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- Quantum Corporation QMCO reported fourth-quarter FY23 revenue growth of 11% year-on-year to $105.34 million, beating the consensus of $102.04 million.
- Adjusted EPS of $(0.04) loss came in line with the estimate.
- "Although we anticipate the first fiscal quarter to be seasonally lower, we expect a resumption of revenue rotation to higher margin products and EBITDA expansion throughout the remainder of the year," said Jamie Lerner, Chairman and CEO of Quantum.
- The adjusted gross margin contracted 290 bps to 35.5%.
- Revenue from Product grew 16.2% Y/Y, Service rose 0.32% Y/Y, and Royalty increased 16% Y/Y.
- Subsequent to the end of 4Q, Quantum implemented a global efficiency plan that includes a cost reduction action that will yield approximately $14 million in annualized savings by the end of the fiscal year 2025, with a payback of under six months.
- The company exited the quarter with cash and equivalents worth $26.2 million.
- Outlook: Quantum sees Q1 revenues of $97 million, plus or minus $3 million, versus an estimate of $102.17 million.
- The company expects non-GAAP adjusted net loss per share of $(0.00), plus or minus $0.02, versus an estimate of breakeven.
- Quantum expects FY24 revenue of $415 million, plus or minus $10.0 million. The street view is at $423.84 million.
- The company sees non-GAAP adjusted EPS of $0.01, plus or minus $0.10. The Street view stands at $0.02.
- Price Action: QMCO shares traded lower by 12% at $1.0797 on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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