Tufin (TUFN) Misses Q4 EPS by 3c, Revenues Beat; Offers Q1 Revenue Guidance Below Consensus, Provides FY20 Revenue Outlook
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Tufin (NYSE: TUFN) reported Q4 EPS of ($0.07), $0.03 worse than the analyst estimate of ($0.04). Revenue for the quarter came in at $30.1 million versus the consensus estimate of $29.8 million.
Financial Highlights for the Fourth Quarter Ended December 31, 2019
- Total revenue was $30.1 million, up 3% compared with the fourth quarter of 2018.
- Product revenue was $14.3 million, down 16% compared with the fourth quarter of 2018.
- Maintenance and professional services revenue was $15.8 million, up 30% compared with the fourth quarter of 2018.
Operating Income (Loss):
- GAAP operating loss was $7.4 million, compared to operating income of $3.5 million in the fourth quarter of 2018.
- Non-GAAP operating loss was $1.9 million, compared to non-GAAP operating income of $4.5 million in the fourth quarter of 2018.
Net Income (Loss):
- GAAP net loss was $7.2 million, or a loss of $0.21 per diluted share, compared to a GAAP net income of $2.8 million, or $0.10 per diluted share, in the fourth quarter of 2018.
- Non-GAAP net loss was $2.4 million, or a loss of $0.07 per diluted share, compared to non-GAAP net income of $3.8 million, or $0.13 per diluted share, in the fourth quarter of 2018.
“2019 was a transformative year for Tufin as we became a public company and surpassed $100 million in revenue. However, our fourth quarter results were impacted by sales execution challenges primarily in North America. We are disappointed with the fourth quarter and have begun taking steps to improve execution” said Ruvi Kitov, CEO and co-founder. “We continue to see strong demand for our solutions in the marketplace, and our leadership position, long-term growth initiatives and recent organizational changes position us well to capitalize on the large opportunity ahead in security policy management.”
Tufin sees Q1 2020 revenue of $23-26 million, versus the consensus of $26.16 million.
Tufin sees FY2020 revenue of $117-123 million, versus the consensus of $121.17 million.
For earnings history and earnings-related data on Tufin (TUFN) click here.
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