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SAN DIEGO – Mitek Techniques , Inc. (NASDAQ:MITK), a digital id verification and fraud administration firm, noticed its shares surge 19% in premarket buying and selling Tuesday after reporting fourth-quarter earnings that considerably exceeded analyst expectations.
The corporate reported adjusted earnings per share of $0.33 for the quarter ended September 30, 2024, beating the analyst estimate of $0.17 by $0.16. Income for the quarter got here in at $43.2 million, surpassing the consensus estimate of $41.3 million and marking a 15% improve YoY from $37.7 million in the identical quarter final 12 months.
Mitek’s sturdy efficiency was pushed by stable income progress, improved profitability, and environment friendly money technology. CFO Dave Lyle acknowledged, “We reported a stable quarter of 12 months over 12 months income progress, profitability and money technology pushed by our workforce’s arduous work and operational focus.”
The corporate’s adjusted EBITDA for the quarter was $15.4 million, in comparison with $5.9 million a 12 months in the past, with the adjusted EBITDA margin increasing to 36% from 16% within the prior 12 months interval.
Wanting forward, Mitek offered steering for fiscal 12 months 2025, projecting income between $170 million and $180 million. This vary falls barely beneath the analyst consensus of $179.5 million on the midpoint.
Ed West, Mitek’s not too long ago appointed CEO, commented on the corporate’s positioning, saying, “By advancing our AI-driven options and increasing our fraud and id detection capabilities, we’re effectively positioned to handle the rising fraud threats of the digital financial system.”
Throughout the quarter, Mitek repurchased 1.4 million shares at a median worth of $9.94 per share, totaling roughly $14.2 million. The corporate ended the quarter with $141.8 million in whole money and investments, a rise of $8.6 million from the earlier quarter.
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