Model N (MODN) Earnings & Revenues Beat Estimates In Q1
Zacks Investment Research | Feb 05, 2019 09:43PM ET
Model N, Inc. (NYSE:MODN) delivered first-quarter fiscal 2019 non-GAAP earnings of 3 cents per share beating the Zacks Consensus Estimate by a couple of cents. However, the figure remained flat with the year-ago figure.
Revenues came in at $35.1 million, outpacing the Zacks Consensus Estimate of $34 million. The figure was also higher than management’s guided range of $34 million to $34.4 million. However, revenues declined 10.2% from the year-ago quarter.
Notably, Model N adopted ASC 606 from first-quarter fiscal 2019.
Management noted that the company is making steady progress in its transformation to a Software-as-a-Service (SaaS) based model.
Shares of Model N were up 4.6% yesterday, which may be attributed to better-than expected first-quarter results. Notably, the stock has returned 13.1% in the past year underperforming the Original post
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