Intermolecular's (IMI) CEO Dave Lazovsky on Q1 2014 Results - Earnings Call Transcript

Thanks, Gary. Good afternoon everyone and thank you for joining us on today’s call and webcast. Our Q1 results were in line with guidance, headlined by $15.9 million in revenue which included an accelerated payment of $4.2 million from GLOBALFOUNDRIES.

In the first quarter, SanDisk and Toshiba informed us that they will no longer be requiring additional development services from us under our collaborative development program on next generation non-volatile memory technology. Despite introducing timely near-term revenue impact beginning in the second quarter, we believe that the ReRAM memory technology and the associated intellectual property we have developed are on track for commercialization. Any such commercialization would result in royalty revenue streams [earned] to us under the current agreement with SanDisk and Toshiba.

I’ll cover our ReRAM memory technology in more detail in a few moments, including its benefits, relative demand, our significant intellectual property portfolio and the scalability of this technology with or without EUV lithography.

In terms of our cost structure, we realigned and streamlined operations with an 18% headcount reduction in February primarily in response to the reduction in CDP services we were providing ATMI and GLOBALFOUNDRIES.

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