Press release
Mitek Reports Record Fiscal Year 2019 with 33% Revenue Growth and 57% Increase in Non-GAAP Net Income
Appoints Donna Wells to Board of Directors SAN DIEGO, Nov. 07, 2019 (GLOBE NEWSWIRE) -- Mitek (NASDAQ: MITK, www.miteksystems.com), a global leader in mobile
About this update from Mitek Systems, Inc.
[{"type":"text","content":"Appoints Donna Wells to Board of Directors\nSAN DIEGO, Nov. 07, 2019 (GLOBE NEWSWIRE) -- Mitek (NASDAQ: MITK, www.miteksystems.com), a global leader in mobile capture and digital identity verification solutions, today announced its financial results for the fiscal 2019 fourth quarter and full year ended September 30, 2019.\n Fiscal Fourth Quarter 2019 Financial Highlights Total 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 Highlights Total 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. Commenting on the results, Max Carnecchia, CEO of Mitek, said: “2019 was another outstanding fiscal year for Mitek and our second consecutive year with record revenues for each quarter. Our strong performance, driven by continued customer growth from both our mobile deposit and identity verification products, emphasizes the momentum in the digital economy for solutions that empower trust and convenience. Mitek is outpacing the market growth for identity verification and we are seeing a significant uplift in financial services adopting our technology to help them capture more good new customers in the onboarding process.” Fiscal 2020 Financial Guidance For the fiscal year ending September 30, 2020, the Company expects full year total revenue to be between $98 million and $102 million, which would represent growth of approximately 16% to 21% year over year and expects to generate a non-GAAP operating margin of approximately 20% to 22%. New Board Member Mitek today announced the appointment of Donna Wells to its Board of Directors. Ms. Wells built a career in Silicon Valley at some of the most forward-thinking companies in the region. She served as President, CEO and Board Director at Mindflash, as CMO for Mint.com (acquired by Intuit), and acting CMO for Intuit. Her nearly 20-year career in the financial services industry also includes executive positi...