Avigilon Corporation has reported financial results for the three and twelve months ended December 31, 2016.
In Q4, the company says there was record revenue of $102.2 million, compared with $81.4 million in Q4 2015, resulting from record unit volume, success of H4 camera platform and contributions from the Avigilon Patent License Program (“Patent License Program”).
Other Q4 highlights:
• Record gross profit of $52.1 million, compared with $45.6 million in Q4 2015.
• Gross margin percentage of 51 per cent, in line with management’s plan to increase unit volume to drive greater revenue, gross profit, and cash flow from operations.
• Record Adjusted EBITDA (earnings before interest, tax, depreciation and amortization) of $20.8 million, compared with $15.5 million in Q4 2015.
• Record Adjusted Earnings of $11.5 million, compared with $9.1 million in Q4 2015.
• Record diluted Adjusted EPS of $0.26, compared with $0.21 in Q4 2015.
• Record cash flow from operations of $18.8 million, compared with cash used in operations of $8.8 million in Q4 2015.
Meanwhile the 2016 fiscal year’s financial results found a record revenue ($353.6 million, compared with $287.6 million in 2015), gross profit ($184.0 million, compared with $165.1 million), adjusted EBITDA ($54.4 million, compared with $51.3 million), and cash flow from operations ($43.0 million, compared with cash used in operations of $1.8 million).
“Once again, we’ve set new quarterly and annual records for revenue and gross profit while generating record cash flow from operations,” said Alexander Fernandes, Avigilon’s founder, president, CEO and chairman of the board. “We have a robust pipeline of ground-breaking new products and video analytics launching this year, and global demand for our solutions is stronger than ever.”
As of February 28, 2017, Avigilon says it expects revenue between $390 million and $425 million for the 2017 fiscal year 2017 and adjusted EBITDA margin between 13 per cent and 17 per cent.
For more details on the company’s financial results, click HERE.
(All figures are in United States dollars unless otherwise stated.)