Mitek Systems (MITK) Tops Q1 EPS by 1c, Revenues Beat; Reiterates FY19 Revenue Outlook

Mitek Systems (NASDAQ: MITK) reported Q1 EPS of $0.03, $0.01 better than the analyst estimate of $0.02. Revenue for the quarter came in at $17.7 million versus the consensus estimate of $17.25 million.

• Total revenue increased 46% year over year to $17.7 million.
• GAAP net loss of $(3.2) million, or $(0.08) per share.
• Non-GAAP net income of $1.0 million, or $0.03 per diluted share.
• Cash flow from operations was $2.3 million.
• Total cash and investments of $19.7 million at the end of the fiscal first quarter.

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

“Our quarterly financial results include solid double-digit revenue growth in both of our product families and reflect the continued positive momentum we are generating and the hard work of our entire team. We continue to dominate the mobile check deposit market with our industry leading solution. And in ID verification, we believe that our Mobile Verify is providing the onramp to the digital economy. This large market is fast growing, mission critical, and in its early days with only one clear leader – Mitek. We remain very focused on building on our market leadership with our patented technology, global customer relationships and proven ability to innovate and scale.”

GUIDANCE:

Mitek Systems sees FY2019 revenue of $83-86 million, versus the consensus of $84.5 million.

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

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