Nuance Communications (NUAN): Record Results Offset CEO Retiring - Oppenheimer
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Oppenheimer analyst, Shaul Eyal, reiterated his Outperform rating on shares of Nuance Communications (NASDAQ: NUAN) after the company reported positive F4Q16 results, exceeding guidance and beating consensus revenue, operating margin, EPS, and CFFO estimates.
The results were driven by strong top-line growth and margin improvement in the Enterprise segment ($109M, +23.3% YoY). Imaging ($66.4M, +7.3%) also performed well following its Power PDF 2.0 launch, while making significant operational improvements (profit margin of 47% vs. 36% in F3Q16). Healthcare ($239.8M, -0.6% YoY) fell short of the Street's $247.3M (despite record net new bookings), impacted by the declining transcription business. NUAN's longstanding Chairman & CEO, Paul Ricci, has advised the BOD of his plans to retire in F1H18 following his contract completion.
No change to the price target of $26.
Shares of Nuance Communications closed at $15.55 yesterday.
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