Looking to the future, we are conducting internal research and working with industrial institutes and other strategic partners to develop new applications and new products in applications where lasers have not been widely used before. We plan to further leverage our leadership position by pursuing large-scale, higher-margin applications, including welding and cladding with high power lasers, micro-processing and ceramic cutting with QCW lasers, as well as processing of non-metals, micro-processing, scribing and marking with high-power green lasers.
In addition, we are expanding our geographic footprint to meet customer demand. In Q2, we opened an office in Turkey to service a numerous OEM materials processing customers we have there.
Finally, we remain focused on developing specialized laser-based systems to meet the specific needs of manufacturers whose requirements are not currently met by standard systems or in certain geographic areas where fiber laser systems are not currently available. We also are improving the flexibility of our existing products. For example, we have developed a 2 kilowatt air-cooled laser for use in dry environments and an ultra-compact 1 kilowatt fiber laser for use in applications requiring a small footprint.
We are continuing to make the necessary investments to support the increasing demand for our products and meet the needs of our customers as well as to identify opportunities to expand and grow our business.With that, I’ll turn the call over to Tim Mammen. Tim Mammen – Vice President and Chief Financial Officer Thank you Valentin and good morning everyone. I’ll start with a review of our end markets, products and geographic regions. After that, I’ll provide highlights from our income statements and balance sheet, and close with our guidance. Second-quarter materials processing sales increased 16% year-over-year to $124.6 million. This market continues to drive our growth and accounted for 90% of total sales during the quarter. The most significant materials processing applications for fiber lasers are cutting, welding, and marking and engraving. We’re also seeing growth from applications such as cladding, drilling, brazing, annealing, and rapid prototyping. Read the rest of this transcript for free on seekingalpha.com