IndigoVision's Market Challenges Deepen

Author: John Honovich, Published on Oct 14, 2011

IndigoVision's fiscal 2011 financial results do not look good. While the company remains profitable, growth is far below their key competitors. For the past 2 years, IndigoVision has faced challenges. Now their 2011 fiscal year financial statement shows that those challenges have deepened. In this note, we examine IndigoVision's finacials, what risks IndigoVision faces and how it is falling behind direct competitors such as Avigilon, Mobotix, Exacq, etc.

Let's start with a review of IndigoVision's key financial metrics:

  • **** *** **** ****, ************'* ***** *** ********* **** **** 500 *** ** *** *** - * **** ** **** than **%. *****, *** *******'* ****** ************** ** **** ** GBP (~$** ******* ***).
  • *** *** ****** **** ****** **** **, ****, ******* *** 28.9 *** (~$** ******* ***). **** *** **** ** ******** from ** *** *** ******** ****.
  • *** ***** ** *** ******* ** **** **** **** ** revenue - * **** *** ***** **** ******** ** *** conservative ******* ****** ** ************ (********* ***** * ** * times *******).
  • *** ******* ******* **** ****** *** *** ******* ****** ** the **** ******: "** **** *** * **** ***** ** the ******* ********* **** *** ******** ***** ** *** ***** ***** weeks ** *** ******* **** *** ************* ** **** **** last ****, ***** ****** ** **** ** *** ************* ****** **** year." ** ** ******** **** ******* **** ******** ******* **** the **** * ******.
  • **** ** *** *******'* ******* ***** **** **** *** ***** America *** **** ******* ******* *** **** ********. ***** ****** was ******** ** **** ***** ******* *** **** *******.
  • ***** ******* ******* **** **% ** **%, ********* ****** ****** dropped **** ~**% ** ~*%.
  • *** ******* ************ ******** ** ******* ******* **** *** **** year: "**** *** ******* ** ********* ** ************** *** ********* of establishing * ***** ** ******* *** ***** ******** **** ****** the ******** ****."
  • ***** *** ************ ***** ** ** ** ********* *** ******* introductions: "**** *** **** ****** ****** * ***** **** ** work *** **** ********** ********* *** **** ** ************ ** *** products."

Financial ********

***** ****** *** **** *********** ****, ******** ** ***** ****** competitors **** ** ***** ***. *** ******* **** *** ******* business ***** - ******** - *** **** ********** ******* ** in *** **** **** ***** -** ***** **% *** *** *** ** **** ** ** $55 ******* ** ****. ***** ********'* ****** **** ** ***********, ****** ** **%+ is ****** ******* *** ******* ** ***** **** *********. ** the **** ****, ******* ******, ********, ******* *** ********* **** all *********** **** ************ ** ****** ******* **** **** ****** rates.

** *** ***** ****, *** **** ** ***** ***** *****, relative ** ***********, ***** ********. ******* ** ~*.* ***** ** sales ***** **** **** ***** ** ***** ********* - * company *** *** ****** **** ** ******* ****** *** * weak ******* ********* **** ******** ***'** ********. ************, ***** **********, still *** * ****** ******* ********* *** ********** ***** ******. The ******* ** **** ** ** **** ****** ******* **** it ***** ****** **** **** ********* ****** ***** (** *********** CCTV ************* **** ***** **).

Potential ****** *** ****** *******

** ******* *** *** **** ******* ****** ************'* ****** ********* is (*) *** **** **** ** *** ******** *** (*) their ******* ** **** ** *****. ** *** ******* ******** itself, **** *** **** ** ******, ** *** *** ******* many *** ******** ***** *********** ***** ********* ******** *** ********. Equally *********, *** ******* *** **** **** ** **** ** its *** ** ***** ******* *** *** ******* ** ***** VMSes [****: ************ ** *** ******** ** ** ********** ***** both *** *** ****** *** *** *****]. ** *** ** market **** ********** *** *** ***** ** *********** *********, ******** open ******* ******* ************ ********.

************, *** ******* *** *** ****** *********** ******** **** ** sales (*** ********* ********* ************ **** **** ******** - "*** new ***** ******** **** ** ******* ********* *********") *** ** engineering (***** *** **** * ***** ****). ** ** *** know **** ** ***** ** ****** ************ *** ***** *** typically *** **** *****.

** **** ** *********** ** *** **** ******** ************ ***** in *** **** ****. *** ******* **** **** ****** **** products ** **** ******* *** ***** *** ** ******* ** be **** ** **** *** **-********** *** ******* *********** *** catch ** ** **** ******.

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