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Mitek Systems Sees FY23 Revenue $180M-$185M Vs $182.03M Est; Non-GAAP Operating Margin For Fiscal 2024 To Be Between 30%-31%.

Author: Benzinga Newsdesk | March 19, 2024 04:20pm

Fiscal 2024 Full Year Guidance

Mitek is reiterating its previously provided guidance for its fiscal year ending September 30, 2024, as follows:

  • Mitek expects full-year revenue to be in the range of $180.0 million to $185.0 million, a 6% growth rate at the midpoint of the range. In fiscal 2023, Mitek signed a large multi-year mobile deposit reorder with one customer that locked in favorable pricing over a four-year period. Due to the unique terms of this contract, Mitek recognized additional license revenue relating to future years of approximately $7.0 million in fiscal 2023. If the Company backs out the future year revenue from our fiscal 2023 revenue and attributes the portion of the $7.0 million that would have been recognized in fiscal 2024 to the midpoint of its fiscal 2024 revenue guidance, the fiscal 2024 revenue guidance would represent growth of approximately 12.0% at the midpoint.
  • Mitek expects its non-GAAP operating margin for fiscal 2024 to be between 30.0% and 31.0%.

Posted In: MITK


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