Mitek Systems (MITK) Tops Q2 EPS by 3c; Withdraws FY20 Guidance

Mitek Systems (NASDAQ: MITK) reported Q2 EPS of $0.13, $0.03 better than the analyst estimate of $0.10. Revenue for the quarter came in at $23.2 million versus the consensus estimate of $23.1 million.

Fiscal Second Quarter 2020 Financial Highlights

• Total revenue increased by $3.2 million or 16% year over year to $23.2 million in a record second quarter.
• GAAP net income was $0.9 million, or $0.02 per diluted share.
• Non-GAAP net income was $5.4 million, or $0.13 per diluted share, an increase of 98% year over year.
• Cash flow from operations was $3.2 million.
• Total cash and investments were $42.5 million at the end of the fiscal second quarter.

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

“We are pleased to report record revenue, significantly improved profitability and solid cash flow generation for the fiscal second quarter. In this challenging global business environment, where companies are making the digitization of their business a priority, we are seeing behavioral changes from both businesses and consumers that we believe will positively impact our mobile deposit and identity verification businesses in the long-term.”

Fiscal 2020 Financial Guidance

Due to the uncertainty of the full impact of the COVID-19 pandemic on the economy, its customers and its business, Mitek is withdrawing its previously provided guidance for the fiscal year 2020 ending September 30, 2020. Management will provide additional information during its earnings conference call.

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

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