Avigilon Q3 2012 Up 69%

By John Honovich, Published Nov 06, 2012, 07:00pm EST (Info+)

After turning in a 'weak' quarter of 'only' 52% growth in Q2, Avigilon's growth jumped back up to 69% for Q3 2012. Plus, profitability soared, fueled by marketing investments and limited R&D expenditures. Now, Avigilon has the mega integrator Tyco on board, offering great promise to them yet a threat for their existing partners. Inside this note, we dig into the financials and future outlook.

Improved Profitability

***** *** *** ******* **** ******** significantly.

  • ***** ******* ****** **** **% ** 51% ****** ** ******* ** *** sales *** ***, **** ***********, ********* of *****. ******** ********** **** *** target ***** ******* ** ******** ***** (50% ** ****) *** **** ** would ******** **** ****** (*.*., **** prices *****) ** ******** ****** ***** and *** **** *********.
  • *** ******* ****** ** *.*%, ***** highest ***** **** *** ********. ***** it ** ***** ******** ***** **** the **-**% ** ****** ***********, **** is *** ****** **** *** ******* <4% *** ******* ******** ************ ***.

*** *******, ****** ***** **** ** ********* ******.

Marketing ************

***** ******** ******* ********* ************ ******* over *******, *** ** ** ***** the ******, **** **** ***** ** nearly ***% **** *** **** **** last ****. ************, ******** *********** *** biggest **** ********* *********** **** *******, larger **** *** ******* $* ******* in ** ****.

R&D ********

*&* **** *** ** * ****** rate **** ****** ***** ***** ******** metric, ********** **** **** ** **** under **% **** $*.** ** $*.** million ***. ** ****** ********* ** the ********* ****** *** ******* ******** and ******** *** *&* **********.

New / ******** ********

**** ***** ***** ******** ********, ******** was ***** *** *** *******, "****** stream ** *** *******, ***** **** cameras, ***** **** ********, ***." ** would **** *** **** ** ** emphasis *** *** ******.

******** **-********** *** **** *** ***** of ***** *********, ****** **** ** was * *** ***** **** *** future *** ***** **** **** ** processing ****. ******** **** *** ******* any ***** *********, ****** ***** ****** detection, ** ***** *******.

Tyco ****** **

******** *** ***** ******* ***** ********** signing ** **** (******** *** ******** integration). ****** ****, **** **** **** selling ******* ****** ******* *** *** now ******** ********* **** *** ****. Avigilon ********* **** **** ** *** "single ******* ***** ************ ********", ****** "$800 ******* **** ** ************ *********" annually, ********** **** **** "***'* ****** to *** ***% *** **** **** [they] **** *** * *********** ****." With *** *********, ******** **** ** on ****'* ******** ***** *******, **** have ****** *********** *** ** ****** purchasing *******.

***** **** *** ** **** **** for ********, ** ** * ****** flag *** ***** ******** *******. ***** Tyco's ***** *****, **** ********* *** risk **** *********** ***** ******** ******* will **** ** **** **** ***** most ******** ******** **********.

Enterprise ********

******** ********** *** ****** ** ***** business *********** **** ** ****** ********** / ***** ********. **** ************* **** * ****** ************* ** ***** ** **.

************

***** ******** **** **** **** ** plans ** ****** ** ****** ************, they ***** **** **** ** *** distributors ** ******* ******* **** ** Latin *******, **** *** *** ** (*******).

Revenue **************

  • **** ***** - ****: ~***% ****** to $*.* ******* *** *** *** quarter; **** ****** *** ***** ******* both ******* *******
  • ***** **** - ** - ******* flat **** **** ****, ***** * big ******* **** **** ** *** reason
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