Varonis Systems Reports Q2 FY2023 Earnings Results on July 31
August 14, 2023
🌥️Earnings Overview
VARONIS SYSTEMS ($NASDAQ:VRNS) released their financial results for the quarter ending June 30 2023, on July 31, showing an increase of 3.6% in revenue to USD 115.4 million compared to the same period last year. However, reported net income decreased to USD -38.7 million, down from -36.3 million in the same period of FY2022.
Price History
On Monday, July 31, VARONIS SYSTEMS reported its earnings results for the second quarter of FY2023. The company’s stock opened at $28.2 and closed at $28.7, up by 2.4% from previous closing price of 28.0. This is a positive sign, indicating that investors are encouraged by the company’s progress and the health of its balance sheet. This marked the company’s fourth consecutive quarter of revenue growth.
Overall, the market reacted positively to VARONIS SYSTEMS’ earnings results for the second quarter of FY2023. Investors were encouraged by the company’s strong financial performance and outlook for the future. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Varonis Systems. More…
| Total Revenues | Net Income | Net Margin |
| 488.68 | -116.47 | -24.5% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Varonis Systems. More…
| Operations | Investing | Financing |
| 44.43 | -324.39 | -74.02 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Varonis Systems. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 1.04k | 566.18 | 4.29 |
Key Ratios Snapshot
Some of the financial key ratios for Varonis Systems are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 23.6% | – | -21.5% |
| FCF Margin | ROE | ROA |
| 7.5% | -13.8% | -6.3% |
Analysis
At GoodWhale, we provide investors with a comprehensive financial and risk analysis of VARONIS SYSTEMS. We have evaluated the company’s financials and have found that it is a medium risk investment. This means that there is an average degree of risk associated with investing in the company, but this risk is balanced by the potential for above-average returns. We have also detected four risk warnings in VARONIS SYSTEMS’ income sheet, cashflow statement, non financial, and financial journal. If you’d like to find out more about these warnings, please register with us. We believe that our detailed analysis will help you make a more informed decision when it comes to investing in this company. More…
Peers
Its main competitors are Sollensys Corp, Insig AI PLC, and Informatica Inc. All three companies offer similar solutions and compete fiercely for market share. Varonis has a strong position in the market, with a well-established brand and a loyal customer base.
However, its competitors are constantly innovating and introducing new products and features, which keeps the competition alive.
– Sollensys Corp ($OTCPK:SOLS)
Sollensys Corp is a publicly traded company with a market capitalization of $13.89 million as of 2022. The company has a negative return on equity of 28.01%. Sollensys Corp is a provider of software solutions and services to the healthcare industry. The company’s products and services include electronic health records, practice management, and revenue cycle management.
– Insig AI PLC ($LSE:INSG)
Insignia AI PLC is a holding company that focuses on acquiring and investing in technology companies. The company has a market cap of 28M as of 2022 and a Return on Equity of -5.9%. The company’s focus is on investing in technology companies that have the potential to generate high returns.
– Informatica Inc ($NYSE:INFA)
Informatica Inc., a software company, has a market cap of 5.4 billion as of 2022. It has a return on equity of 0.39%. The company provides data management and data integration software and services. It offers data integration solutions, including data quality, data masking, and data virtualization; data management solutions comprising cloud data management, master data management, and big data management; and business process management solutions. The company serves customers in various industries, such as banking, healthcare, insurance, manufacturing, retail, and telecommunications.
Summary
VARONIS SYSTEMS reported strong second quarter earnings results on July 31 2023. Total revenue was USD 115.4 million, a 3.6% increase year over year.
However, reported net income was USD -38.7 million, representing a decrease from the prior year’s figure of -36.3 million. This demonstrates that while the company is continuing to increase its total revenue, it is still struggling to turn a profit. Investors should proceed with caution when considering investing in VARONIS SYSTEMS, as it is still in need of significant improvement in its profitability metrics.
Related Posts
Recent Posts
