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inTEST Corporation inTEST Reports 46 % Revenue Growth and Advances 5 - Point Strategy in Third Quarter 2021 November 5 , 2021 • Net revenue increased 46 % over prior - year period to $ 21.1 million due to strength of semiconductor and industrial markets ; multimarket revenue grew 22 % sequentially • Solid margins resulted in earnings per diluted share of $ 0.20 , in line with guidance • Generated strong cash from operations of $ 4.3 million in the quarter and $ 8.1 million year - to - date • Advancing growth strategy with two acquisitions completed subsequent to quarter end ; expected to be more than $ 0.05 accretive to diluted earnings per share in the first year • Increased financial flexibility with new credit facility and enhanced capital structure with low - cost term borrowing following quarter end MT . LAUREL , N.J .-- ( BUSINESS WIRE ) -- Nov . 5 , 2021-- inTEST Corporation ( NYSE American : INTT ) , a global supplier of innovative test and process solutions for use in manufacturing and testing across a wide range of markets , including automotive , defense / aerospace , industrial , life sciences , semiconductor and telecommunications , today announced financial results for the quarter ended September 30 , 2021 . " We delivered solid third quarter results that we believe demonstrate that we are successfully executing on our 5 - Point Strategy , which is focused on driving growth and diversifying our markets and customer base . Multimarket revenue grew 22 % sequentially and while our semiconductor business declined sequentially , it remains at historically high levels . Our strong margins and net income were in our expected range even as we continue to manage the ongoing challenges of supply chain constraints . Of note , we continued to generate strong cash flow in the quarter and improved our financial flexibility subsequent to quarter end with a new credit facility that will support our long - term strategy , " commented Nick Grant , President and CEO . Mr. Grant added , " Following the end of the third quarter , we successfully closed two acquisitions in support of our 5 - Point Strategy . Each adds to our product platform offerings and technical expertise , while expanding our customer base to adjacent , high - growth markets . Importantly , we believe we can scale these businesses with targeted investments and benefit from secular tailwinds in the life sciences markets . " While acquisitions will continue to be a key element of our 5 - Point Strategy , we are also focused on driving organic growth . We believe our new product development efforts combined with a robust pipeline of new customer opportunities provide catalysts for further differentiation of our business and growth in revenue and profitability over the long - term . " Third Quarter 2021 Revenue ( $ in 000s ) 9/30/2021 Three Months Ended Change $ ( $ in 000s ) Gross profit Gross margin 6/30/2021 Operating income Operating margin % Net Revenue Multimarket ( 1 ) $ 7,488 35.4 % $ 6,143 28.2 % $ 1,345 21.9 % $ 7,056 48.9 % $ 432 6.1 % Semi Market ( 2 ) _13,656 64.6 % 15,677 71.8 % ( 2,021 ) -12.9 % 7,387 51.1 % 6,269 84.9 % $ 21,144 100.0 % $ 21,820 100.0 % $ ( 676 ) -3.1 % $ 14,443 100.0 % $ 6,701 46.4 % 9/30/2020 1. Multimarket : These amounts include all net revenue from markets other than the semiconductor market . 2. Semi Market : These amounts include all net revenue from the semiconductor market . The increase in multimarket revenue reflects the ongoing , broad - based recovery within industrial sectors . The Company also has benefited from new product introductions and the reopening of trade shows , which has resulted in new customer opportunities and wins . The electric vehicle market continues to gain traction with a variety of applications for in TEST's induction heating technology . Semi market revenue remained robust as global demand for semiconductors continues to drive investment in the industry . The Company's top 5 customers represented approximately 36 % of third quarter net revenue with the largest customer representing approximately 14 % . Third Quarter 2021 Operating Results Change $ % Three Months Ended Change $ % $ 10,395 $ 10,962 $ ( 567 ) -5.2 % 49.2 % 50.2 % 9/30/20216/30/2021 $ 2,549 $ 3,035 $ ( 486 ) -16.0 % $ 12.1 % 13.9 % Change 9/30/2020 $ % $ 6,450 $ 3,945 61.2 % 44.7 % 427 $ 2,122 497.0 % 3.0 %