H2 2010 Financial Results Examined

Author: 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

S2 Access Control / 'Unified Security Management' Profile on May 08, 2018
In our 13th access control company profile, we examine S2 Security's Netbox platform: Unified Security Management Platform positioning Core...
Vivotek 12MP Fisheye Camera Tested (FE9391-EV) on May 08, 2018
Next in our 12MP fisheye camera evaluation, we bought and tested Vivotek's latest generation FE9391-EV, a new model claiming improved smart IR...
Last Chance - May 2018 Camera Course on May 03, 2018
This is the last chance to register as the course starts next week. This is the only independent surveillance camera course, based on in-depth...
Milestone 2017 Financials Examined on Apr 24, 2018
For ISC West 2018, Milestone released ... their financials, touting "strong revenue growth in 2017". However, there were discrepancies with the...
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...
Hanwha Mega ISC West Product Releases on Apr 05, 2018
While overall new product releases have been slowing over the past few years, Hanwha is releasing a slew of 6 new offerings for ISC West,...
VMS New Developments Spring 2018 (Avigilon, Exacqvision, Genetec, Hikvision, Milestone, Network Optix) on Apr 04, 2018
What's new with VMS software? In this report, we examine new features and releases for Spring 2018 to track different areas of potential...
ADT Hammered Again, Loses Another Billion In Market Cap on Mar 16, 2018
ADT's CEO told investors that, 'in baseball terms', ADT was batting 5 for 5. But investors told ADT's CEO, 'in baseball terms', that he was...
ADI W-Box Dropping Hikvision (Tested) on Mar 05, 2018
The next generation of ADI's W-Box (ADI's competition against their manufacturing partners) is here. And unlike the previous generation, which was...
ONVIF Usage Statistics 2018 on Mar 05, 2018
ONVIF has long 'won' the standards battle for video surveillance. But has the now 10-year-old ONVIF 'won' vs direct integrations? Undoubtedly,...

Most Recent Industry Reports

Software Only VMS vs NVR Appliances on May 23, 2018
Should you buy your own PC/server and load VMS software on it or get a turnkey appliance (both hardware and software, e.g., NVR, Hybrid DVR) from a...
Buy Arecont: Top Bid $10 Million Cash on May 22, 2018
Last year, Arecont had a deal for a purchase price of $170 million (see Failed Arecont China Acquisition). This year, Arecont has a deal for a...
Installing Box Cameras Indoors Tutorial on May 22, 2018
This tutorial starts our physical installation for video surveillance series, starting with Box Cameras, one of the oldest and most basic types....
The Hikvision Smart Classroom Behavior Management System on May 22, 2018
Hikvision's rapidly growing offering of analytics, which we most recently examined with Hikvision's ethnic minority analytics, is now going into...
Dahua Intrusion Analytics And VMD Tested on May 21, 2018
Dahua ships basic analytics on practically all their cameras, ranging from low cost to high end. To see how these analytics work in real world...
Exacq Improving Technical Support, Responding To Integrator Complaints on May 21, 2018
Exacq had been a long-term favorite of integrators, but since their 2014 Tyco acquisition, Exacq has fallen in IPVM integrator studies (though...
Best Manufacturer Technical Support 2018 on May 21, 2018
While 5 manufacturers made the worst technical support 2018 list, only 3 stood out as providing the best technical support to 190+ integrators in...
Stealth / UCIT - Remote Video Monitoring Provider Profile on May 18, 2018
Can 2 remote video monitoring companies, Stealth Monitoring from the US and UCIT from Canada combine to impact the market and compete in a changing...
Cybersecurity for IP Video Surveillance Guide on May 18, 2018
Keeping surveillance networks secure can be a daunting task, but there are several methods that can greatly reduce risk, especially when used in...
Forced Entry / Duress Access Tutorial on May 17, 2018
Even though access control normally keeps people safe, tragedies have revealed a significant issue. If users are forced to unlock doors for...

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