On Monday, Shares of Qualys, Inc. (NASDAQ:QLYS), gained 5.64% to $55.08, hitting its highest level.
Qualys, declared financial results for the first quarter ended March 31, 2015. For the quarter, the Company stated record revenues of $37.5 million, GAAP net income of $3.0 million, non-GAAP net income of $5.5 million, adjusted EBITDA of $12.0 million, GAAP earnings per diluted share of $0.08 and non-GAAP earnings per diluted share of $0.15.
First Quarter 2015 Financial Highlights
Revenues for the first quarter of 2015 raised by 24% to $37.5 million contrast to $30.4 million for the same quarter in 2014. Revenue growth was driven by a combination of sales of subscriptions to new customers, in addition to subscription renewals and upsells of additional subscriptions to existing customers.
Current deferred revenues raised by 23% to $87.9 million at March 31, 2015 contrast to $71.4 million at March 31, 2014. Total deferred revenues raised by 22% to $98.0 million at March 31, 2015 contrast to $80.3 million at March 31, 2014.
GAAP gross profit for the first quarter of 2015 raised by 26% to $29.5 million contrast to $23.5 million for the same quarter in 2014. GAAP gross margin was 79% for the first quarter of 2015 contrast to 77% in the preceding year’s first quarter. Non-GAAP gross profit raised by 26% to $29.9 million contrast to $23.7 million in the same quarter in 2014. Non-GAAP gross margin was 80% for the first quarter of 2015 contrast to 78% in the same quarter in 2014.
GAAP operating income for the first quarter of 2015 was $4.9 million contrast to a loss of $0.3 million in the same quarter in 2014. Non-GAAP operating income for the first quarter of 2015 was $8.8 million contrast to $1.9 million in the same quarter in 2014.
GAAP net income for the first quarter of 2015 was $3.0 million, or $0.08 per diluted share, contrast to a net loss of $0.4 million, or $0.01 loss per diluted share, for the same quarter in 2014. Non-GAAP net income for the first quarter of 2015 was $5.5 million, or $0.15 per diluted share, contrast to non-GAAP net income of $1.7 million, or $0.05 per diluted share, for the same quarter in 2014.
The Company generated $10.0 million in net cash from operations in the first quarter of 2015 contrast to $15.1 million in the same quarter last year. The Company generated $3.8 million in free cash flow (a non-GAAP financial measure) in the first quarter of 2015 contrast to $11.3 million in the first quarter of 2014. Qualys defines free cash flows as cash offered by operating activities less purchases of property and equipment and capitalized software development costs.
Qualys, Inc. provides cloud security and compliance solutions in the United States and internationally. The company offers QualysGuard cloud suite of solutions, such as Vulnerability Administration, Policy Compliance, PCI Compliance, Web Application Scanning, Malware Detection Service, Web Application Firewall, and Qualys SECURE Seal.
At the end of Monday’s trade, Shares of Digital Ally Inc. (NASDAQ:DGLY), jumped 18.96% to $18.07.
Digital Ally, declared that the Company will host an investor conference call on Thursday, May 14, 2015 at 11:15 a.m. Eastern Time to talk about its operating results for the first quarter of 2015, together with other topics of interest. The Company will declare its operating results in a press release after the market closes on May 13, 2015.
Digital Ally, Inc. produces digital video imaging and storage products for use in law enforcement, security, and commercial applications in the United States and internationally.
InvenSense, Inc. (NYSE:INVN), ended its last trade with 2.85% gain, and closed at $15.53.
InvenSense, declared results for its fourth quarter and fiscal year ended March 29, 2015.
Net revenue for the fourth quarter of fiscal 2015 was $99.3 million, down 14 percent from $115.9 million for the third quarter of fiscal 2015, and up 68 percent from $59.0 million for the fourth quarter of fiscal 2014.
Gross margin determined in accordance with U.S. generally accepted accounting principles (GAAP) was 43 percent for the fourth quarter of fiscal 2015, consistent with the third quarter of fiscal 2015. GAAP gross margin for fourth quarter of fiscal 2015 comprised of stock-based compensation and related payroll taxes, and amortization of acquisition intangibles. Not taking into account these items, non-GAAP gross margin was 46 percent for the fourth quarter of fiscal 2015, consistent with the third quarter of fiscal 2015.
