Avigilon reports Q3 2015 results
Avigilon reported financial results for the three and nine months ended September 30, 2015.
According to a company statement:
Avigilon reported Q3 2015 revenue of $95.1 million, an increase of 34% over revenue of $71.0 million in Q3 2014. Revenue growth for Q3 2015 reflects increased product sales driven by greater customer adoption in existing markets, further penetration of new target regions and sales of new products. On a constant currency basis, revenue in Q3 increased 16% year-over-year. In Q3 2015 revenue grew year-over-year in all regions in which we operate. Revenue in the United States grew 45%, EMEA grew 13%, Canada grew 28%, United Kingdom grew 5%, Asia Pacific grew 52%, and Latin America grew 38%.
Gross margin was $54.0 million in Q3 2015 (57% of revenue), compared with $40.1 million (57% of revenue) in Q3 2014. In Q3 2015, year-over-year gross margin percentage was positively impacted by a combination of product mix, foreign exchange, and greater economies of scale, offset by costs related to our new US manufacturing facility.
Sales and marketing expenses in Q3 2015 were $22.6 million, an increase of 54% compared with $14.7 million in Q3 2014. The increase in Q3 2015 reflects significant investments to expand the Company’s global sales and marketing teams and initiatives, which management believes will drive continued revenue growth. In Q3 2015, sales and marketing expenses represented 24% of revenue, compared with 21% of revenue in Q3 2014.
“We are pleased to report record setting revenue, Adjusted EBITDA, Adjusted Earnings, and Adjusted Earnings Per Share this quarter,” said Alexander Fernandes, Avigilon’s Founder, President, Chief Executive Officer and Chairman of the Board. “Avigilon’s business fundamentals are strong, and we are well on track to achieve our stated goal of $500 million in annual run-rate revenue by the end of 2016.”
Deloitte Technology Fast 50
Avigilon also announced that it has been named as one of Canada’s fastest growing technology companies in the 18th annual Deloitte Technology Fast 50 awards for the sixth consecutive year. Avigilon ranked 26th among the 50 fastest growing companies that are recognized in 2015 for bold innovation and dedicated leadership, having achieved 352% growth in revenue from 2011 to 2014.