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NVE(NASDAQ: NVEC)

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Q2 2019 Balance Appointment Call

Oct. 17, 2018 5:00 p.m. ET

Operator

Good day, Ladies and gentlemen, and acceptable to the NVE appointment alarm on second-quarter results. [Operator instructions] As a reminder, this appointment alarm may be recorded. I would now like to acquaint your host for today’s conference, Daniel Baker, admiral and CEO. Mr.

Baker, you may begin.

Daniel Baker — Admiral and Arch Controlling Officer

Good afternoon, and acceptable to our appointment alarm for the division concluded September 30, 2018. As always, I’m aing by Curt Reynders, our arch banking officer. This alarm is actuality webcast alive and actuality recorded. A epitomize will be accessible through our website, nve.com.

After my aperture comments, Curt will present a banking analysis of the quarter, I’ll awning business items, and we’ll accessible the alarm to questions. We issued our columnist absolution and filed our anniversary address on Form 10-Q on Monday, beforehand than planned due to an authoritative absurdity by the account provider. We additionally filed a Form 10-Q/A to alter the abridged aboriginal filing. Links to all of the abstracts are accessible through the SEC’s website, our website, and our Twitter timeline.

Comments we may accomplish that chronicle to approaching plans, events, banking after-effects or achievement are avant-garde statements that are accountable to assertive risks and uncertainties, including amid others, such factors as risks and uncertainties accompanying to approaching sales and revenue, uncertainties accompanying to the appulse of federal tax reform, risks accompanying to changes in tariffs and added barter barriers as able-bodied as the accident factors listed from time-to-time in our filings with the SEC, including our 10-K for the year concluded March 31. The aggregation undertakes no obligation to amend avant-garde statements we may make. We are admiring to address a able access in artefact sales, a 35% access in net assets and almanac balance of $0.88 per share, up from $0.65 aftermost year. Curt will awning the capacity of our banking results.

Curt?

Curt Reynders — Arch Banking Officer

Thanks, Dan. Absolute acquirement for the added division added 7% to $7.51 actor compared to $7 actor for the year-ago quarter, apprenticed by a 10% access in artefact sales to $7.05 million, up from $6.39 actor aftermost year. The access in artefact sales was due to new barter added added purchases by absolute customers. Arrangement R&D acquirement decreased 26% due to the achievement of contracts.

Contract R&D is a babyish allotment of our revenue, and as we’ve said before, abundant of it is for custom spintronic anti-tamper sensors breadth acquirement can alter with arrangement timing. Gross allowance added to a almanac 82% of acquirement due to a added assisting acquirement mix apprenticed by artefact sales growth. Absolute costs decreased 2% due to a abatement in R&D expense, partially account by an access in SG&A. The access in SG&A was primarily due to a $52,000 access in stock-based compensation.

Stock-based advantage was absolutely automated banal options accepted our admiral on their reelection to our Board. The cardinal of options accepted was banausic and the access in stock-based advantage was due to a ample access in our banal amount in the accomplished year, as able-bodied as an access in the Black-Scholes affected banal volatility. As discussed in our proxy statement, we don’t overpay our admiral or officers. Interest assets added 14% for the division due to college band yields.

The access was admitting a abatement in our bankable balance as we acclimated some of our crumbling balance to armamentarium dividends. Pretax assets added 13% and pre-tax allowance added to 70% for the division compared to 66% aftermost year. Our able tax amount decreased to about 18% compared to 32% in the above-mentioned year quarter. The abatement was primarily due to the abatement in the federal rates.

We currently apprehend our able amount to be about 18% for the abounding budgetary year. Afterwards tax, net assets for the best contempo division added 35% to a almanac $4.28 actor or $0.88 per adulterated allotment compared to $3.16 actor or $0.65 a allotment aftermost year. The ample access in profits was primarily due to an access in artefact sales and a abatement in tax rates. Net allowance for the division added to a almanac 57% of acquirement compared to 45% aftermost year, which is amid the best allotment on acquirement in the industry.

Comprehensive income, which includes a $51,000 abeyant accretion on our available-for-sale securities, added 37% to $4.33 actor for the division compared to $3.17 actor aftermost year. Admitting a boxy analyze for the aboriginal division of the budgetary year, absolute acquirement added hardly for the aboriginal two abode to $14.61 actor against $14.60 actor for the above-mentioned year. A 5% access in artefact sales in the aboriginal bisected of this budgetary year added than account a 48% abatement in arrangement R&D. Net assets for the aboriginal bisected added 27% to $8.23 actor or $1.70 per allotment compared to $6.46 actor or $1.33 per allotment aftermost budgetary year.

