Identiv Reports Preliminary Fiscal Year 2019 and Fourth Quarter Results

Management to Host Conference Call Today, Thursday, January 30 at 5PM ET

FREMONT, Calif., Jan. 30, 2020 (GLOBE NEWSWIRE) -- Identiv, Inc. (NASDAQ: INVE), a global provider of physical security and secure identification, reported preliminary unaudited results for the fiscal year and the fourth quarter ended December 31, 2019. 

Preliminary Fiscal Year 2019 Results
Based on preliminary unaudited results, the Company expects total revenues for the fiscal year 2019 to range between $83.5 million and $83.6 million. The preliminary unaudited revenue range includes a reserve of $0.5 million related to a 3VR shipment in Q4 2019 to a Mexican-based financial institution. Last week, Identiv received new information from this customer regarding the customer’s anticipated economic uncertainty. Identiv has therefore fully reserved the shipment until there is more clarity from the customer. This compares to total revenues of $78.1 million for the fiscal year 2018. The range represents 7% growth year-over-year. Additionally, without the 23% reduction in Identiv’s Access Cards business as the Company has continued on its previously disclosed strategy to exit low margin, third party products, consolidated growth was up 14% year-over-year. Standalone software and services revenue comprised 13% of total revenue in fiscal 2019, which was up 207 basis points over fiscal 2018. Recurring revenue accounted for 9% of total revenue in fiscal 2019, which was up 117 basis points over fiscal 2018.

GAAP gross margin for the fiscal year 2019 is expected to be 44%, based on preliminary unaudited results. This compares to GAAP gross margin of 43% for the fiscal year 2018.

GAAP net loss attributable to Identiv, Inc. for the fiscal year 2019 is expected to range between $1.5 million and $1.4 million, or $(0.15) and $(0.14) per basic and diluted share, based on preliminary unaudited results. This compares to GAAP net loss attributable to Identiv, Inc. of $4.7 million, or $(0.35) per basic and diluted share, for the fiscal year 2018.

Non-GAAP adjusted EBITDA for the fiscal year 2019 is expected to range between $6.6 million and $6.7 million, based on preliminary unaudited results. This compares to non-GAAP adjusted EBITDA of $5.7 million for the fiscal year 2018.

The Company expects GAAP positive net cash from operations for the fiscal year 2019 to range between $0.5 million to $0.6 million, compared to GAAP net cash used in operations of $(5.2) million in fiscal year 2018. The Company expects non-GAAP free cash flow for the same period to range between $0.2 million and $0.3 million, an improvement from negative non-GAAP free cash flow of $(6.5) million for the fiscal year 2018.