Nova to raise $150m, reports strong Q3 results

Eitan Oppenhaim Photo: Eyal Yizhar

The Israeli metrology solutions company for the semiconductor industry is taking advantage of the Wall Street tech boom to raise debt.

Nova Measuring Instruments Ltd. (Nasdaq:NVMI; TASE:NVMI) has become the latest Israeli tech company looking to take advantage of the Wall Street boom. The metrology solutions company for the semiconductor industry has announced that it is offering $150 million inconvertible senior notes due 2025. Nova is following the example of other Israeli tech companies Fiverr International (NYSE: FVRR), NICE Systems Ltd. (Nasdaq: NICE; TASE: NICE), Wix.com Ltd. (Nasdaq: WIX) and SolarEdge Technologies (Nasdaq: SEDG), which have all raised debt in recent weeks.

At the same time Nova has announced that its third quarter results are stronger than expected. Revenue in the third quarter of 2020 was $68-70 million, much higher than the guidance of $58-66 million. Non-GAAP net profit is $0.51-0.56 per share compared with guidance of $0.34-0.47 per share. The results will be published on November 12.

The company has $216 million in cash in its coffers. The share price of Nova, managed by CEO Eitan Oppenhaim, is up 2.90% in premarket trading on Nasdaq at $58.50, giving a market cap of $1.6 billion. The share price has risen 76.7% over the past year.

Published by Globes, Israel business news - en.globes.co.il - on October 13, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Eitan Oppenhaim Photo: Eyal Yizhar
Eitan Oppenhaim Photo: Eyal Yizhar
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