Turtle Beach backs FY24 revenue $370M-$380M, consensus $374.33M

The Company is maintaining its 2024 outlook, with net revenues expected to be in the range of $370 million to $380 million, with the growth driven primarily by the acquisition of PDP and the expected out-performance of the gaming markets in specific categories based on the Company’s product plans for 2024. The Company expects pro forma combined Adjusted EBITDA to be between $51 million and $54 million, which incorporates approximately nine months of operations from PDP. The Company further reiterates its long-term goals of a 10%+ revenue CAGR, a mid-30’s gross margin percentage, and is focused on driving a mid-teens percentage for Adjusted EBITDA margins.