ANDOVER, MA – MKS Instruments reported revenue of $794 million for the first quarter and said it has recovered from the disruptions caused by a ransomware attack that was first detected in February.

The company's first-quarter revenue was 7% higher than the $742 million reported in the first quarter of 2022, and the company expects revenue in the range of $930 million to $1.3 billion for the second quarter.

"We have restored our global operations following the ransomware incident we identified in February and are on track to meet our commitment to substantially recover revenue by the end of the second quarter,” said John T.C. Lee, president and CEO. "Thanks to the dedication, hard work, and ingenuity of our 10,000-plus employees, we are a stronger and more resilient company today than we have ever been.

"Amid macro and end market-driven softness entering the second quarter, we are making excellent progress integrating Atotech, which positions MKS to capitalize on a number of attractive long-term opportunities with our portfolio of foundational solutions across the semiconductor, electronics and packaging, and specialty industrial markets," he said.

"We executed well in ramping factory utilization as we emerged from the ransomware incident, which, combined with prudent cost control, allowed us to deliver positive free cash flow in the first quarter, despite the unusual challenges we faced," said Seth H. Bagshaw, executive vice president and CFO. "Moving forward, we are focused on resuming strong free cash flow generation, realizing acquisition synergies and executing our disciplined strategy of de-levering our balance sheet."