Belgian authentication technology outfit Vasco has reduced its revenue guidance for 2008 as the worsening economy hits the firm's Q4 order pipeline.
The company has revised revenue growth expectation for the full year down to between 9% and 12%, against previous guidance for a maximum 25% uplift in sales. Analysts were expecting sales of $144.7 million, or 20% growth over 2007, according to Thomson Reuters data.
T. Kendall Hunt, Vasco's chairman and CEO, states: "We believe that the lower revenue in Q4 primarily reflects the uncertainty related to economic conditions worldwide which has resulted in a longer sales process and a delay in orders."
He says the company will look to pare costs and switch its sales focus away from the US to more productive financial markets of Brazil, Russia, India and China (BRIC) and to the more mature markets of EMEA and Singapore.
"The company's management team is determined to steer the company through this challenging economic situation," he says. "The company is profitable, has strong worldwide business, a large installed customer base, a solid balance sheet, no long-term debt, and a healthy cash position."