Avigilon Corporation Reports Record Third Quarter 2017 Results

Avigilon (TSX:AVO) has announced its financial results for the third fiscal quarter of 2017.
As quoted in the press release:

Third Quarter 2017 Financial Highlights

• Record revenue of $108.2 million, compared with $95.8 million in Q3 2016.
• Revenue growth of 13% more than doubled the industry’s estimated growth rate.
• Strong gross margin percentage* of 51%.
• Record Adjusted EBITDA* of $22.6 million, compared with $16.7 million in Q3 2016.
• Adjusted EBITDA Margin* of 21%, compared with 17% in Q3 2016.
• Record Adjusted Earnings* of $12.9 million, compared with $9.1 million in Q3 2016.
• Record diluted Adjusted EPS* of $0.29, compared with $0.21 in Q3 2016.
• Operating expenses as a percentage of revenue of 39%, compared with 45% in Q3 2016.

“Led by James Henderson, our President and Chief Operating Officer, Avigilon has delivered our best quarter yet,” said Alexander Fernandes, Avigilon’s Founder, Chief Executive Officer and Chairman of the Board. “Working together, James and I have the operational strength and strategic vision to propel Avigilon to the next level.”
“Global demand for Avigilon’s solutions is stronger than ever,” added Mr. Henderson. “With each quarter, we’re consistently demonstrating our ability to couple top line growth with increasing profitability.”

Third Quarter 2017 Business Highlights
In the quarter, the Company announced Avigilon Blue, a new subscription-based cloud service platform for security and surveillance, powered by Microsoft Azure. This announcement is a foundational step that will enable the Company’s partners and customers to access an expanding selection of subscription service offerings, starting with video surveillance and self-learning video analytics. The platform will connect Avigilon Blue devices to the cloud, enabling users to remotely manage and service sites using powerful subscription management tools and easy to use dashboards. Avigilon Blue is positioned to expand on the Company’s current product offering, provide recurring monthly revenue, increase its addressable market, and strengthen its partner channel.

Click here to read the full press release.