Varonis Systems Q1 Loss Widens

(RTTNews) - Varonis Systems Inc. (VRNS) reported that its first-quarter net loss widened to $19.03 million or $0.60 per share from $14.65 million or $0.48 per share in the prior year.

Total revenues for the quarter increased 31% to $95.2 million, from $72.6 million last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.12 per share and revenues of $84.36 million for the fourth quarter. Analysts' estimates typically exclude special items.

The company declared a three-for-one split of Varonis' common stock in the form of a stock dividend to make stock ownership more accessible to employees and investors. Each stockholder of record at the close of business on March 12, 2021 will receive two additional shares of common stock for each then-held share. Trading will begin on a stock split-adjusted basis on March 15, 2021.

For the first quarter of 2021, the company expects non-GAAP net loss per share to be in the range of $0.39 - $0.41, non-GAAP operating loss of $11.0 million - $12.0 million, and revenues of $68.0 million to $69.5 million or growth of 26% to 28%. Analysts expect the company to report a loss of $0.32 per share and revenues of $65.14 million for the first-quarter.

Looking ahead for full year 2021, the company expects non-GAAP net loss per share to be in the range of $0.16 to non-GAAP net income per share of $0.03, non-GAAP operating income of break even to $7.5 million, revenues of $357.0 million to $366.0 million, or growth of 22% to 25%.

Wall Street currently is looking for fiscal year 2021 a loss of $0.03 per share on annual revenues of $338.42 million.