The following is a summary of the Veeco Instruments Inc. (VECO) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Veeco reported Q1 2024 revenue of $174 million, a 14% increase from the prior year, with semiconductor revenue of $120 million, up 29% year over year.

• Non-GAAP operating income amounted to $29 million, and non-GAAP EPS was $0.45.

• Revenue from the Asia-Pacific region, excluding China, contributed 42% to the total revenue.

• The company's balance sheet reflected cash and short-term investments of $297 million at the end of the quarter.

Business Progress:

• Veeco attained record semiconductor revenue for the second consecutive quarter, largely due to strong demand for their laser annealing systems.

• Veeco anticipates the market for laser annealing to grow from $600 million to over $1 billion.

• The company is set to ship a 300mm EVALution system to a customer in the forthcoming quarter, displaying its commitment to the compound semi-market.

• Initial high volume manufacturing orders from logic customers are expected in 2025, with the potential for similar orders from memory customers in the same year.

• As part of their strategy to expand applications and customer base, Veeco plans to offer an evaluation system to a second customer by late 2024 or early 2025.

• The rise in generative AI, projected to drive a 20% Compound Annual Growth Rate (CAGR) in the mid to long-term, presents a promising future market for the company's products.

More details: Veeco Instruments IR

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