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    inTest Corp (INTT)

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    Business Description

    inTEST Corporation (INTT) is a global supplier of innovative test and process technology solutions used in manufacturing and testing across various industries. The company designs, manufactures, and markets products that serve the semiconductor, automotive, defense/aerospace, industrial, life sciences, and security markets. INTT operates through three main segments, offering a diverse range of products including semiconductor test equipment, thermal test systems, and induction heating solutions.

    1. Electronic Test - Provides semiconductor test equipment, flying probe testers, and in-circuit testers. Also includes the operations of Alfamation S.p.A., which enhances capabilities in automated test equipment and serves industries such as automotive, defense/aerospace, industrial, and life sciences.

    2. Process Technologies - Offers induction heating and video imaging products for wafer production in the semiconductor market and other industries, including automotive, defense/aerospace, industrial, life sciences, and security.

    3. Environmental Technologies - Delivers thermal test, process, and storage products to end users and OEMs in the semiconductor market and other industries such as automotive, defense/aerospace, industrial, and life sciences.

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    Executive Team

    NamePositionStart DateShort Bio
    Richard N. Grant, Jr.President, Chief Executive Officer, and DirectorAugust 10, 2023Richard N. Grant, Jr. serves as the President, Chief Executive Officer, and Director of inTEST Corporation. He has been in this role since August 10, 2023.
    Duncan GilmourChief Financial Officer, Treasurer, and SecretaryJune 2021Duncan Gilmour has served as Chief Financial Officer, Treasurer, and Secretary of inTEST Corporation since June 2021. He previously worked at ABB, Inc., Tyco International, and Coopers & Lybrand.
    Joseph McManusDivision President, Electronic TestJanuary 2022Joseph McManus joined inTEST Corporation in February 2021 and was promoted to Division President, Electronic Test in January 2022. He previously worked at CECO Environmental and Akrion.
    Michael GoodrichDivision President, Process TechnologiesJanuary 15, 2024Michael Goodrich joined inTEST Corporation as Division President, Process Technologies on January 15, 2024. He previously worked at Vixar Inc. and Rudolph Technologies.
    Michael TanniruDivision President, Environmental TechnologiesMay 2023Michael Tanniru joined inTEST Corporation in May 2023 as Division President, Environmental Technologies. He previously worked at Cincinnati Test Systems, AMETEK, and Emerson Process Management.

    Questions to Ask Management

    1. With the front-end semiconductor market currently paused and customers pushing out shipments, how do you plan to mitigate the impact on your revenues until additional deliveries are expected in the second half of 2025?
    2. Given that headcount in your base businesses has been reduced by 10% since the beginning of 2024, can you elaborate on how these reductions will affect your operational capabilities and whether these cost savings are sustainable as demand picks up?
    3. Your gross margin improved to 46.3% in Q3, driven by favorable product mix and cost actions, but with operating expenses up due to the inclusion of Alfamation, how confident are you in maintaining these margins amid potential shifts in product mix and market demand?
    4. Alfamation's orders are described as "lumpy" due to the timing of large multisystem projects; how do you plan to manage this volatility, and what strategies are in place to smooth out revenue fluctuations from this segment?
    5. Considering the front-end semi market's need to improve efficiencies and adapt to changes in EV demand, what specific initiatives are you undertaking to capitalize on the evolving gallium nitride opportunity and position yourself competitively in this space?

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateNovember 17, 2023
    End Date/DurationNovember 17, 2024
    Total additional amount$10.0 million
    Remaining authorization amount$8,961,150 as of September 30, 2024
    DetailsRepurchases through open market transactions, privately negotiated transactions, or otherwise, with a per-share price cap of $9.00. 141,117 shares repurchased at a total cost of $1,038,850; all repurchased shares were retired.