According to an IDC report published last year, the global device vulnerability management market was worth $1.2 billion in 2019. Maryland-based Tenable (Nasdaq: TENB) was the leading player in the market with over 27% market share, followed by Qualys at 23% market share. The recent pandemic and global cyberattacks have increased the focus on cyber security and vulnerability solutions.        

Tenable’s Financials

Tenable’s first-quarter revenues grew 20% to $123.2 million, ahead of the market’s estimates of $119.72 million. Non-GAAP EPS was $0.13, which was better than the market’s estimated EPS of $0.06 per share.

Among key metrics, calculated current billings grew 20% to $119.5 million for the quarter. It added 331 new enterprise platform customers and 29 net new six-figure customers.

For the second quarter, Tenable expects revenues of $124-$126 million with an EPS of $0.04-$0.05. It expects to end the year with revenues of $520-$524 million and an EPS of $0.24-$0.28. The market was looking for revenues of $125.42 million for the quarter with an EPS of $0.06 per share and revenues of $515.58 million for the year with an EPS of $0.30 per share.

Tenable’s Product and Partner Growth

Leveraging its $98 million acquisition of Alsid early this year, Tenable recently launched Tenable.ad. Tenable.ad helps in securing Active Directory environments and disrupting one of the most common attack paths for threats and hacks. Active Directory is the primary method for authentication and authorization for most organizations. An attack on the Active Directory can move systems and privileges. Active Directory is also critical in managing the single sign-on and authentication process being deployed by organizations. Tenable.ad will allow users to find and fix existing weaknesses while also detecting ongoing attacks live, without needing to deploy agents or having to use privileged accounts.

Recently, Tenable also announced that it had become the first vulnerability management vendor to partner with CyberNB’s Critical Infrastructure Security Operations Center (CI-SOC) to increase the resilience and security of Canada’s critical infrastructure. The tie-up will allow Tenable to bring its risk-based vulnerability management and industrial security solutions to the CI-SOC, thus allowing critical infrastructure stakeholders to see, predict, and reduce cyber security risk. CI-SOC integrates data from multiple critical infrastructure owners and operators across all sectors. Members will now be able to use Tenable’s technology to identify vulnerabilities, prioritize those with the greatest risk, and address them quickly.

Tenable’s stock is trading at $42.90 with a market capitalization of $4.5 billion. It had touched a 52-week high of $58.45 in December. It fell to a 52-week low of $27.00 in June last year.