Yahoo Finanza Vicor Corporation (NASDAQ:VICR) Q1 2024 Earnings Call Transcript
Vicor Corporation (NASDAQ:VICR) Q1 2024 Earnings Call Transcript April 23, 2024
Vicor Corporation isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).
Operator: Good day, everyone and thank you for standing by. Welcome to the Q1 2024 Vicor Earnings Conference Call. [Operator Instructions] Please be advised that today’s conference is being recorded. I would now like to hand the conference to Jim Schmidt, Chief Financial Officer. Please go ahead.
Jim Schmidt: Thank you. Good afternoon and welcome to Vicor Corporation’s earnings call for the first quarter ended March 31, 2024. I am Jim Schmidt, Chief Financial Officer and I am in Andover with Phil Davies, Vice President, Global Sales and Marketing. Patrizio Vinciarelli, Chief Executive Officer is joining the call from Washington DC ahead of the upcoming patent infringement trial before the International Trade Commission. After the markets closed today, we issued a press release summarizing our financial results for the 3 months ending March 31. This press release has been posted on the Investor Relations page of our website, www.vicorpower.com. We also filed a Form 8-K today related to the issuance of this press release.
I remind listeners this conference call is being recorded and it’s the copyrighted property of Vicor Corporation. I also remind you various remarks we make during this call may constitute forward-looking statements, for purposes of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995. Except for historical information contained in this call, the matters discussed on this call, including any statements regarding current and planned products, current and potential customers, potential market opportunities, expected events and announcements, and our capacity expansion, as well as management’s expectations for sales, growth, spending, and profitability are forward-looking statements involving risk and uncertainties.
In light of these risk and uncertainties, we can offer no assurance that any forward-looking statement will, in fact, prove to be correct. Actual results may differ materially from those explicitly set forth and/or implied by any of our remarks today. The risk and uncertainties we face are discussed in Item 1A of our 2023 Form 10-K, which we filed with the SEC on February 28, 2024. This document is available via the EDGAR system on the SEC’s website. Please note the information provided during this conference call, is accurate only as of today, Tuesday, April 23, 2024. Vicor undertakes no obligation to update any statements, including forward-looking statements, made during this call and you should not rely upon such statements after the conclusion of this call.
A webcast replay of today’s call will be available shortly on the Investor Relations page of our website. I’ll now turn to a review of our Q1 financial performance, after which Phil will review recent market developments and Patrizio, Phil and I will take your questions. In my remarks, I will focus mostly on the sequential quarterly change for P&L and balance sheet items as well as year-over-year changes and refer you to our press release for our upcoming Form 10-Q for additional information. As stated in today’s press release, Vicor recorded total revenue for the first quarter of $83.9 million, down 9.5% from the fourth quarter total of $92.7 million and down 14.3% from the first quarter 2023 total of $97.8 million. Brick Products revenue declined 11.7% sequentially, while Advanced Products revenue declined 7.3% from the fourth quarter.
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