FOSTER CITY, Calif. - Qualys, Inc. (NASDAQ: NASDAQ:QLYS), a pioneer in cloud-based security and compliance solutions, announced today the launch of TruRisk Eliminate, a new product aimed at enhancing vulnerability management. TruRisk Eliminate is designed to help organizations manage cybersecurity risks more effectively, particularly when traditional patching is not viable.
The Qualys Threat Research Unit has identified five million instances where CISA Known Exploited Vulnerabilities (KEVs) cannot be remediated through patching, presenting significant security challenges. TruRisk Eliminate offers innovative remediation methods such as patchless patching and targeted isolation to address these vulnerabilities.
Melinda Marks, cybersecurity practice director at Enterprise Strategy Group, noted the importance of alternatives to patching, especially when dealing with new exploits or zero-day vulnerabilities where patches may not be available.
The solution is designed to integrate with IT operations and ticketing workflows, offering rule-based workflow orchestration to automate complex risk remediation tasks. This integration aims to reduce the mean time to remediate by leveraging out-of-the-box integrations with ITSM tools like ServiceNow (NYSE:NOW) and JIRA.
TruRisk Eliminate extends Qualys' existing vulnerability management capabilities by providing tools for mitigating risks without patching or rebooting, employing advanced risk mitigation controls, and enabling proactive quarantine of risky assets. The platform is touted to mitigate nearly 100% of CISA KEVs and ransomware vulnerabilities.
Sumedh Thakar, president and CEO of Qualys, emphasized that TruRisk Eliminate represents the company's commitment to offering businesses innovative ways to mitigate risk when patching is not an option.
The new product will be available in September, and Qualys will showcase TruRisk Eliminate at Black Hat 2024. Interested parties can learn more at the Cyber Risk Series virtual conference on July 31 and sign up to be notified when the product is available.
Qualys Inc . (QLYS) has been making headlines with its first-quarter performance and subsequent analyst adjustments. The company posted a 12% increase in revenue for the first quarter of 2024, reaching $145.8 million, largely driven by the adoption of its flagship VMDR solution with TruRisk.
These developments follow the announcement of Qualys' plans to enhance customer success and ramp up sales and marketing efforts, despite projections suggesting that operating expenses will likely grow faster than revenue.
On a positive note, Qualys foresees an 8-10% increase in revenue for the full year 2024, with full-year revenue projected to be between $601.5 million and $608.5 million. The company is also expanding its GovCloud platform into more federal agencies and launching new customer acquisition campaigns to increase market share.
InvestingPro Insights
As Qualys, Inc. (NASDAQ: QLYS) introduces TruRisk Eliminate to the market, it's important to consider the company's financial health and market performance. Notably, Qualys holds a strong cash position, carrying more cash than debt on its balance sheet, which could provide the financial stability needed to support the development and launch of new products like TruRisk Eliminate. Additionally, analysts have shown confidence in Qualys' prospects, with 13 analysts revising their earnings upwards for the upcoming period, signaling potential growth following the release of their new cybersecurity solution.
InvestingPro Data provides a snapshot of Qualys' financial metrics as of Q1 2024, revealing a robust gross profit margin of 81.09%, which underscores the company's efficiency in maintaining profitability while scaling its operations. The market capitalization stands at $5.46 billion, reflecting investor confidence in the company's value and growth potential. However, it's worth noting that Qualys is trading at a high Price / Book multiple of 13.3, which may suggest that the stock is priced on the higher side relative to its book value.
To gain deeper insights and discover additional InvestingPro Tips, which can guide investment decisions, readers are encouraged to visit https://www.investing.com/pro/QLYS. For those interested in subscribing to InvestingPro, use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, unlocking a wealth of financial analysis and market data.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.