you all for joining our first quarter financial results conference call. I sincerely hope that you and your families are safe and healthy in this extraordinary time. I would like also to extend my wishes to our partners, suppliers and customers.

I will start the call today by speaking about our first quarter results and performance highlights, including our extensive plans to meet the Company's strategic targets amid the global spread of COVID-19. Following my commentary, Dror will review the quarter's financial results in detail and will conclude the guide -- will conclude, sorry, with the guidance for the second quarter of 2020.

Nova delivered strong results for the first quarter of 2020 with both revenue and profitability exceeding the high end of the previously announced guidance. These results demonstrate our solid execution capabilities, as well as our agile operating model, which allow us to adapt quickly to volatile market conditions. Our sound achievements in diversifying our customers and products in recent quarters allow us to successfully mitigate cycles in the different market segments. Our sustainable operating model and long-term strategic objectives will continue to provide us with a solid framework to meet our customers' demand even in these unprecedented times.

Before I discuss our performance highlights for the quarter, I would like to share with you our main actions and priorities in addressing the challenges caused by the spread of COVID-19. Our well-organized comprehensive plan is aimed at confidently navigating the Company through market uncertainties and constant changes. Our collective experience in managing frequent delivery challenges in Israel due to other reasons allowed us this time to respond effectively to the evolving situation by adopting our well-practiced disaster recovery plan.

Our plan is focused on four elements that have been implemented since the beginning of March. First and foremost, our top priority remains the