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Mitek Systems updates FY'18 outlook

Mitek Systems Inc. has updated its fiscal 2018 outlook and released its fiscal third-quarter results.

The company now projects fiscal 2018 total revenue of between $62 million and $63 million, up from the previously provided guidance of $59 million to $60 million.

The company expects to generate a non-GAAP profit margin of about 15% to 16% for the fiscal year ending Sept. 30, compared to its expectations of about 19% to 20% in the previously provided guidance.

For its fiscal third quarter 2018, the company recorded a net loss of $2.8 million, or a loss of 8 cents per share, compared with net income of $616,000, or 2 cents per share, in the year-ago fiscal quarter.

Non-GAAP net income for the quarter was $2.1 million, or 6 cents per share, versus $2.9 million, or 8 cents per share, in the prior-year fiscal quarter.

The S&P Capital IQ consensus normalized EPS estimate for the fiscal quarter was 3 cents.