Avigilon Q3 Revenue Jumps 39 Per Cent
Avigilon has reported record Q3 2014 revenue of $CAD71.0 million, an increase of 39 per cent, or $19.8 million, compared to revenue of $51.2 million in Q3 2013.
According to the company, revenue growth continues to reflect increased product sales worldwide, driven by greater customer adoption in existing markets, further penetration of new target regions and sales of new products. Revenue for Q3 2014 also benefited from foreign exchange gains.
Gross margin percentage was 57 per cent, up from 53 per cent a year earlier, adjusted EBITDA was $15.7 million, a 27 per cent increase over Q3 2013 Adjusted EBITDA of $12.4 million, net income was $11.6 million, a 35 per cent increase over Q3 2013 net income of $8.6 million.
“Avigilon delivered another record sales quarter in Q3, underpinned by particularly strong growth in the U.S. and EMEA, as well as robust sales of new products,” said Alexander Fernandes, founder, president, CEO and chairman of the board of Avigilon.
“Ongoing innovation remains a key pillar of our strategy to increase market share. In the third quarter we had several important new product introductions, including the low cost HD Video Appliance series, Avigilon Control Center 5.4, and the HD dome and bullet cameras with adaptive video analytics.
“Avigilon continues to make substantial investments in the business, with an eye on continued profitability, as we grow toward our goal of $500 million in run-rate revenue by the end of 2016.”