Identiv (INVE) Misses Q1 EPS by 5c, Beats on Revenues
Identiv (NASDAQ: INVE) reported Q1 EPS of ($0.15), $0.05 worse than the analyst estimate of ($0.10). Revenue for the quarter came in at $16.53 million versus the consensus estimate of $14.7 million.
“Q1 was an exceptional quarter for our company, building on the strong momentum coming out of 2017,” said Steven Humphreys, Identiv CEO. “We grew revenue by 23% year-over-year, which is two to three times faster than the industry, demonstrating that we’re actively adding share and making a bigger impact in the markets we compete in. We’re especially encouraged by the revenue growth, product launches and cross-selling pipeline in our Premises segment, which have been driven by improved execution and the addition of the 3VR video analytics platform. The 26% organic growth in our Credentials segment is equally encouraging, as existing customers deploy our RFID solutions across more product lines, and new customers launch solutions, building pipeline and backlog for growth already extending into 2019. We generated positive adjusted EBITDA for the seventh quarter in a row, showing consistent and predictable strength in our business platform and moving toward positive GAAP net income.
“We hit the ground running particularly from a product standpoint, launching and developing multiple products during the quarter across all of our segments, reflecting our accelerating development throughput. These new products are being well received by our customers and partners, both reflecting the growing demand we’re seeing for our innovative solutions and the desire for trusted vendors providing full-stack solutions and platforms. This strong reception has not only created additional interest in our solutions, but has also helped expand our backlog and pipeline.”
Sandra Wallach, Identiv CFO, added: “Based on our recent results and growing pipeline, we remain on track to achieve our double-digit revenue and adjusted EBITDA growth targets for 2018. We believe that by continuing to execute on our key initiatives, we will not only realize greater business and financial scale, but also expand our margins through core business growth, operating expense leverage, and longer term, the delivery of a complementary set of software and services. Ultimately, we believe this will drive us to achieve our long-term business model, while building a fully-scaled platform that can drive continued, profitable growth moving forward.”
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