H2 2010 Financial Results Examined

By: John Honovich, Published on Mar 10, 2011

IndigoVision's financial results through Jan 31, 2011 show that the company's financial performance continues to lag the overall IP video market. While the company's growth rate increased from 6% in their year end 2010 financial results to 25% in the recently released 2011 Interim results, that increase (and overall growth) remains below the overall market.

Let's start by reviewing key data points from the new results:

  • Total Revenue for the 6 months was 15 Million GBP (equivalent to ~$25 Million USD) up 25% year over year
  • Region: APAC strongest at 38%, Americas at 33%, EMEA at 13% (EMEA is their largest, home market)
  • Gross Margins fell from 62% to 58%; Reasons cited: "competitive pricing conditions in some of our markets and a continuing shift in the mix of sales towards cameras"
  • Charging for Software Upgrades starting May 1, 2011. Previously 'unlimited software upgrades' were provided at no additional charge. This may be significant as such costs can be fairly expensive.

While the increase in growth rate is certainly a positive sign, in the past 6 months, surveillance sales across the world have surged. For instance both Axis and Mobotix, significantly larger competitors, turned in 40% growth rates. We suspect that IndigoVision is moderately losing market share.

Additionally, a number of 'smaller' IP video companies who have been growing very strongly over the last few years are on the verge (or have already) surpassed IndigoVision's revenue level (yearly rate of ~$50 Million USD). Such companies include Arecont, Avigilon, Gentec and Milestone (who are all above $40 Million annual revenue). This is significant as just a few years ago, IndigoVision had a sizeable lead over these companies.

On the positive side, IndigoVision is emphasizing its upcoming support for ONVIF. The lack of third party IP camera support has been a visible weakness. Over the next year, as ONVIF support matures, this should help rectify this specific problem.

1 report cite this report:

IndigoVision Profile - Going Head-To-Head Against Milestone, Genetec on Oct 12, 2016
Cameras are commodities, the money is in VMS. This is the new philosophy of IndigoVision, long known as a closed end-to-end systems provider. The...
Comments : PRO Members only. Login. or Join.

Related Reports

Ranking Manufacturer Favorability 2019 on May 06, 2019
24 manufacturer's favorability was ranked based on 170+ integrators feedback. Voting plus in-depth comments revealed insights on which brands were...
Verkada Cloud VMS/Cameras Tested on May 02, 2019
Verkada is arguably the most ambitious video surveillance startup in many years. The company is developing their own cameras, their own VMS, their...
Camera Configuration Manager Shootout - Avigilon, Axis, Bosch, Dahua, Hanwha, Hikvision on May 01, 2019
Which camera manufacturer has the best management tool? We tested 6 manufacturers - Avigilon, Axis, Bosch, Dahua, Hanwha, Hikvision to find...
Milestone Execs on Financials, China and Future on Apr 29, 2019
Milestone has released a 44-page annual report for 2018, an atypical and unrequired move for a subsidiary of a large company, however, Milestone...
Verkada Salesman: IPVM "Stuck In A The Stone Age" on Apr 25, 2019
Verkada is 'tackling dinosaurs' and battling those, like IPVM, who are 'stuck in a the stone age'. Verkada's recent sales recruiting promotion...
Axis Supports HD Analog on Apr 15, 2019
In 2017, Axis declared 'Everything is IP': Now, in 2019, Axis has released support for HD analog, with their new encoders.  Why the change?...
ISC West 2019 Report on Apr 12, 2019
The IPVM team has finished at the Sands looking at what companies are offering and how they are changing their positioning. See below for 50+...
Genetec Security Center 5.8 Tested on Mar 19, 2019
Genetec has released Version 5.8. This comes after a wait of more than a year that caused frustrations for many Genetec partners. Our previous...
ONVIF Favorability Results 2019 on Mar 15, 2019
In the past decade, ONVIF has grown from a reaction to the outside Cisco-lead PSIA challenge, to being the de facto video surveillance standard...
ADT Stock Drops After Announcing Loss And Amazon Delay on Mar 12, 2019
ADT's stock price dropped significantly after reporting heavy losses and delays in its Amazon partnership, as seen in the screenshot below: In...

Most Recent Industry Reports

Facial Recognition Systems Fail Simple Liveness Detection Test on May 17, 2019
Facial recognition is being widely promoted as a solution to physical access control but we were able to simply spoof 3 systems because they had no...
Inside Look Into Scam Market Research on May 17, 2019
Scam market research has exploded over the last few years becoming the most commonly cited 'statistics' for most industries, despite there clearly...
Maglock Selection Guide on May 16, 2019
One of the most misunderstood yet valuable pieces of electrified hardware is the maglock. Few locks are stronger, but myths and confusion surround...
Panasonic 32MP Multi Imager Camera Tested (WV-X8570N) on May 16, 2019
Panasonic has released their first multi imager models including the 32MP (4x4K) WV-X8570N, claiming "Extreme image quality for evidence capturing...
Trump Signs 'Huawei Ban' - Executive Order Targeting Foreign Adversary Technology on May 16, 2019
US President Donald Trump has signed an executive order targeting technology provided by 'foreign adversaries', in what is widely being called a...
Bank Security Manager Interview on May 15, 2019
Bank security contends with many significant threats - from fraudsters to robbers and more. In this interview, IPVM spoke with bank security...
Milestone XProtect 2019 R1 Tested on May 15, 2019
For the past few years, Milestone has released quarterly software updates XProtect VMS platform. What is new and how much impact do the updates...
San Francisco Face Recognition Ban And Surveillance Regulation Details Examined on May 14, 2019
San Francisco passed the legislation 8-1 today. While the face recognition 'ban' has already received significant attention over the past few...
Security Fail: ASISNYC Auto Emails Passwords In Plain Text on May 14, 2019
ASIS NYC automatically emails a user with the password the user just entered, in plain text, when one registers for the site / event, as the...
Hikvision VP On Muslim Oppression on May 14, 2019
Hikvision has won tens of millions of dollars, at least, in direct contracts with the Chinese government that oppresses Muslims, including a forced...

The world's leading video surveillance information source, IPVM provides the best reporting, testing and training for 10,000+ members globally. Dedicated to independent and objective information, we uniquely refuse any and all advertisements, sponsorship and consulting from manufacturers.

About | FAQ | Contact