Axis Q1 2011 Financial Results Examined

By: John Honovich, Published on Apr 12, 2011

For Q1 2011, Axis turned in its 5th consecutive quarter of strong growth, growing sales 39% in local currency terms year over year. The continued strong growth is quite significant for a number of reasons:

  • Looking back exactly 2 years ago, Axis had its worst quarter (probably ever). In Q1 2009, Axis sales growth in local currency terms actually declined. While this was the depth of the recession, the results were particularly troubling as most IP camera manufacturers were still growing, even if modestly.
  • A year later, in Q1 2010, Axis's financial rebound started with the company growing sales 36% year over year (compared to the horrible Q1 2009). For the rest of 2010, Axis's strong growth continued. On the other hand, that growth was relative to a very weak 2009 - making this somewhat easier to achieve.
  • Now, in Q1 2011, Axis's sales grew 39% against an already strong Q1 2010 - a much more challenging and impressive pace.
  • Total revenue for Q1 2011 was approximately 800 Million Swedish Kroner - roughly equivalent to $125 Million USD. This means that Axis's 2011 revenue will almost certainly surpass $500 Million USD (a half billion dollars) - an important milestone and rare feat for video surveillance companies (only a few divisions of the mega conglomerates due as much).

On the particulars of the results, a few points to call out:

  • By region, local currency growth was: Americas 53%, Asia 23%, EMEA 14%; The Americas growth is particularly amazing considering that Axis is now generating about $250 Million revenue in just the Americas and growing at an extremely high rate
  • Gross margins were down slightly, operating margins were up slightly
  • Axis aggressively hired throughout the quarter with their biggest burst easily in the last 2 years (see PowerPoint deck for graphic)

We expect strong growth from Axis to continue as their new product release schedule was very strong at ISC West (see our reviews of their low cost new products, the Axis M50s, the panoramic camera and the AVHS iomega NAS for details).

2 reports cite this report:

2011 Mid Year Video Surveillance Review on Jun 11, 2011
The first half of 2011 featured a number of important shifts within the video surveillance industry. In this report, we provide an overview of the...
Winners and Losers Spring 2011 on Apr 12, 2011
Now that the dust has settled from the numerous new announcements of the last month, we can better understand the impact on the overall video...
Comments : Members only. Login. or Join.

Related Reports

Hikvision Global Revenue Falls, Hit By Coronavirus on Apr 27, 2020
Hikvision's global revenue fell in the first quarter of 2020 due to the coronavirus, with Hikvision stating uncertainty for 2020 "is greater than...
Coronavirus Hits Manufacturers, Standing Now, Worse To Come on Apr 06, 2020
Coronavirus is hitting security manufacturers, though overall modestly for now, with worse expected to come, new IPVM survey results...
ADT Stock Surges - "Leading The Commercial Space" on Nov 15, 2019
Don't call it comeback... but maybe call it a commercial provider. ADT, whose stock dropped by as much as 2/3rds since IPOing in 2018, has now...
Resideo Stock Plunges 37%, CFO Ousted on Oct 23, 2019
The horrible year for the ADI / Honeywell Home spinout, Resideo, just got worse, with their stock plunging another 37% today. Not even a year...
Hikvision 2018 Revenue Tops $7 Billion USD But Growth Slows To Low on Feb 15, 2019
Hikvision's annual revenue topped $7 billion for the first time in 2018, although growth slowed sharply. In this post, we analyze the latest...
ADT And SimpliSafe Super Bowl LIII Ads Criticized on Feb 04, 2019
Super Bowl ads are incredibly expensive, running $5+ million this year, but two of the security industry's most controversial companies ran ads...
Axis Strong US Growth, Flat EMEA - Q3 2018 Financials on Oct 18, 2018
This spring, Axis had its best financials in many years (see Axis Strong Q2 2018 Results). However, over the summer, Axis had many products sold...
Axis Launches ~$100 HD Camera on Apr 11, 2018
Chinese manufacturers, led by Hikvision, have come to dominate the low end of the Western market, driven by ~$100 cameras. While Axis has...
Bubble: Dahua Doubles Market Capitalization on Nov 07, 2017
Dahua's stock is in a bubble. Those of you in the industry know how bad of a year Dahua has had - the zero-day backdoor, the massive hacking...
Axis Q3 2017 Financial Results on Oct 23, 2017
A big issue for Axis this past quarter was their product shortage. Despite that, new Q3 numbers for Axis show solid financial results. In this...

Most Recent Industry Reports

Verkada: "IPVM Should Never Be Your Source of News" on Jul 02, 2020
Verkada was unhappy with IPVM's recent coverage declaring that reading IPVM is 'not a good look' and that 'IPVM should never be your source of...
Vintra Presents FulcrumAI Face Recognition on Jul 02, 2020
Vintra presented its FulcrumAI face recognition and mask detection offering at the May 2020 IPVM Startups show. Inside this report: A...
Uniview Wrist Temperature Reader Tested on Jul 02, 2020
Uniview is promoting measuring wrist temperatures whereas most others are just offering forehead or inner canthus measurements. But how well does...
Dahua USA Admits Thermal Solutions "Qualify As Medical Devices" on Jul 02, 2020
Dahua USA has issued a press release admitting a controversial point in the industry but an obvious one to the US FDA, that the thermal temperature...
Access Control Online Show - July 2020 - With 40+ Manufacturers - Register Now on Jul 01, 2020
IPVM is excited to announce our July 2020 Access Control Show. With 40+ companies presenting across 4 days, this is a unique opportunity to hear...
Hanwha Face Mask Detection Tested on Jul 01, 2020
Face mask detection or, more specifically lack-of-face-mask detection, is an expanding offering in the midst of coronavirus. Hanwha in partnership...
UK Government Says Fever Cameras "Unsuitable" on Jul 01, 2020
The UK government's medical device regulator, MHRA, told IPVM that fever-seeking thermal cameras are "unsuitable for this purpose" and recommends...
Camera Course Summer 2020 on Jun 30, 2020
This is the only independent surveillance camera course, based on in-depth product and technology testing. Lots of manufacturer training...
Worst Over But Integrators Still Dealing With Coronavirus Problems (June Statistics) on Jun 30, 2020
While numbers of integrators very impacted by Coronavirus continue to drop, most are still moderately dealing with the pandemic's problems, June...