FLIR Security Revenue Reviewed

By: Brian Karas, Published on Oct 31, 2016

With acquisitions of Lorex, DVTel and ISD, adding to their core thermal offerings, FLIR has been building up its presence in the security / video surveillance market.

In this report, we examine FLIR's security revenue, their financial trends over the last 3 years and challenges they are facing.

**** ************ *******,***********, ****** ** ***** core ******* *********, **** has **** ******** ** its ******** ** *** security / ***** ************ market.

** **** ******, ** examine ****'* ******** *******, their ********* ****** **** *** last * ***** *** challenges **** *** ******.

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Financial ********

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

****’* **** ******** ******* of $*** ******* ****** them above **** ******** ********* *** below *** ******* ******, some ********** ** ******* include:

  • **** ~$***
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Security ** ***** ******** ** ****

******** ** *** *** largest reported ******* *** ****, contributing **% ** ***** revenue.

*** ***** *****, ********* from ********* ****** ****************** *** ********:

****, **** *** * "surveillance' *****, ***** ** their ********/********** ********, ***** sells ******* ******* *** other ****-*** ******* ******** separate **** *** ******** division.

DvTel *********** ***** ******* ******* *******

******* **** ******, ********* the ****** ***** ***********, ** actually **** ************* *** 2016. FLIR ******** ***** ** November ****, ******* **** Q3 **** *** ** DvTel *******, ***** ** 2016 ***. ***** ** certainly ************ ** **** revenue ** ****. ** estimate ~$* ******* *** quarter. ********* **** **, Q3 *********** ******* *** ****'* ******** group ** **** **-**%.

FLIR Affected ** ******* **** ** ******

**** ** ****'* ******** is **** **** ** their ******** *** **** from *** ******* ****-*** and ***-*** ** *** market. ** *** ****-*** side ***** ******* ******* are ****** ******** ** optical *******, *** ***-***** advances ** ******* ******* have ******* ************* *** thermal ** **** ******. On *** ***-***, **** OEMs **** *****, ********* with ****** ***** ************ *****, and * ****** ** other ********* ** * price-driven *******.

Still *********

******* ***** ******* ** growth, **** ** ***** investing ** ***** ******** business, ********* *** ******* **** **** ** help **** ***** *** their ****** ********* *** design ************. ** **** likely **** **** **** before **** ********** **** off ** *** **** of ******* ****** ******.

Outlook *** ****

*** ***-*** ****** ******* **** competitive, ******* **** ** compete ** *** *** to ****-*** ******* *** their ******* ******. **** the ***** ***, **** have ** *********** ** compete ******* ******** *** integrators ******* *** ** end-to-end ********, *** **** also ** ********* ******* Hikvision ** **** ******* as **** ******* ********* to *** *** ******* their ****** ***********. ****'* security ******** *** *** benefit ** ***** **** of * **** ****** organization, ****** **** * better ****** ** ****** out * ******** ** their ****** ***** **** bring *** ** ***** acquisitions ******** **** * comprehensive *********. 

UPDATE: **** ******* $****

****'* ******** ******** *** a ********** ****** ** in ****, *****% ****** **** ** 2015 *** $**.** ***** revenue. ***** ******* ** Security *** $**** *** 2016, ****** *% ****** over ****. ***** **** growth ** **** ******** than ******** *****, ** is ********** ***** **** FLIR *** * ****** of ***-**** ******** ** their ***** *** ********* lines **** ******* ******** with ********* *** *****, whose **** ** *** bottom ***** **** **** made *** ***-**** ****** segment *********** *** **** competitors.

Comments (6)

Thanks, Brian!

What division do you think they will put the Point Grey acquisition? It could certainly continue to mask the drop in organic security revenue were its (or even a small portion of it) revenue to added in to security. Or maybe they are starting a new division for Industrial Imaging?

We actually covered that in the Point Grey acquisition report you linked to:

Point Grey will fall within FLIR's OEM & Emerging Markets division, expanding FLIR's ability to provide optical imaging solutions to their industrial customers.

If the ~$100M revenue estimate for Point Grey is not too far off, that could make the OEM & Emerging markets division overtake Security for the #3 spot, unless Security posts a large revenue spike (which seems unlikely for 2016).

missed it, thanks!

The "Outlook" section reframes the big picture in a way I hadn't considered - not because it was obscured or anything, I'm just not used to those brands working together in such a way. If they can consolidate everything into one well-oiled machine instead of a handful of unrelated surveillance brands, it'd be very impressive.

They really need to get better at marketing the VMS for this to work though. Not just raising awareness - I mean they have to provide a compelling reason for buyers to take a demo.

UPDATE - FLIR released results for Q4 2016, the Security division ended up with almost 6% growth YoY, with $240M in revenue.

 

FLIR is also recruiting a new CEO, with current CEO Andy Teich retiring after 33 years with the company.

Teich came to FLIR via a previous acquisition and has been a strong proponent of thermal cameras and technology. It will be interesting to see what a new CEO does with FLIR's diverse portfolio.

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