According to a recent report, the global Security and Vulnerability Management Market is projected to grow 6% CAGR to reach $18.7 billion by 2026 from $13.8 billion in 2021. The growth in the industry is attributed to the increased adoption of IoT and cloud trends and the integration of advanced technologies such as AI and ML with security and vulnerability management solutions. Maryland-based Tenable (Nasdaq: TENB) recently announced its quarterly results that outpaced market expectations. The company continues to invest heavily in product development to keep ahead in this rapidly evolving market.
 

Tenable’s Financials

Revenues for the second quarter grew 26% over the year to $164.30 million, ahead of the market’s estimates by 0.53%. EPS was $0.05, better than the market’s estimate of $0.01 per share.

Among key metrics, calculated current billings grew 27% to $174.1 million. It added 540 new enterprise platform customers and 79 net new six-figure customers.

For the third quarter, Tenable expects revenues of $169-$171 million and an EPS of $0.03-$0.04. It expects to end the year with revenues of $673-$679 million and an EPS of $0.17-$0.20. The market was looking for revenues of $171.98 million and an EPS of $0.05 per share for the quarter. For the full year, analysts expect revenues of $676.38 million and an EPS of $0.19 per share.
 

Tenable’s Product Upgrades

Recently, Tenable announced a new version of Nessus called Nessus Expert that includes external asset discovery. The new feature is included at no additional cost for its enterprise platform customers and is also sold separately where an external attack surface management offering for continuous discovery and ongoing monitoring is also available.

It also announced new additions to Tenable Cloud Security that show the industry’s next step in assessing threats related to cloud vulnerabilities and misconfigurations. By pairing Tenable Cloud Security Agentless Assessment with Tenable Cloud Security Live Results, Tenable will be able to provide organizations with the ability to remediate vulnerabilities faster, as well as help, prevent threats from being exploited.

The biggest news though was the release of Tenable.asm, a web-based inventory tool that can be used to identify internet-accessible assets that may or may not be known to the organization. Tenable.asm identifies assets using DNS records, IP addresses, and ASN, and includes over 180 columns of metadata to help organizations manage and inventory their assets.

Tenable believes that visibility is critical to the enterprise’s cyber exposure management framework. By providing organizations with visibility into assets, services, and applications that reside on the internet, it has managed to create the industry’s first external attack surface management (EASM) solution fully integrated into a vulnerability management platform. Tenable.asm continuously maps the entire internet and discovers connections to the organization’s internet-facing assets so that security teams can assess the security posture of their entire external attack surface.

Cybersecurity stocks have not necessarily had a stronger run this year when compared with tech stocks. However, analysts do believe that the industry is a bit more recession-proof.

Tenable’s stock is trading at $42.42 with a market capitalization of $4.73 billion. It had touched a 52-week high of $63.61 in April. It fell to a 52-week low of $36.67 in July.  

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