VerifyMe, Inc. (NASDAQ:VRME) Q4 2022 Earnings Call Transcript

Margaret Gezerlis: Yeah. So, PeriShip, generally for the full year PeriShip came in lower than it was in the prior year, and that related to some business that was lost, primarily in Alaska. So, the Q4 actually remained steady because we had a record Q4, and it was an in — it was a higher percentage of the total revenue. So, last year the Q4 came to roughly 33%. We were expecting the same kind of percentage this this year, but it landed at 37%. So, it was a very strong Q4.

Scott Greenberg: What — but yeah, what happened is, so looking at it Q4 was relatively flat compared to Q4 last year. But

Michael Petusky: But was it 9.7? Can you just give me the number so I can compare to that?

Scott Greenberg: Yeah. Margaret, do you have the number for Q4 in the prior year of PeriShip?

Margaret Gezerlis: Yeah. So, the number was around $9.5 million.

Michael Petusky: Okay.

Margaret Gezerlis: And then this quarter was $8.9 million.

Scott Greenberg: So, basically looking at it, we’ve added a lot of accounts and even though it was down, slightly the same from last year, the prospects look good. So, we expect to have organic growth again, a lot of accounts were added. You saw all the new things we put into place. So, we’re optimistic that PeriShip will start having organic growth back under our domain.

Michael Petusky: Sorry, I may have misheard. Was it 9.9 or 9.5 for the year ago Q4?

Margaret Gezerlis: 9.5.

Michael Petusky: Sorry, that’s still getting garbled. 9.9, Scott?

Scott Greenberg: Margaret, I think she said

Margaret Gezerlis: 9.5.

Scott Greenberg: 9.5.

Michael Petusky: Okay. So, it did grow, or I’m sorry it didn’t grow because it was 8.9 is the comp. Okay. Got it.

Scott Greenberg: Our overall revenue grew, but the PeriShip, because of VerifyMe business. So, we did have organic revenue growth in the fourth quarter, but it was primarily attributable to the huge growth of the VerifyMe technology.