OneSpan Shifts Gears With New CEO, Provides Update On FY23 Outlook

OneSpan Inc. OSPN announced a major change in its leadership to boost its strategic direction and hasten the company's transformation process. 

Victor Limongelli, an experienced software executive, has been appointed as the interim chief executive officer, taking over from Matthew Moynahan immediately.

Reflecting on his appointment, Limongelli highlighted OneSpan's potential for further optimization, aiming to deliver enhanced value for customers, employees, and shareholders.

Additionally, OneSpan updated its financial outlook for FY23. The company anticipates revenue to hit the upper limit of the projected range of $228 million-$232 million versus $229.82 million. Adjusted EBITDA is also expected to meet or exceed the top end of the forecast range of $2 million-$4 million. 

OSPN reiterated its ARR guidance for FY23 and projected revenue growth of low- to mid-single digits in FY24, with an adjusted EBITDA margin target of 20% to 23%. 

The company expects a year-end balance of $41 million to $43 million in cash, cash equivalents, and short-term investments.

Price Action: OSPN shares are trading 1.5% lower to $9.51 at last check Friday.

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