MITK nice earnings! Up 13.21%
Mitek Reports Record Second Quarter Revenue, Up 25% Year Over Year Raises Full Year Revenue Guidance
SAN DIEGO, May 01, 2018 (GLOBE NEWSWIRE) -- Mitek (NASDAQ:MITK) (www.miteksystems.com), a global leader in mobile capture and digital identity verification software solutions, today announced its financial results for the second quarter of fiscal 2018 ended March 31, 2018.
Fiscal Second Quarter 2018 Financial Highlights
Revenue increased 25% year over year to a record $14.3 million.
SaaS revenue increased 91% year over year to $3.3 million.
GAAP net loss of $(1.2) million, or $(0.03) per share.
Non-GAAP net income of $2.1 million, or $0.06 per diluted share.
Total cash and investments of $45.3 million at the end of the fiscal second quarter.
Commenting on the results, James DeBello, Chairman and CEO of Mitek, said:
“The rapid erosion of trust in the digital world and the need to rebuild that trust is presenting a greater opportunity for Mitek than ever before. Mitek’s identity solutions squarely address this pain point and provide a solution for consumer facing companies looking to deploy ID solutions to rebuild trust in a digital world. We believe Mitek is well positioned to address the need for a digital trust solution in the multi-billion dollar consumer identity market.”
Fiscal 2018 Financial Guidance
For the fiscal year ending September 30, 2018, the Company is raising its previously provided guidance for full year total revenue of $57 million to $59 million to a new range of $59 million to $60 million, which would represent growth between 30% and 32% year over year. The Company continues to expect to generate a non-GAAP profit margin of approximately 19% to 20% for fiscal 2018.
Conference Call Information
Mitek management will host a conference call and live webcast for analysts and investors today at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss the Company’s financial results.
To listen to the live conference call, parties in the United States and Canada should dial 800-239-9838, access code 9848306. International parties should dial 323-794-2551, access code 9848306. Please dial in approximately 15 minutes prior to the start of the call.
A live and archived webcast of the conference call will be accessible on the “Investor Relations” section of the Company’s website at www.miteksystems.com. In addition, a phone replay will be available approximately two hours following the end of the call and it will remain available for one week. To access the cal
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