Cash breeze from operations was $8.27 actor in the aboriginal bisected compared to $7.32 actor aftermost year. Exceptional operating banknote breeze and bashful anchored asset purchases collection able chargeless banknote flow. Anchored asset purchases were a bashful $38,000 in the aboriginal half, and we apprehend anchored asset purchases for the abounding budgetary year to be beneath than the $605,000 we spent aftermost year. In accession to the allotment paid in the accomplished quarter, we arise that our Lath declared accession anniversary allotment of $1 per share, payable November 30 to shareholders of almanac as of October 29.

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Now I’ll about-face it over to Dan to awning the business. Dan?

Daniel Baker — Admiral and Arch Controlling Officer

Thanks, Curt. I’ll awning R&D and new accessories and the barter appearance that aloof captivated up. On our Administration of Agriculture biosensor grant, we’ve auspiciously congenital prototypes of best of the apparatus including biosensors, alluring nanoparticles, electronics and microfluidics. We ran into some challenges with the aptamers arrangement and we’re attractive for solutions, but we’ve approved the scalability of our technology from the class arrangement accessories we did before.

We’re additionally in the aboriginal stages of belief the possibilities for medical applications, such as exosome apprehension for blight diagnosis. In the accomplished quarter, we accustomed orders and alien couplers for the Europa Clipper mission. The mission is to attending for altitude for activity on one of the moons of Jupiter. The barrage is apparently at atomic four years away, but the Chairman of House Commerce, Justice and Science Subcommittee alleged it awfully important, and we’re appreciative to be allotment of such a ambitious and important mission.

Turning to new products. In the accomplished quarter, we alien a acute magnetometer added several low-power parts, low-power alluring switches, and a new Tunneling Magnetoresistance isolator. The lower ability alluring switches are the aftereffect of efforts to abide to extend our aggressive advantages, in this case, to abate the activity use alike more. Low-power is one of the amount allowances of spintronics and low-power is important for the Internet of Things because it allows accessories to run on batteries or harvested power.

We can authenticate these genitalia with a on corpuscle anchored assimilate a ambit board. There’s no charge for a ability switch, dispensable or rechargeable array so we can put alive demos in our sample kits. There is a video of a sample kit on our website and YouTube channel. We launched Tunneling Magnetoresistance or TMR couplers beforehand in the year.

They’re the alone genitalia of their blazon and aggrandize our TMR artefact line. TMR couplers are lower ability than our admirable GMR couplers, and are advised as gateways to the Internet of Things. Acute sensors are accession key to our Internet of Things strategy. The new magnetometer is acute because, clashing absolute sensors, it includes analog to agenda conversion, agenda branch arrangement and agenda interfaces in the IC.

Integrating those appearance accommodate simple acute connectivity to the Internet of Things. The able magnetometer can be acclimated as a adjacency sensor or a accepted sensor. We answer the new acute magnetometer and added sensors as the sensors Midwest barter appearance alfresco Chicago. Yesterday and today, we approved the new acute magnetometer in an automotive appliance of motors controlled simulation application a windshield washer pump.

We additionally previewed a new acute bend sensor and our TMR bend sensors. There are pictures and videos on our website, YouTube approach and Twitter timeline. Finally, I’ll awning accumulated governance. Our anniversary shareholders affair was aftermost quarter.

For acceptable accumulated practice, our absolute lath of admiral stands for acclamation every year, and anniversary of our admiral was overwhelmingly reelected. Our controlling administrator advantage supports goals of assisting advance and convalescent abiding actor amount afterwards actuality excessive, and shareholders overwhelmingly voted to accept compensation. And finally, the alternative of our auditors was ratified. Capacity of the shareholders votes were arise on a Form 8-K we filed with the SEC the day afterwards the meeting.

In accession to the academic items of business at the meeting, we had hands-on artefact demonstrations highlighting the precision, admeasurement and accuracy of our products. Now I’d like to accessible the alarm for questions. David? 

Operator

Yes. [Operator instructions] Our aboriginal catechism comes from Jeff Bernstein with Cowen. Your band is now open.

Jeff Bernstein — Cowen Prime Advisors — Analyst

Hey, Dan. How are you?

Daniel Baker — Admiral and Arch Controlling Officer

Good, Jeff. How are you?

Jeff Bernstein — Cowen Prime Advisors — Analyst

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Good. So aloof capital to see if we could get a little bit added detail. You talked about the artefact acquirement advance actuality apprenticed by absolute barter and new customers. Could we get aloof a little bit added detail on maybe some industry breakdown etc.? Maybe you allocution about CRM or any advance you’re authoritative in automotive etc.

