CounterPath Reports Fourth Quarter and Fiscal 2018 Financial Results

CounterPath (NASDAQ:CPAH;TSX:PATH), a global provider of over-the-top unified communications solutions for enterprises and services announced the financial and operating results for its fourth quarter and fiscal year ended April 30, 2018.

The company said that its annual revenue was $12.4 million which is an 16 percent increase over the $10.7 million in the prior year.

As quoted in the press release:

Fiscal 2018 Financial Highlights

• Annual revenue of $12.4 million for fiscal 2018, an increase of 16% over the $10.7 million in revenue for fiscal 2017.

• Quarterly revenue of $2.8 million for the fourth quarter of fiscal 2018, compared to revenue of $2.4 million for the fourth quarter of fiscal 2017.

• Subscription, support and maintenance revenue (revenue of a recurring nature) grew to $4.3 million year-over-year, representing 35% of total sales for fiscal 2018. Fourth quarter subscription, support and maintenance was $1.2 million or 43% of total sales.

• Gross margin of 87% in fiscal 2018, compared to gross margin of 84% in fiscal 2017.

• Non-GAAP loss from operations of $2.2 million for fiscal 2018, compared to non-GAAP loss from operations of $2.1 million in fiscal 2017.

• Net loss of $3.2 million, or $0.59 per share for fiscal 2018, compared to $2.5 million, or $0.52 per share, in fiscal 2017.

• Non-GAAP net loss of $2.2 million, or $0.40 per share for fiscal 2018, compared to non-GAAP loss of $2.1 million, or $0.45 per share, in fiscal 2017.

• Cash of $2.3 million as of April 30, 2018 compared to $2.1 million as of April 30, 2017.

“We made progress on several fronts in FY2018,” said Donovan Jones, President and Chief Executive Officer. “We managed double digit growth in revenue, while continuing our transition to recurring revenue. There is a tremendous market opportunity for collaboration products and solutions as the enterprise collaboration market size is estimated to grow from $35 billion in 2018 to $60 billion by 2023ⁱ. For FY2019 we will be focusing on increasing the marketing and sale of our own services to continue to drive recurring revenue.

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