Veeco Instruments Inc.

Equities

VECO

US9224171002

Semiconductor Equipment & Testing

Market Closed - Nasdaq Other stock markets 04:00:00 2024-05-28 pm EDT			5-day change	1st Jan Change
41.59 ^USD	+0.14%		+2.49%	+34.03%

May. 15	Oppenheimer Adjusts Veeco Instruments Price Target to $45 From $40, Maintains Outperform Rating	MT
May. 09	Goldman Sachs Adjusts Price Target on Veeco Instruments to $39 From $35, Maintains Neutral Rating	MT

Veeco Instruments : Q1 2024 Earnings Call Slides

May 07, 2024 at 04:50 pm EDT

Veeco Instruments

Q1 2024 Financial Results

Conference Call

May 7th, 2024

1 Q1 2024 Financial Results Conference Call

Safe Harbor

This presentation contains "forward-looking statements", within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, as amended, that are based on management's expectations, estimates, projections and assumptions. Words such as "expects," "anticipates," "plans," "believes," "scheduled," "estimates" and variations of these words and similar

expressions are intended to identify forward-looking statements. Forward-looking statements include, but are not limited to, those

regarding anticipated growth and trends in our businesses and markets, industry outlooks and demand drivers, our investment and growth strategies, our development of new products and technologies, our business outlook for current and future periods, our ongoing transformation initiative and the effects thereof on our operations and financial results; and other statements that are not historical facts. These statements and their underlying assumptions are subject to risks and uncertainties and are not guarantees of future performance. Factors that could cause actual results to differ materially from those expressed or implied by such statements include, without limitation:

global trade issues, including the ongoing trade disputes between the U.S. and China, and changes in trade and export license policies; the

level of demand for our products; global economic and industry conditions; global conflicts; our dependency on third-party suppliers and outsourcing partners; the timing of customer orders; our ability to develop, deliver and support new products and technologies; our ability to expand our current markets, increase market share and develop new markets; the concentrated nature of our customer base; cybersecurity attacks and our ability to safeguard sensitive information and protect our intellectual property rights in key technologies; the effects of regional or global health epidemics; our ability to achieve the objectives of operational and strategic initiatives and attract, motivate and retain key employees; the variability of results among products and end-markets, and our ability to accurately forecast future

results, market conditions, and customer requirements; the impact of our indebtedness, including our convertible senior notes and our

capped call transactions; and other risks and uncertainties described in our SEC filings on Forms 10-K,10-Q and 8-K, and from time-to- time in our other SEC reports. All forward-looking statements speak only to management's expectations, estimates, projections and assumptions as of the date of this presentation. The Company does not undertake any obligation to update or publicly revise any forward- looking statements to reflect events, circumstances or changes in expectations after the date of this presentation.

2 Q1 2024 Financial Results Conference Call

CEO Overview

Bill Miller, Ph.D.

3 Q1 2024 Financial Results Conference Call

Q1 Financial Highlights

Revenue$174M

Non-GAAP$29M Operating Income

Diluted0.45¢ Non-GAAP EPS

Solid top and bottom-line results
- Revenue above mid-point of guide
- EPS near high-end of guide
Record Semiconductor revenue for 2nd consecutive quarter
- Demand for LSA systems remains strong
Multi-SystemLaser Annealing order for 2nm Gate-All-Around
- Including 1st Nanosecond Annealing order

Record Semiconductor revenue driven by strong Laser Annealing system demand

4 Q1 2024 Financial Results Conference Call

Investment Strategy Enabling SAM Expansion

Technologies

Driving Growth

TODAY

SAM Expansion

Driving FUTURE

Growth

Evaluation Program

Anchors Growth

Strategy

Future

LSA gaining share in advanced logic due to performance benefits
EUV Mask Blank Business well-positioned for High NA adoption
Strength in Wet processing driven by High-Bandwidth Memory
Laser Annealing SAM to grow above 1.0B from $600M
- LSA penetrating new memory customers
- Nanosecond Annealing for 3D devices, backside power, & material modification in logic & memory
IBD for Front End Semi growing from $0 to $350M
- Low resistance metals applications in memory & logic
Compound Semi opportunities in Power Electronics and Photonics
NSA & IBD programs progressing well
Targeting LSA shipment to 2nd leading Memory customer in late 2024
Compound Semi program advancing

