• 50% revenue growth driven by key target markets led by both front-end and back-end semiconductor industry demand and the benefit of acquisitions
• Strong demand in semi, automotive, specifically EVs, and life sciences resulted in record annual orders of $101.9 million; front-end semiconductor market pushed quarterly orders to record $30.5 million
• Gross margin reflected less favorable product mix, supply chain constraints and inflation ahead of price realization
• Acquisition and financing expenses of $1.6 million in the quarter impacted operating income
• Company expects revenue in 2022 to be in the range of $110 million to $115 million which represents growth of over 30% at the mid-point of the range

MT. LAUREL, N.J. — (BUSINESS WIRE) — March 4, 2022 — inTEST Corporation (NYSE American: INTT), a global supplier of innovative test and process solutions for use in manufacturing and testing in key target markets which include automotive, defense/aerospace, industrial, life sciences, security, and semiconductor (“Semi”), today announced financial results for the quarter and full year ended December 31, 2021. Results include from the respective dates of the acquisitions, Z-Sciences Corp. on October 6, 2021, Videology Imaging Solutions on October 28, 2021, and Acculogic Inc. on December 21, 2021.

Nick Grant, President and CEO commented, “Our exceptionally strong revenue growth of 50% in the quarter and 58% for the year was the result of our strong market positioning with leading test and process solutions combined with significant demand in recovering markets. Our growth also reflected our concerted effort to capture greater market share with our precision technologies in the semiconductor industry. By executing on our 5-Point Strategy, we are driving growth by solving complex problems for our customers with our highly engineered solutions. As a result, we have developed new opportunities in front-end semiconductor applications as well as several applications providing production efficiencies, improved quality and greener process solutions for electric vehicle (“EV”) manufacturers. Importantly, we also expanded our portfolio of solutions with three acquisitions in the quarter that further diversify our offerings and strengthen our portfolio to better serve our target markets.”

He added, “We made excellent progress in the first year of transforming inTEST with our 5-Point Strategy. We believe we are well on the way to unlocking the true potential of the Company. We expect our investments in our leadership team, sales and marketing strategies, operational improvements and acquisitions to ultimately enable us to continue to deepen our customer relationships, drive growth and build shareholder value.”

5-Point Strategy

The Company is focused on the execution of its 5-Point Strategy that it initiated in 2021. inTEST’s goal is to further diversify the business while accelerating growth. The elements of the strategy include:

• Geographic and market expansion
• Innovation and differentiation
• Service and support
• Talent and culture
• Strategic acquisitions and partnerships

Fourth Quarter 2021 Revenue