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Imprivata Announces Third Quarter 2015 Financial Results, Revenue Growth Of 16% Highlights

The following excerpt is from the company's SEC filing.

Revenue of $29.3 million

Adjusted EBITDA loss of $4.3 million

Net loss per share: $0.29 GAAP; $0.22 non-GAAP

Lexington, Mass. (BUSINESS WIRE) November 2, 2015 Imprivata

(NYSE: IMPR), the healthcare IT security company, today announced financial results for three and nine months ended September 30, 2015. Revenues for the three months ended September 30, 2015 were $29.3 million, an increase of 16% from revenues of $25.3 million for the same period in 2014. Revenues for the nine months ended September 30, 2015 were $84.9 million, an increase of 25% from revenues of $68.0 million for the same period in 2014.

As we previously disclosed, our third quarter results were behind plan. However, we remain confident in our long-term growth prospects, said Omar Hussain, President and CEO of Imprivata. Our core healthcare business is positioned to grow, and we expect Imprivata Confirm ID, Imprivata Cortext and Imprivata PatientSecure will begin to contribute to our results in the near term.

Despite the delays we saw with some Imprivata OneSign deals last quarter, we did not lose these deals to competition, and we believe we will ultimately sign the majority of these customers. Looking forward, we have a large market opportunity, and we continue to see strong demand for our authentication and single sign on products. Our overall pipeline continues to expand across our platform, and we are on pace to meet our healthcare new customer addition target for the year.

Fourth Quarter and Full-Year 2015 Financial Outlook

$32-34m

$116.9-118.9m

$(3.5)-(2.3)m

$(14.5)-(13.3)m

GAAP Loss Per Share

$(0.23)-(0.18)

$(1.03)-(0.98)

Non-GAAP Loss Per Share

$(0.18)-(0.13)

$(0.78)-(0.73)

Weighted Average Shares Outstanding

Financial Results

Net loss for the three months ended September 30, 2015 was $7.2 million, or $(0.29) per basic and diluted share attributable to common stockholders, as compared to a net loss of $4.5 million, or $(0.19) per basic and diluted share attributable to common stockholders for the same period in 2014. Net loss for the nine months ended September 30, 2015 was $19.3 million, or $(0.80) per basic and diluted share attributable

to common stockholders, as compared to a net loss of $15.1 million, or $(1.64) per basic and diluted share attributable to common stockholders for the same period in 2014. Consistent with our operating results for the first half of 2015, the third quarter loss represents our continued strategic investments in the business.

for the three months ended September 30, 2015 was a loss of $4.3 million, as compared to a loss of $2.8 million for the same period in 2014. Non-GAAP net loss

for the three months ended September 30, 2015 was $5.3 million, or $(0.22) per basic and diluted share, as compared to non-GAAP net loss of $3.8 million, or $(0.16) per basic and diluted share, for the same period in 2014. Adjusted EBITDA for the nine months ended September 30, 2015 was a loss of $11.0 million, as compared to a loss of $11.5 million for the same period in 2014. Non-GAAP net loss

for the nine months ended September 30, 2015 was $14.6 million, or $(0.60) per basic and diluted share, as compared to non-GAAP net loss of $14.0 million, or $(1.31) per basic and diluted share, for the same period in 2014. A reconciliation of GAAP to these non-GAAP financial measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading Non-GAAP Financial Measures.

Adjusted EBITDA is earnings before interest, taxes, depreciation and amortization adjusted for foreign currency gains (losses), stock based-compensation, transaction costs associated with business acquisitions, shelf registration and offering costs and the impact of the fair value revaluation on our contingent liability.

Non-GAAP net income (loss) and non-GAAP net income (loss) per share excludes amortization of purchased intangible assets, stock-based compensation, transaction costs associated with business acquisitions, shelf registration and offering costs and the impact of the fair value revaluation on our contingent liability.

Conference Call Information

Imprivata management will host a conference call at 5:00 pm Eastern Time on Monday, November 2, 2015 to discuss the Companys quarter ended September 30, 2015 results, its business outlook and other matters. The conference call will be accessible by dialing 877-870-4263 or for international callers, 412-317-0790, and referencing the Imprivata, Inc. earnings call. A live webcast of the conference call will also be available on the investor relations section of the Companys website at http://investor.imprivata.com.

An audio replay of the conference call will be available approximately one hour after conclusion of the call and will be accessible through November 16, 2015. The replay can be accessed by dialing 877-344-7529, or 412-317-0088 for international callers, and providing access code 10074543.

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