5 Q1 2024 Financial Results Conference Call

LSA - Laser Spike Annealing	IBD - Ion Beam Deposition
NSA - Nanosecond Annealing	SAM - Served Available Market
EUV - Extreme Ultraviolet

Nanosecond Annealing Opportunity

Temperature (°C)

2000

1000

100

NSA	Future

(nanosecond)
	LSA	Traditional
	Lamp Based
	(sub millisecond)	(sub second)

Time

• Device scaling challenges driving the need for new annealing

capabilities

• NSA broadening Laser Annealing adoption to new Logic and

Memory applications

• Shallow anneal enabling backside power delivery and 3D

devices

• Material Modification steps to improve performance by

changing device structure and properties

Illustration of Wafer Cross Section

• Potential for initial logic HVM orders in 2025 & strong pull from

Heating Depth

Very

shallow

Heats full

wafer

NSA

10nm-100nm

LSA

~100 μm

Traditional

Lamp based

Full wafer

memory customers

Nanosecond Annealing to enable a broad range of advanced logic and memory applications

	HVM - High Volume Manufacturing	NSA - Nanosecond Annealing
6	Q1 2024 Financial Results Conference Call	LSA - Laser Spike Annealing

	Copyright © 2024 Veeco Instruments Inc. All Rights Reserved.

IBD300- 300mm Front End Semi Opportunity

Illustration of grain size and distribution

TODAY

Incumbent Technology

Non-uniform, randomly oriented grains of small size = higher resistivity

FUTURE

IBD	• Industry leader in Ion Beam Technology
	• Lower resistance metals essential for improved device
	performance & customer scaling
	• IBD achieving superior thin film properties vs incumbent
	technologies, including lower resistivity
	• Ideal for advanced applications where low resistance is
	critical
	• Potential for initial memory HVM orders in 2025

Uniformly oriented large grains = lowest resistivity

IBD achieving superior thin film properties versus incumbent technologies for advanced applications

7	Q1 2024 Financial Results Conference Call	IBD - Ion Beam Deposition

	Copyright © 2024 Veeco Instruments Inc. All Rights Reserved.

Veeco Growth Technologies for Artificial Intelligence

CPU/GPU

Current PTOR

Laser-SpikeAnnealing (LSA)
IBD for EUV mask blanks

Additional Future Opportunities

Nanosecond Annealing (NSA)
IBD300 for low resistivity metals

CPU /

Illustration of typical AI chip

8 Q1 2024 Financial Results Conference Call

High-Bandwidth Memory (HBM) DRAM

Current PTOR

Laser-SpikeAnnealing (LSA)

Additional Future Opportunities

Nanosecond Annealing (NSA)
IBD300 for low resistivity metals

PTOR - Production Tool of Record

TSV - Through Silicon Via

GPU - Graphics Processing Unit

EUV - Extreme Ultraviolet

IBD - Ion Beam Deposition

CFO Financial Review

John Kiernan

9 Q1 2024 Financial Results Conference Call

Q1 Revenue by Market & Region

Revenue by Market

Revenue by Region

Compound

Semiconductor

		12%		Data Storage
			10%
Semiconductor	69%	$174M	9%	Scientific &

				Other
						ROW is negligible
			Revenue Trend ($M)	Q1 23	Q4 23	Q1 24
			Semiconductor	93	115	120
			Compound Semi	21	16	21
			Data Storage	22	19	18
			Scientific & Other	18	23	15
			Total		154	174	174

APAC	China
42%
37%

United

States

5% 16% EMEA

10	Q1 2024 Financial Results Conference Call
	Copyright © 2024 Veeco Instruments Inc. All Rights Reserved.	Amounts may not calculate precisely due to rounding.

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Veeco Instruments Inc. published this content on 07 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 May 2024 20:47:56 UTC.

Latest news about Veeco Instruments Inc.

