Avigilon Q1 2012 Financials

By John Honovich, Published on May 09, 2012

While many surveillance manufacturer's revenue growth has slowed significantly, Avigilon's Q1 2012 financials [link no longer available] show that the company is nearly matching the skyrocketing growth rate they achieved in 2011. In this note, we review the financials and the details revealed in the webcast.

  • Year over year, Q1 2012 growth was up 77%, this is not significantly less the 86% growth achieved in all of 2011
  • Gross margins up 4 points from 44% to 48%; Avigilon says they expect it to continue
  • Net margins up from ~1% to nearly 3% - a good sign considering their weak profits last year
  • R&D: Spending flat quarter over quarter but Avigilon says they are on track in expanding
  • Headcount: Significant number of new hires - ~180 employees up from ~140-145 at the end of 2011
  • Marketing: Averaging 1 trade show per week
  • Ads: Running an ad campaign in forbes, fortune, bloomberg, economist targeting business executives outside of secuirity - this is highly unusual for the security market
  • Inventory Growth: $2.1 Million new inventory added in anticipation for future sales growth throughout the year
  • Casinos: Avigilon talked at length about expansion into the casino market yet also noted that it was 'very early days'
  • New markets: Avigilon cited retail, transportation and municipalities as markets they were planning to expand in
  • 'Stick for a one stop shop' - Avigilon emphasized building an end to end offering when discusing the PTZ release and future development

Avigilon  would end 2012 as a $100 Million company if it maintained a 75% growth rate for the rest of the year. To that end, Avigilon says, "The way is paved for significant continuous growth" and reiterated that their primary goal is 'capturing market share'.

The valuation of Avigilon is ~$130 Million, 2x last year's revenue which is fairly inexpensive relative to the company's robust growth rate.

Avigilon is bucking the recent trend of slowing growth and, of course, by extension, continuing to gain share on rivals across the board.

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