Mitek Systems (MITK) Tops Q1 EPS by 5c, Revenues Beat; Offers FY20 Revenue Outlook

Mitek Systems (NASDAQ: MITK) reported Q1 EPS of $0.12, $0.05 better than the analyst estimate of $0.07. Revenue for the quarter came in at $22.1 million versus the consensus estimate of $21.45 million.

Fiscal First Quarter 2020 Financial Highlights

• Total revenue increased 25% year over year to $22.1 million in a record first quarter.
• GAAP net income was $0.6 million, or $0.01 per diluted share.
• Non-GAAP net income was $5.0 million, or $0.12 per diluted share, an increase of 377% year over year.
• Cash flow from operations was $5.2 million.
• Total cash and investments were $39.9 million at the end of the fiscal first quarter.

Commenting on the results, Max Carnecchia, CEO of Mitek, said:

“We continue to report record revenues with Q1 delivering another record first quarter. Our commitment to ensuring business value for our customers is also reflected in solid double-digit growth from both our mobile deposit and identity verification products and increased profitability in our business overall.”

GUIDANCE:

Mitek Systems sees FY2020 revenue of $98-102 million, versus the consensus of $100.15 million.

• For the fiscal year ending September 30, 2020, the company is reiterating its previously provided guidance for full year total revenue to be between $98 million and $102 million, which would represent growth of approximately 16% to 21% year over year.
• The company expects to generate a non-GAAP operating margin of approximately 20% to 22%.

For earnings history and earnings-related data on Mitek Systems (MITK) click here.

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