GAAP net income for the fourth quarter of fiscal 2015 was $0.4 million, or zero cents per diluted share. By comparison, GAAP net income was $10.2 million, or 11 cents per diluted share for the third quarter of fiscal 2015. GAAP net income for the fourth quarter of fiscal 2015 comprised of stock-based compensation and related payroll taxes, accreting interest expense on convertible notes, amortization of acquisition intangibles, business acquisition costs, certain legal expenses and the income tax effect of non-GAAP adjustments. Not taking into account these items, non-GAAP net income for the fourth quarter of fiscal 2015 was $11.4 million, or 12 cents per diluted share, contrast with $19.3 million, or 21 cents per diluted share, for the third quarter of fiscal 2015.
InvenSense, Inc. designs, develops, markets, and sells micro-electro-mechanical system (MEMS) gyroscopes for motion tracking devices in consumer electronics. The company delivers motion interface solutions based on its multi-axis technology that target smartphones and tablets, console and portable video gaming devices, digital still and video cameras, smart TVs, navigation devices, toys, and health and fitness accessories.
Finally, AcelRx Pharmaceuticals, Inc. (NASDAQ:ACRX), closed at $4.20, with 4.22% gain.
AcelRx Pharmaceuticals, offered a regulatory update on Zalviso and stated financial results for the three months ended March 31, 2015.
First Quarter Financial Results
Net loss for the first quarter of 2015 was $10.0 million, or $0.23 basic net loss per share, and $0.27 diluted net loss per share, contrast to a net loss of $9.6 million, or $0.22 basic and diluted net loss per share for the first quarter of 2014. The enhance in the net loss and net loss per share was due primarily to higher headcount related expenses in the first quarter of 2015 as contrast to the first quarter of 2014. The cost reduction plan implemented at the end of March 2015 reduced our workforce by about 36%. The associated termination and related costs are reflected as restructuring costs in the Statement of Comprehensive Loss. Common shares used in calculating earnings per share were 43.9 million for basic EPS and 44.4 million for diluted EPS for the first quarter of 2015, contrast to 43.2 million for basic and diluted EPS for the first quarter of 2014.
For the quarter ended March 31, 2015, AcelRx recognized $181,000 of formerly deferred revenue under the partnership agreement with Grunenthal, as contrast to $95,000 for the quarter ended March 31, 2014.
Research and development expenses for the quarter ended March 31, 2015 were $6.3 million, contrast with $4.7 million for the quarter ended March 31, 2014. The enhance was primarily due to raised medical affairs personnel, which positions were subsequently eliminated as part of the cost reduction plan, and the initiation of SAP-301, a pivotal Phase 3 clinical study for ARX-04, in the quarter ended March 31, 2015.
General and administrative expenses were $4.5 million for the first quarter of 2015, contrast with $3.9 million for the first quarter of 2014. The enhance was primarily due to raised commercial personnel in anticipation of potential FDA approval of Zalviso, which positions were subsequently eliminated as part of the cost reduction plan in the quarter ended March 31, 2015.
Other income and expense comprises $2.2 million in non-cash income and $0.7 million in non-cash expense in the first quarter of 2015 and 2014, respectively, resulting from the liability accounting related to the warrants issued in connection with the PIPE financing accomplished in June 2012. These PIPE warrants are considered a liability for accounting purposes and they are remeasured at the end of each reporting period utilizing the Black-Scholes valuation model. As of March 31, 2015, there were about 0.5 million PIPE warrants outstanding.
As of March 31, 2015, AcelRx had cash, cash equivalents and investments of $64.4 million, contrast to $75.4 million at December 31, 2014. The net decrease in cash, cash equivalents and investments was $11.0 million in the first quarter of 2015.
AcelRx Pharmaceuticals, Inc., a specialty pharmaceutical company, develops and commercializes therapies for the treatment of acute pain. The company’s lead product candidate is Zalviso, an investigational, pre-programmed, non-invasive, handheld system that has accomplished Phase III clinical trials for the treatment of moderate-to-severe acute pain in the hospital setting.
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