Daniel Baker — Admiral and Arch Controlling Officer

Certainly. So I anticipate the able markets were our automated ascendancy Internet of Things markets. The medical accessory bazaar is probably, I alarm it as stable, as you apparently know. Abbott, for example, arise today a slight abatement in accent administration revenue.

Long-term, the demographics abide favorable for CRM, but there are concise challenges. But fortunately, some of our added products, the new accessories that we accept for bend sensors, for some — we got some bashful sales from our private-label affiliation and some of the new Internet of Things accessories accept been building.

Jeff Bernstein — Cowen Prime Advisors — Analyst

Great. I apperceive we’ve talked about the audition aid bazaar afore and maybe you can blow on that. And was analytical on affectionate of a avant-garde basis, I guess, Bose won the appropriate to advertise an OTC audition aid alike admitting I don’t anticipate the FDA has absolutely addressed the accomplished abstraction of affectionate of nonprescription products, but aloof what are your thoughts here?

Daniel Baker — Admiral and Arch Controlling Officer

Well, there arise to be changes coming, as you know, in the audition aid market. But an amplification of the audition aid market, such as over-the-counter or private-label audition aids could absolutely advice us if it expands the market. And if we can accommodate apparatus for those audition aids, and we’re absolutely attractive at that. Proponents of lower amount and over-the-counter audition aids point out that abounding bodies who charge audition aids don’t accept them because of the amount or the dispensing aggravation defective an audiologist.

So these new categories could aggrandize the market.

Jeff Bernstein — Cowen Prime Advisors — Analyst

And your accepted business, how’s that faring appropriate now?

Daniel Baker — Admiral and Arch Controlling Officer

The accepted audition aid business you mean?

Jeff Bernstein — Cowen Prime Advisors — Analyst

Yes, yes.

Daniel Baker — Admiral and Arch Controlling Officer

Yes. So that’s been a able abiding business that has been growing, admitting conceivably modestly. The demographics are favorable as babyish boomers age and charge audition aids. And there is added and added technology actuality put into audition aids.

The audition aid companies are accomplishing some amazing work, and authoritative audition aids added seamless, added accustomed and easier to use, and we’re a allotment of that. So we abide to see a advance in the technology that goes into audition aids as able-bodied as a advance in the bazaar itself, the cardinal of bodies who accept audition aids.

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Jeff Bernstein — Cowen Prime Advisors — Analyst

Great. Thanks. I’ll let somebody abroad ask.

Daniel Baker — Admiral and Arch Controlling Officer

Thanks, Jeff.

Operator

Thank you. [Operator instructions] And we do accept a aftereffect catechism from Jeff Bernstein with Cowen. Your band is now open.

Jeff Bernstein — Cowen Prime Advisors — Analyst

Great. I assumption if there is cipher else, I accept a brace of more. Aloof curious, you talked about abundant of the R&D, the arrangement R&D actuality accompanying to tamper-proof sensors, a lot of account aloof in aftermost brace of weeks about a GAO abstraction of aegis electronics actuality actual hackable and the Supermicro server altercation etc. What are your guys expectations over the aing brace of years on this area?

Daniel Baker — Admiral and Arch Controlling Officer

We abide to see it as an important bazaar and one breadth we accept different technology. As you know, we accept different spintronics. Inherently nonvolatile technology that’s actual able-bodied ill-fitted for anti-tamper. We accept Physical Unclonable Functions, sometimes alleged PUFs, which are accomplished for cryptography because they’re accessible to evaluate, but adamantine to adumbrate and replicate.

So we accept accomplished technology. It’s not a huge allotment percentage-wise of our business, but it’s an important allotment breadth we’ve got an accomplished reputation. Our guys who assignment in that breadth do a aces job. They’re actual innovative, and we’re admired in that field.

So we’re attractive avant-garde to able business there. As Curt mentioned in the able remarks, it can be somewhat alternate or chapped depending on the timing of contracts, but it’s business that we see continuing and growing.

Jeff Bernstein — Cowen Prime Advisors — Analyst

So is all the acquirement in arrangement R&D and is that breadth to attending for it activity forward? Or there are some bartering product-type revenues actuality already?

Daniel Baker — Admiral and Arch Controlling Officer

Yes. We’re affairs bartering products. We’re affairs anti-tamper sensors appropriate now.

Jeff Bernstein — Cowen Prime Advisors — Analyst

OK. So to the admeasurement that the aegis administration says, hey, delay a second, we accept a absolute botheration actuality with ancestry and with analytical and with all those kinds of things, we should apprehend that there could be added appeal in this area?

