(no current position)
Haven't visited this in a bit. Shares have fallen quite far. Currently trading at 3.4x 2019 rev
Conference Call -
http://investors.miteksystems.com/events/event-details/q3-2019-mitek-systems-earnings-conference-callFiscal Fourth Quarter 2019 Financial HighlightsTotal revenue increased 19% year over year to $25.0 million in a record quarter.
GAAP net income was $3.3 million, or $0.08 per diluted share.
Non-GAAP net income was $8.7 million, or $0.21 per diluted share.
Fiscal 2019 Full Year Financial HighlightsTotal revenue increased by $21.0 million or 33% year over year to a record $84.6 million.
GAAP net loss was $(0.7) million, or $(0.02) per diluted share.
Non-GAAP net income increased 57% year over year to $17.3 million, or $0.42 per diluted share.
Full year cash flow from operations was $14.3 million.
Total cash and investments were $34.8 million at the end of fiscal 2019.
The acquisition of A2IA seems to be working out pretty well. However they mentioned downsizing staff who were ported over from A2IA so they did incur a restructuring cost. They are also discontinuing a few products of A2IA which they predict will have a negative impact on revenue but a positive impact on profitability. Mobile deposit is profitable and the time frame for mobile ID verification to become profitable is sub 2 years (not great news). Customer acquisition seems to be steady. No further mention of acquisition during the conference call.
To me this is only interesting if they are open to acquisition. Max seems quite staunch that he wants to "build and grow the company." I imagine this is somewhat reflected in the share price.