Imperva narrows loss, raises guidance

The data security company saw its share price rise 26.5% on Nasdaq on Friday, giving a market cap of $763 million, 80% higher than at its IPO in November 2011.

Data security developer Imperva Inc. (NYSE: IMPV) narrowed its losses on double-digit revenue growth for the second quarter of 2012 and raised its third quarter and full-year guidance. The share price rose 26.5% in response to the financial report on Friday to $33.08, giving a market cap of $763 million, 80% higher than at its IPO in November 2011.

Revenue rose 30% to $24.6 million for the second quarter from $18.8 million for the corresponding quarter. GAAP-based net loss was nearly halved to $1.5 million ($0.07 per share) for the second quarter from $2.9 million, and non-GAAP net loss narrowed to $367,000 ($0.02 per share) from $2.6 million. The company beat its own guidance and analysts' consensus of a loss per share of $0.05 on $23.6 million revenue.

For the third quarter, Imperva forecasts non-GAAP net loss of $400,000-800, ($0.02-0.03 per share) on $24.6-25 million revenue. For the year as a whole, it forecasts non-GAAP net loss of $2.3-2.7 million ($0.11-0.13 per share) on 27-30% growth to $99.5-101.5 million.

Imperva president and CEO Shlomo Kramer said, "Our performance was driven by the combination of continued demand for our integrated solution and strong growth of subscriptions. We also had solid growth across all geographic regions and continued to make progress on leveraging the investments made in our global sales and research and development infrastructure. Imperva remains well positioned to maintain its momentum during the second half of the year due to a healthy pipeline of business and expanding product line.”

Published by Globes [online], Israel business news - www.globes-online.com - on August 12, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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