- AvidXchange Holdings, Inc (NASDAQ:AVDX) reported first-quarter FY22 revenue growth of 29% year-on-year to $71.2 million, beating the consensus of $67.97 million.
- The non-GAAP gross margin expanded 300 bps to 62.3%.
- EPS loss of $(0.13) beat the consensus loss of $(0.17).
- Total transactions processed were 16.9 million, up 15.6% Y/Y. Total payment volume was $15.2 billion, up 40.5% Y/Y.
- Transaction yield was $4.23, up 11.6% Y/Y.
- Outlook: AvidXchange raised the FY22 revenue guidance from $296.5 million -$301.5 million to $303 million -$307 million above the consensus of $299.36 million.
- Analyst Ratings: Keybanc analyst Josh Beck maintained an Overweight and lowered the price target from $15 to $14 (54.4% upside).
- Credit Suisse analyst Timothy Chiodo maintained an Outperform and lowered the price target from $16 to $13 (43.3% upside).
- Price Action: AVDX shares traded higher by 7.76% at $8.33 on the last check Friday.
