Determine Announces 4th Quarter and Fiscal Year 2018 Financial Results

Determine (NASDAQ:DTRM), a pioneering leader in global source-to-pay and Enterprise Contract Lifecycle Management (ECLM) cloud platform solutions announced financial results for its fourth quarter and fiscal year ended March 31, 2018.

The company said that its GAAP revenue was $28.1 million in FY2018 as compared to $27.5 million in FY2017 representing a 2.4 percent increase year-over-year.

As quoted in the press release:

FY2018 Non-GAAP Financial Highlights:

• Non-GAAP revenue was $28.1 million in FY2018, compared to $27.5 million in FY2017, representing a 2.4% year-over-year increase.
• Non-GAAP gross profit percentage was 56.5% in FY2018, compared to 55.3% in FY2017, representing a 1.2 percentage point year-over-year increase.
• Billings increased 1.6% to $27.6 million in FY2018 from $27.2 million in FY2017. Billings, a non-GAAP measure, are defined as revenue plus the change in deferred revenues.
• Non-GAAP net loss was $5.5 million or ($0.38) per share in FY2018, compared to $4.7 million or ($0.40) per share in FY2017, representing an improvement of $0.02 per share year-over-year.
• Non-GAAP EBITDA was ($2.5) million in FY2018, compared to ($1.8) million in FY2017, representing an additional loss of ($0.7) million year-over-year.

“I would sum up fiscal 2018 under the theme of ‘Doubling Down.’ We have done this in all areas of the company this past year, from our continued investment in and expansion of the capabilities on the Determine Cloud Platform, to key appointments of seasoned, industry experts on the leadership team and board, and to an even deeper focus on customer success and advocacy,” said Patrick Stakenas, President, CEO and Director, Determine. “These efforts are illustrated by our many advancements including the launch of our HIPAA compliance program which demonstrates our ongoing commitment to our valued – and growing – healthcare customers.  We further expanded advanced capabilities across the entire modular Source-to-Pay and Contract Management continuum, often in collaboration with customer users.”

Click here for the full press release.