VASCO adds facial recognition to apps platform, reports revenue growth
VASCO Data Security International has added support for Apple’s Face ID and other facial recognition systems to its DIGIPASS for Apps platform with a new Biometric Sensor SDK.
The biometrics capabilities of DIGIPASS have been expanded from fingerprint verification to include facial authentication for Android and iOS devices other than the iPhone X, in addition to Face ID.
The company earned revenues of $54.5 million in Q4 2017, a 15 percent increase from the same quarter a year earlier, which brought its full year revenue to $193.3 million, according to its latest earnings report. It registered GAAP losses of $25.8 million, or $0.65 per share for the quarter and $22.4 million, or $0.56 per share for the year, including losses from estimated tax reform impact of $0.70 and $0.71 for the quarter and year, respectively. Adjusted EBITDA was $6.4 million in Q4 and $22.9 million for the full year 2017, increases of 36 percent and 13 percent respectively.
“VASCO reported double-digit revenue growth in the fourth quarter with positive contributions from software, services, and hardware,” stated VASCO CEO, Scott Clements. “We are executing on our strategy to drive growth in software and services resulting in non-hardware revenue increasing 29% in 2017. For the quarter, strong hardware sales and shifts in our regional sales mix contributed to a lower gross profit margin. As we look to 2018, our focus on developing and growing our software and services offerings paired with continued demand for our hardware products positions VASCO for accelerated growth.”
The company expects 2018 revenues between $197 million and $207 million, with EBITDA of $21 million to $25 million.