Nova Measuring Instruments Ltd. (NASDAQ:NVMI) Q2 2020 Earnings Conference Call - Final Transcript

Aug 04, 2020 • 09:00 am ET


Nova Measuring Instruments Ltd. (NASDAQ:NVMI) Q2 2020 Earnings Conference Call - Final Transcript


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Good day, and welcome to the Nova's Second Quarter 2020 Results Conference Call. [Operator Instructions]

At this time, I would like to turn the conference over to Miri Segal of MS-IR. Please go ahead.

Miri Segal-Scharia

Thank you, operator and good day to everybody. I would like to welcome all of you to Nova's second 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 I 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.

Eitan Oppenhaim

Thank you, Miri and welcome, everyone to our second quarter financial results conference call. On behalf of all of us in Nova, we hope both you and your families are safe and healthy at this volatile period. I extend these wishes also to our employees, partners, suppliers and customers. I will start the call today by speaking about our second quarter results, including the latest updates about our continuous efforts to meet the Company's targets amid the various global uncertainties.

Following my commentary, Dror will review the financial results in details. And we'll conclude with the guidance for the third quarter. Despite several challenges, including the spread of COVID-19 and other geopolitical and macroeconomic disruptions, Nova delivered strong financial results in the second quarter of 2020 with both revenue and profitability, meeting our mid-guidance and significantly outperforming the same period last year. Although, the environment is still fluid, we currently expect that the strong demand for our products combined with several meaningful share wins we had during the first half of the year will positioned 2020 as a growth year for Nova with solid momentum expected to continue also into 2021. This is a clear demonstration of our execution capabilities and agility to adapt quickly to fast-changing markets.

Our decisive actions during the last few years to diversify our products, customers and geographies continue to support our growing resiliency during this period and propel our plans to emerge as a stronger partner once the environment is stabilized. We are very proud of our ability to capitalize on several strategic opportunities, especially through this period when our teams are aggressively investing in gaining market share and securing further growth.

In spite of the continuous struggle, with the spread of COVID-19 and as a result of our employees' dedication and outstanding efforts, we managed to quickly ramp up our production lines and development capabilities to respond to demand volatility and fast changes in