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Qualys (QLYS) Appoints New CRO; Releases First Quarter of 2021 Results

Thursday, May 06, 2021 09:42 AM | Jillian Kilcoyne

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Qualys (QLYS) Appoints New CRO; Releases First Quarter of 2021 Results

What is Going on with QLYS?

Qualys (QLYS) announced that it has appointed Allan Peters as Chief Revenue Officer (CRO). In addressing his appointment, Allan Peters states that, “there is no company better positioned than Qualys to help organizations overcome the security and compliance challenges brought on by the ever-increasing global threat landscape. Qualys' cloud-based solutions provide visibility across the hybrid-IT environment for a single real-time view from preventative risk mitigation to threat detection to response, enabling organizations to speed up their time to remediation” and that he is, “excited to be part of the innovative Qualys team and look forward to scaling our sales and partner capabilities to further accelerate Qualys' global expansion."

Qualys also released its financial results for the first quarter of 2021. Results from the first quarter of 2021 include a revenue of about $96.8 million (showing an increase of about 12%, with first quarter of 2020 having a revenue of $86.3 million , a net income of $0.2 million and about $0.01 per diluted share (compared to $18.7 million for the first quarter of 2020 and $0.46 per diluted share). It is noted that the decrease is due to the accelerated vesting of the former CEO’s equity awards. Shares of QLYN were up 0.29% to $94.65 a share shortly after market open Thursday.

What This Means for QLYS?

Qualys’ CEO and president, Sumedh Thakar, addressed Allan Peter’s appointment as CRO, stating that “with a track record of strong global leadership and a wealth of experience delivering comprehensive go-to-market strategies across functional teams, Allan will provide the focused sales leadership we need to drive growth,” and “Allan's expertise will be invaluable as we continue to scale our global business and move the market from one-off cybersecurity point solutions toward an integrated cloud platform approach that addresses broader areas of security and compliance to help our customers consolidate their security portfolio."

In addressing first quarter results for 2021, Thakar explains that, “in the quarter, we continued to experience strong adoption of our Vulnerability Management, Detection and Response (VMDR) application with paid Cloud Agent subscriptions growing approximately 58% year-over-year to 61 million deployed. As organizations continue to look for solutions to not only identify risk but also mitigate it quickly, we believe that VMDR is taking detection and response actions to the next level while setting a gold standard in the industry for security and compliance solutions. Given the power of VMDR to continuously detect vulnerabilities and misconfigurations across the entire global IT environment and respond in real time to remediate vulnerable or compromised assets from a single platform, adoption of our VMDR application continues to be a strategically important driver to our long-term growth," and, that Qualys is, “pleased with our strategic direction and remain confident that our innovative solutions, compelling value proposition, and strong market leadership position will lead to long-term value for our shareholders."

It is expected that the second quarter of 2021 will have a revenue in the range of $98.6 million to $99.2 million (an 11-12% growth from second quarter of 2020). The full year of 2021 is expected to have a revenue of around $402.5 million to $404.5 million.

Overall Score - 27

QLYS has an Overall Score of 27. Find out what this means to you and get the rest of the rankings on QLYS!

Qualys Inc is a provider of cloud-based security and compliance solutions to enterprises, government entities, and small- and medium-sized businesses. The firm's solutions are delivered through the Qualsys Cloud Platform and provide security intelligence by automating the life cycle of IT asset discovery, security assessment, and compliance management. Its solutions enable customers to collect and analyze large amounts of IT security data, discover and prioritize vulnerabilities, and recommend actions. The company derives revenue from subscriptions to its cloud-based solutions, typically on an annual basis. A large majority of the firm's revenue is generated in the United States.

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