Oppenheimer Adjusts Veeco Instruments Price Target to $45 From $40, Maintains Outperform Rating	May. 15	MT
Goldman Sachs Adjusts Price Target on Veeco Instruments to $39 From $35, Maintains Neutral Rating	May. 09	MT
Needham Raises Veeco Instruments Price Target to $46 From $43, Maintains Buy Rating	May. 08	MT
Earnings Flash (VECO) VEECO INSTRUMENTS Posts Q1 Revenue $174.5M, vs. Street Est of $170.6M	May. 07	MT
Earnings Flash (VECO) VEECO INSTRUMENTS Posts Q1 EPS $0.45, vs. Street Est of $0.41	May. 07	MT
Transcript : Veeco Instruments Inc., Q1 2024 Earnings Call, May 07, 2024	May. 07
Veeco Instruments Inc. Provides Earnings Guidance for the Second Quarter Ending June 30, 2024	May. 07	CI
Veeco Instruments Inc. Reports Earnings Results for the First Quarter Ended March 31, 2024	May. 07	CI
Veeco Instruments Inc. Announces Leading Edge Semiconductor Company Places an Order for Multiple Laser Annealing Systems	May. 07	CI
Veeco Instruments Insider Sold Shares Worth $854,392, According to a Recent SEC Filing	Mar. 22	MT
Oppenheimer Adjusts Veeco Instruments Price Target to $40 From $38, Maintains Outperform Rating	Feb. 15	MT
Veeco Instruments Q4 Adjusted Earnings, Revenue Increase; Issues Q1 Outlook	Feb. 15	MT
Transcript : Veeco Instruments Inc., Q4 2023 Earnings Call, Feb 14, 2024	Feb. 14
Earnings Flash (VECO) VEECO INSTRUMENTS Reports Q4 Revenue $173.9M, vs. Street Est of $169.1M	Feb. 14	MT
Earnings Flash (VECO) VEECO INSTRUMENTS Posts Q4 EPS $0.51, vs. Street Est of $0.42	Feb. 14	MT
Veeco Instruments Inc. Provides Earnings Guidance for the First Quarter Ending March 31, 2024	Feb. 14	CI
Veeco Instruments Inc. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2023	Feb. 14	CI
Oppenheimer Adjusts Veeco Instruments Price Target to $38 From $33, Maintains Outperform Rating	Feb. 09	MT
Veeco Instruments Insider Sold Shares Worth $902,070, According to a Recent SEC Filing	Jan. 19	MT
Goldman Sachs Raises Price Target on Veeco Instruments to $31 From $28, Maintains Neutral Rating	Jan. 18	MT
Veeco Instruments Boosts Q4 Adjusted Earnings, Revenue Guidance; Sets 2024 Outlook	Jan. 17	MT
Veeco Instruments Inc. Revises Earnings Guidance for the Fourth Quarter and Full Year of 2023	Jan. 17	CI
Veeco Instruments Inc. Provides Initial Financial Guidance for the Fiscal Year 2024	Jan. 17	CI
Veeco Instruments Insider Sold Shares Worth $465,705, According to a Recent SEC Filing	Dec. 19	MT
Transcript : Veeco Instruments Inc. Presents at 2023 Barclays Global Technology Conference, Dec-06-2023 03:05 PM	Dec. 06

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Company Profile

Veeco Instruments Inc. is a manufacturer of semiconductor process equipment. The Company's laser annealing, ion beam, chemical vapor deposition (CVD), metal organic chemical vapor deposition (MOCVD), single wafer etch and clean and lithography technologies play an integral role in the fabrication and packaging of advanced semiconductor devices. The Company's system products include Laser Annealing Systems, Ion Beam Systems and Etch Systems, Advanced Packaging Lithography, Single Wafer Wet Processing, Metal Organic Chemical Vapor Deposition Systems, Molecular Beam Epitaxy Systems, Atomic Layer Deposition Systems, and Other Systems. Its other deposition systems include Physical Vapor Deposition, Diamond-Like Carbon Deposition, and Chemical Vapor Deposition Systems. Its process equipment systems are used in the production of a range of microelectronic components, including logic, dynamic random-access memory (DRAM), photonics devices, power electronics, and other semiconductor devices.

Sector

Semiconductor Equipment & Testing

Calendar

2024-05-28 - TD Cowen Technology Media Telecom Conference

Related indices

Russell 2000

More about the company

Income Statement Evolution

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Ratings for Veeco Instruments Inc.

Trading Rating

Investor Rating

ESG Refinitiv

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Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

41.59 USD

Average target price

42.29 USD

Spread / Average Target

+1.67%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Semiconductor Machinery Manufacturing

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