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ID Watchdog Announces Results for First Quarter 2017
ID Watchdog (TSXV:IDW) has announced its results for the first quarter ended March 31, 2017./ As quoted in the press release: First Quarter 2017 Highlights: Revenue: Total revenue and employee benefit channel revenue totaled $3,535,300 and $3,162,588 for the first quarter of 2017, increases of 37.4% and 41.7%, respectively, over the first quarter of 2016. …
ID Watchdog (TSXV:IDW) has announced its results for the first quarter ended March 31, 2017./
As quoted in the press release:
First Quarter 2017 Highlights:
- Revenue: Total revenue and employee benefit channel revenue totaled $3,535,300 and $3,162,588 for the first quarter of 2017, increases of 37.4% and 41.7%, respectively, over the first quarter of 2016.
- Gross Profit: Gross profit increased by 584,084, or 30.6%, from $1,906,856 during the first quarter of 2016 to $2,490,943 during the first quarter of 2017. The gross margin rates for the first quarter of 2017 and 2016 were 70.5% and 74.1%, respectively.
- Adjusted EBITDA: For the first quarter of 2017, Adjusted EBITDA decreased by $119,043 to $212,760 as compared with $331,803 for the similar period in 2016. Adjusted EBITDA margins for the first quarter of 2017 and 2016 were 6.0% and 12.9%, respectively.
- Cash Balance: Cash totaled $1,540,681 as of March 31, 2017.
Second Quarter 2017 Guidance
Actual Results
Three Months Ending
June 30, 2016Guidance
Three Months Ending
June 30, 2017Change
vs.
2016
Employee Benefit Revenue
$2,241,374
$3,250,000 to $3,350,000
45% to 50%
Total Revenue
$2,552,390
$3,600,000 to $3,700,000
41% to 45%
Gross Margin
$1,954,695
$2,575,000 to $2,275,000
32% to 37%
Gross Margin %
76.6%
71.5% to 72.3%
-5.1%–4.3%*
Operating Income
$190,859
$85,000 to $210,000
-55% to 10%
Adjusted EBITDA
$476,229
$175,000 to $300,000
-63% to -37%
Adjusted EBITDA %
18.7%
4.9% to 8.1%
-13.8%–10.6%*
* Change in percentage
ID Watchdog CEO, Michael Greene, stated, “We delivered a strong start to 2017 and for the second quarter of 2017, we are anticipating sequential Employee Benefit Channel revenue growth ranging from 2.8% – 5.9% and continued increases in our direct website subscriptions, which should drive sequential total revenue growth of 1.8% – 4.7%.”
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