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Biometrics boost Nuance earnings, Prodigy shift to service model progresses

Trust Stamp appoints two on path to Nasdaq listing
Biometrics boost Nuance earnings, Prodigy shift to service model progresses

Nuance has reported GAAP revenues of $333.1 million for the fourth quarter of its fiscal 2021 year, up from $307.7 million in the same period a year ago, with biometrics sales boosting its enterprise division.

GAAP net loss was $10.8 million, after a loss of $32.4 million in Q4 last year, for earnings per diluted share of negative $0.03, compared to a loss of $0.11 per diluted share in Q4 2020.

“In Enterprise, our Security & Biometrics and Digital Engagement solutions saw continued adoption throughout the year, helping to drive full year growth of 1 percent compared to 2020,” states Nuance CEO Mark Benjamin. “This increase marks the sixth consecutive year of organic growth for the Enterprise division.”

A proposed merger with Microsoft is expected to close in the first quarter or early-second quarter of 2022.

Prodigy progresses towards recurring revenue

Prodigy’s transition to recurring revenue platforms to deliver its IDVerifact digital identity platform and fintech tools is progressing, the company says in its latest earnings report.

The company booked revenues of $3.4 million in its fiscal third quarter of 2021, down 10 percent from the same period a year earlier, for a net loss of $390,979, compared to net income of $163,976.

“Prodigy is actively building its pipeline for its tunl open banking and IDVerifact digital identity platforms. Market reaction to both offerings is strong, and an encouraging sign for future growth in 2021 and beyond,” says Tom Beckerman, Prodigy’s chairman and CEO.  “The Company’s pivot to a platform-driven recurring revenue model is now well underway, with our services business also realigning to support our leading-edge platforms.”

Prodigy has cancelled 159,334 common shares issued as part of its Ficanex acquisition earlier in 2021, effective November 9, to reflect a post-closing adjustment to the purchase price.

IDVerifact recently integrated BioConnect’s Trust Platform into its digital ID platform to expand its multi-factor authentication capabilities for passwordless logins.

Trust Stamp expands board

Trust Stamp has appointed Kristen Stafford and Berta Pappenheim to its board as independent non-executive directors

Stafford bring expertise in SaaS and enterprise compliance platforms to Trust Stamp, which she gained as co-founder and CEO of Vital4. She joins Trust Stamp’s audit and nomination committees.

Pappenheim brings occupational psychology and cybersecurity expertise developed during a career including a stint as managing director for a cyber threat intelligence consulting firm. She joins the compensation committee.

The appointments are part of Trust Stamp’s progress towards a planned uplisting to the Nasdaq, and expand the company’s board to eight members, half of whom serve as independent non-executive directors. The company intends to appoint one more independent non-executive director during the phase-in year for Nasdaq listing rules.

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