Intevac. (NASDAQ: IVAC) reported Q3 EPS of ($0.02), $0.01 better than the analyst estimate of ($0.03). Revenue for the quarter came in at $21.6 million versus the consensus estimate of $21.65 million.

“Q3 revenues were aligned with our expectations, and with favorable product mix driving solid gross margins, our bottom-line results were better than forecast,” commented Wendell Blonigan, president and chief executive officer. “The team continued to execute extremely well in this challenging operating environment, delivering continued strength in the IVAS program as well as strong levels of technology upgrades for our hard disk drive (HDD) customers. While our inability to travel due to COVID-19 continues to delay our Thin-film Equipment (TFE) growth initiatives, VERTEX® demo activity with customers outside of China has increased, and forecasts for our two core businesses have further solidified since last quarter. Media capacity utilization by our HDD customers is approaching historical highs, and growing demand for nearline drives is benefiting our HDD media business in both the short- and longer-term. In Photonics, the IVAS program continues to push forward at a rapid pace, driving a record year for this business in 2020. We continue to gain momentum, and expect that Intevac will play a meaningful role in this critical, all-digital groundsoldier platform, which is expected to move into production sometime next year. We again strengthened our financial position in the third quarter, with total cash and investments growing to $49.4 million, and today have increasing confidence for profitable bottom-line results in fiscal 2020, with multiple drivers for a return to growth in 2021.”

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