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Daniel Baker — Admiral and Arch Controlling Officer

Yes. I mean, I’d abhorrence to alarm that a acceptable thing. But from a business standpoint, we’re in a acceptable position to advice break that problem. And as you know, it’s a actual austere problem.

So and allotment of the acumen why we do it is because it’s our befalling to do some acceptable and to assure the analytical accessories for aggressive and added actual acute equipment.

Jeff Bernstein — Cowen Prime Advisors — Analyst

OK, great. And afresh I was absorbed to apprehend you acknowledgment exosome detection, that the exosome science is actual new, and so I’m a little bit curious. You were adage for audition cancer, is that to array of differentiate blight that is metastasizing? Or what’s your accepted compassionate of what you’re attractive for here?

Daniel Baker — Admiral and Arch Controlling Officer

Well, our allotment of it, Jeff, would be to ascertain the exosome, so we would be attractive at audition antibody-antigen reactions, those types of reactions, which we can tag with alluring beads. So it’s agnate technology to our biosensor technology that we use to ascertain pathogens, bacilli for example. And as you know, it’s an agitative breadth for aboriginal apprehension of cancer. And exosomes are babyish cellular particles, and they’re appear aboriginal in the ache process.

So they can accord clues to aboriginal apprehension of a disease, which of advance could advance to aboriginal analysis and bigger outcomes. So it’s a new area, as you accurately point out. The analysis is in its aboriginal stages, but we’re absolutely aflame about the possibilities there and the possibilities of applying our technology to such an important area.

Jeff Bernstein — Cowen Prime Advisors — Analyst

Right. So now because these things are there, I anticipate a thousandth of the admeasurement of a cell, we’re talking about the affectionate of concentrations breadth the resolutions that you guys can get with your technology are activity to be the way to go. Is that what we should understand?

Daniel Baker — Admiral and Arch Controlling Officer

We absolutely achievement so. Actuality able to ascertain actual babyish levels of biological abstracts is one of the abundant advantages of our technology. And as you know, exosomes are tiny little pieces of cells. They’re allotment of the cell, and so there’s not a lot of actual to assignment with there.

So that’s why it’s difficult to ascertain them. So our ambition would be to tag them and to ascertain actual babyish perturbances in the alluring fields that these chaplet would create. And we accept that, that technology of advance has apparent cogent affiance in audition actual low levels. We gave the affinity of audition a aggravate in the Mall of America.

And so this is a agnate botheration of audition actual babyish things in a actual ample aggregate of fluid.

Jeff Bernstein — Cowen Prime Advisors — Analyst

All right. And afresh lastly, can you aloof accord an amend on the spin-torque bake assignment that you guys are doing? And it seems like that would apparently be aimed at array of avant-garde beam-forming antennas or whatever, but aloof whatever blush you can accord on how you’re accomplishing there and the progress.

Daniel Baker — Admiral and Arch Controlling Officer

Right. So we’re bound in what we can allocution about there. The final address hasn’t been fabricated public. That was a U.S.

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Army — we did a U.S. Army contract, which was a amount of accessible record, but the address itself is not. We did complete the analysis arrangement with the Army auspiciously aftermost year, and we approved the achievability of the Spin-Torque Bake Diode Spectrograph. And in accession to aggressive uses, that technology could advance to an adjustment of consequence access in articulation acceleration and isolator speed, conceivably to as abundant as a gigabyte or a billion $.25 of advice per second.

So that will abutment arising Internet of Things applications, such as alien video monitoring, but that’s a little bit added out. We achievement if the Army makes the address public, we achievement to be able to column it and accord some added details.

Jeff Bernstein — Cowen Prime Advisors — Analyst

OK. That’s great. Thanks so much.

Daniel Baker — Admiral and Arch Controlling Officer

Thanks, Jeff.

Operator

Thank you. [Operator instructions] And I’m assuming no added questions in queue. I’d like to about-face the alarm aback over to Daniel Baker for any added remarks.

Daniel Baker — Admiral and Arch Controlling Officer

Well, acknowledge you. We were admiring to address able artefact sales, almanac balance and a acknowledged acute sensor artefact launch. We attending avant-garde to speaking with you afresh in January to altercate third-quarter results. And acknowledge you afresh for accommodating in the call.

Operator

[Operator signoff]

Duration: 24 minutes

Daniel Baker — Admiral and Arch Controlling Officer

Curt Reynders — Arch Banking Officer

Jeff Bernstein — Cowen Prime Advisors — Analyst

More NVEC analysis

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