Turtle Beach (NASDAQ: HEAR) reported Q4 EPS of $0.47, $0.11 worse than the analyst estimate of $0.58. Revenue for the quarter came in at $99.5 million versus the consensus estimate of $111.6 million.

GUIDANCE:

Turtle Beach sees FY2024 revenue of $370-380 million, versus the consensus of $295.1 million, with the growth driven primarily by the acquisition of PDP and the expected out-performance of the gaming markets in specific categories based on the Company’s product plans for 2024. Additionally, in light of the Company’s strong execution on its efficiency and profitability initiatives, the Company expects pro forma combined Adjusted EBITDA to be between $51 million and $54 million, which incorporates approximately 9 months of operations from PDP.

The Company further reiterates its long-term goals of a 10%+ revenue CAGR, a mid-30’s gross margin percentage, and is now focused on low to mid-teens percentage for Adjusted EBITDA margins.

Turtle Beach separately announced today, among other strategic items, the acquisition of PDP, adding significant financial benefits to Turtle Beach that, in conjunction with synergies realized, fundamentally transforms the financial profile of the Company.

For earnings history and earnings-related data on Turtle Beach (HEAR) click here.