- NAPCO Security Technologies Inc NSSC reported fourth-quarter FY22 net sales growth of 22% year-on-year to $43.2 million, beating the consensus of $39.6 million.
- Segments: Equipment revenue grew 18% Y/Y to $30.5 million.
- Recurring service revenue rose 33% Y/Y to $12.7 million. The gross margin for recurring service revenue was consistent at 87%. The gross margins on hardware expanded 800 bps to 27%.
- Gross profit for the quarter improved 22% to $19.2 million.
- EPS of $0.20 beat the consensus of $0.11.
- Adjusted EBITDA increased 29% Y/Y to $9.3 million.
- NAPCO held $46.8 million in cash and equivalents. The company had no debt as of June 30, 2022.
- Price Action: NSSC shares traded higher by 9.27% at $27.82 on the last check Monday.
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