Digital advertising software company DoubleVerify released preliminary financial results that show big gains in revenue and income for the fourth quarter.
The company is holding an investor day Friday and also released projections for the first quarter and full-year 2022.
DoubleVerify went public last April.
Fourth quarter net income was $28.4 million, up 248%, with revenue growing 34% to $105.5 million
Also: DoubleVerify Acquires OpenSlate To Enable Contextual Targeting
For the first quarter of 2022, the company said it anticipates adjusted EBITDA to be between $21 to $32 million, representing a 24% margin at the midpoint of the range. Revenue is expected to be up about 33% to between $89 million and $91 million.
For the full year 2022, the company expects EBITDA to be $126 million to $134 million, representing a 30% margin. Revenue is seen increasing about 30% to between $429 million to $437 million.
Earlier this week, analyst Daniel Salmon of BBO initiated coverage of DoubleVerify, calling it a recommended stock in the category along with Innovid and IAS.
“DV offers a greater degree of safety from regulatory and platform change risk and features an emerging CTV business, and growth opportunities across both the open web and walled gardens, Salmon said in a report.
He set a target price of $37 for innovid stock. It was trading at $25.43 on Friday. ■
