Veeco Instruments Inc. · NASDAQ:VECO
Veeco Instruments — 26th Annual Needham Growth Conference 2024
17 slides from Veeco Instruments's conference presentation, January 2024
Slide 1: 26th Annual Needham Growth Conference
26th Annual Needham Growth Conference January 2024 1 26th Annual Needham Growth Conference Presentation Copyright © 2024 Veeco Instruments Inc. All Rights Reserved.
Slide 2: Safe Harbor
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,
Slide 3: Contents
Contents Overview Veeco at a Glance Who is Veeco? Served Available Market Semiconductor Compound Semiconductor Financials Updated 2023 Guidance and Initial 2024 Outlook Revenue By End-Market 3 26th Annual Needham Growth Conference Presentation Copyright © 2024 Veeco Instruments Inc. All Rights Reser
Slide 4: Veeco at a Glance
Veeco at a Glance Patents ~400 Global provider of Solving customers high value semiconductor capital materials challenges equipment Employees ~1,200 Differentiated technologies with 2023 Revenue opportunities to expand served Financial strength and flexibility available markets $658M- $668M* 26th An
Slide 5: Who is Veeco?
Who is Veeco? Strong History Semiconductor Solving materials challenges Compound Semiconductor 2019- 2019- Today Data Storage 2010 - Today Differentiated Laser 1990’s - Today MOCVD Technology Fabricated Annealing & Ion Beam Growth Focus Deposition technologies Ion Beam Technologies for 70%+ of LED’s
Slide 6: Served Available Market
Available Market Total Veeco SAM Veeco’s Served Available Market to grow to ~4.0B ~$4.0B Projected CAGR ~15% Semiconductor opportunity expected to ~$2.3B grow to ~$1.7B $1.7B driven by Laser Annealing, Nanosecond Annealing and Ion Beam Deposition equipment Compound Semiconductor opportunity 2023 202
Slide 7: Semiconductor SAM Growth
Semiconductor SAM Growth Total SAM Key Drivers of SAM Growth (Systems Only) 2023 2027 ~$1.7B Laser Spike • PTOR at three Tier 1 logic and one Tier 1 memory Annealing ~$500M ~$600M Projected 21% CAGR customers’ advanced nodes IBD300 (LSA) Ion Beam Deposition ~$800M IBD EUV Nanosecond • Under evaluati
Slide 8: Nanosecond Annealing Opportunity
Nanosecond Annealing Opportunity 2000 NSA Future (nanosecond) Temperature (°C) Traditional • Solidifies Veeco’s laser annealing leadership & helps drive LSA Lamp Based the Semi industry roadmap 1000 (sub millisecond) (sub second) • Shipped two NSA500TM evaluations to Tier 1 logic customers in Q4 202
Slide 9: IBD300 – 300mm Front End Semi Opportunity
IBD300– 300mm Front End Semi Opportunity Illustration of grain size and distribution TODAY FUTURE Traditional PVD IBD • Lower resistance metals essential for improved device performance & customer scaling • IBD displays lower resistivity vs traditional PVD based on Tier 1 customer data • Shipped two
Slide 10: Veeco Growth Technologies for Artificial Intelligence
Veeco Growth Technologies for Artificial Intelligence GPU Current PTOR High- High-Bandwidth Memory (HBM) DRAM • Laser-Spike Annealing (LSA) Current PTOR • IBD for EUV mask blanks • Laser-Spike Annealing (LSA) Additional Future Opportunities Additional Future Opportunities • Nanosecond Annealing (NSA
Slide 11: Compound Semiconductor SAM Growth
Compound Semiconductor SAM Growth Total SAM Key Drivers of SAM Growth (Systems Only) 2023 2027 ~$1.8B Projected ~15% CAGR SiC Power • Single wafer SiC CVD for 8 inch addresses high ~$300M ~$600M Electronics voltage and power applications such as EVs ~$1.0B GaN Power • Single wafer MOCVD platform for
Slide 12: Financials
Financials Updated 2023 Guidance & Initial 2024 Outlook Revenue By End Market 12 26th Annual Needham Growth Conference Presentation Copyright © 2024 Veeco Instruments Inc. All Rights Reserved.
Slide 13: Q4 2023 Updated Guidance & Initial 2024 Outlook
Q4 2023 Updated Guidance & Initial 2024 Outlook Q4 2023 Prior Guide Updated Guide Revenue $155M - $175M $165M - $175M Non-GAAP Diluted EPS $0.35 - $0.45 $0.40 - $0.45 * FY 2023 Prior Guide Updated Guide Revenue $648M - $668M $658M - $668M Non-GAAP Diluted EPS $1.55 - $1.65 $1.58 - $1.65 * FY 2024 In
Slide 14: Revenue by End-Market
Revenue by End-Market $680M - $740M $646M $658M - $668M $583M $454M 2020 2021 2022 2023 2024 Semiconductor Compound Semiconductor Data Storage Scientific & Other Semiconductor revenue increases from 37% in 2020 to >60% in 2023 (CAGR of ~35%) 14 26th Annual Needham Growth Conference Presentation Copy
Slide 15: Executing Today & Well-Positioned for Long Term Growth
Executing Today & Well-Positioned for Long Term Growth Today Future Semiconductor business to grow ~10% in 2023 despite a Semiconductor growth well positioned to outperform decline in WFE spending WFE growth, driven by new and existing products (LSA, NSA, IBD300) Laser Annealing expanding to n
Slide 16: Thank You
Thank You 16 26th Annual Needham Growth Conference Presentation Copyright © 2024 Veeco Instruments Inc. All Rights Reserved.
Slide 17: 2023 & FY 2024 Guidance GAAP to Non-GAAP Reconciliations
2023 & FY 2024 Guidance GAAP to Non-GAAP Reconciliations Q4 2023 • GAAP earnings per diluted share for the fourth quarter of 2023 is expected to be between $0.27 and $0.32. Excluded from Non-GAAP diluted EPS for the fourth quarter of 2023 are estimated share-based compensation expenses of $0.10 per
Veeco Instruments — 26th Annual Needham Growth Conference 2024 on 6ix