Mobotix's 2010 Year End Financial Results Examined

By John Honovich, Published on Feb 25, 2011

For the second half of 2010, Mobotix recorded significant revenue growth at a far higher rate than the previous year and its best results since the start of the recession. In this note, we examine the key drivers and metrics driving those numbers. Let's start by examining the 56 page Mobotix Half Year Report:

  • 47% sales growth for calendar Q4 2010 year over year; Sales for H2 2010 at 34.6 Million Euros ($50 Million USD)
  • Domes now outselling fixed cameras: "A large part of revenue growth continued to be achieved through increased sales of dome cameras, which rose by 65.3% from €10.2 million to €16.9 million. Sales revenues for fixed cameras grew by 30.0% to €16 million in comparison with the same period last year."
  • Outside of Europe driving growth: "In Germany, revenue rose by 15.0% from €7.7 million to €8.9 million. In the rest of Europe (excluding Germany), revenue climbed 37.6% to €14.0 million. For the rest of the world, revenue rose from €6.0 million to €11.7 million, representing a 95.6% growth."
  • Hemispheric (Q24) sales cited as key driver: "The fact that the Company’s main competitors cannot offer any comparable products shows MOBOTIX AG’s innovative strength and enables the company to occupy a unique position in this product segment over the medium term."
  • Projecting 30% overall growth for calendar H1 2011
  • Mobotix notes minimal new products: "The Company’s product lines have not changed significantly in comparison to June 30, 2010."

The two most important drivers look to be international expansion (nearly doubling outside of Europe) and growth of dome camera sales (up by almost 2/3rds).

While these results are good, part of this is certainly the rebound in the overall video surveillance market - companies ranging from Anixter, Axis and Vicon all reported similar post recession highs in sales.

On the positive side, revenue outside of Europe, while nearly doubling, is still relatively small (not even $20 Million USD). Mobotix likely has significant room to grow in these regions. Also, development in new hemispheric offerings is quite limited. A big factor is the lack of 3rd party support. However, this plays well into Mobotix's focus on selling integrated end to end solutions.

The lack of new product developments and the expansion into a strange niche (door stations) do raise questions.

That noted, with their H2 2010 sales at 34.6 Million Euros, total revenue for their fiscal year ending June 2011 should be over $100 Million USD - a notable milestone for a megapixel only company.

Valuation and Stock Performance

Mobotix's stock price has nearly doubled in the past year - from less than 30 Euros per share to over 50 Euros currently. The current market valuation is ~ 230 Million Euros (about $300 Million USD) - about 3x revenue - an above average valuation for the security industry. However, it still is far from the stratospheric valuations on the Chinese surveillance companies like Infinova who have valuations of 20x revenue. While Infinova has less revenue and a lower growth rate than Mobotix, Infinova's market valuation is more than 300% greater than Mobotix's.

1 report cite this report:

Mobotix's 2011 Challenges and Future Plans Examined on Mar 20, 2011
While Mobotix's growth continued and accelerated at the end of 2010, we...
Comments : Members only. Login. or Join.

Related Reports

Mobotix Thermal Detection Camera Tested on Jun 09, 2020
For years Mobotix has struggled but now sales are surging driven by Mobotix's...
Mobotix Thermal Body Temperature Detection Examined on Apr 07, 2020
Mobotix has jumped into the Coronavirus temperature detection market, but how...
Uniview Color Low Light Camera Tested Vs Hikvision ColorVu on Jan 07, 2020
Hikvision has been marketing ColorVu aggressively. Now, Hikvision domestic...
Mobotix 7 Line Camera Tested on Mar 12, 2020
Mobotix is attempting a turn-around, struggling for years, then releasing the...
Hikvision Returns To Growth Driven By Overseas Fever Cameras on Jul 29, 2020
While Hikvision's revenue fell in Q1 2020, it rebounded in Q2 attributed to...
Avigilon Announces 10K / 61MP H5 Pro Camera on Oct 05, 2020
Avigilon announced its 10K / 61MP H5 Pro camera at the 2020 IPVM Fall New...
The Booming Multi-Billion Coronavirus Fever Camera Market on Apr 21, 2020
The market for elevated body temperature detection cameras, aka 'coronavirus...
Top 2020 Trend - AI Analytics on Nov 22, 2019
170+ Integrators answered: What do you think will be the top industry...
Dahua Profits Surge Due To Fever Camera Sales on Aug 25, 2020
While Dahua's overall revenue is down, driven by challenges within China, the...
The Battle For the VSaaS Market 2020 - Avigilon, Arcules, Eagle Eye, OpenEye, Qumulex, Tyco, Verkada on Jan 13, 2020
While VSaaS suffered from inflated expectations in the 2010s, 2020 marks a...
Verkada 2020 Cameras Image Quality Test on Oct 06, 2020
Verkada's first-generation cameras suffered from numerous video quality...
Uniview H1 2020 Financials Examined on Sep 08, 2020
While Dahua and Hikvision, helped by fever camera sales, are recovering from...
The Future of Metalens For Video Surveillance Cameras - MIT / UMass / Immervision on Sep 25, 2020
Panoramic cameras using 'fisheye' lens have become commonplace in video...
Rhombus Cameras, VMS and Analytics Tested on Nov 06, 2019
Rhombus boasts they have created "the new standard in Enterprise,...
Costar Technologies / Arecont H1 2020 Financials Examined on Sep 16, 2020
Costar's financial results have been hit by the coronavirus with the company...

Recent Reports

GDPR Impact On Temperature / Fever Screening Explained on Oct 22, 2020
What impact does GDPR have on temperature screening? Do you risk a GDPR fine...
Security And Safety Things (S&ST) Tested on Oct 22, 2020
S&ST, a Bosch spinout, is spending tens of millions of dollars aiming to...
Nokia Fever Screening Claims To "Advance Fight Against COVID-19" on Oct 22, 2020
First IBM, then briefly Clorox, and now Nokia becomes the latest Fortune 500...
Deceptive Meridian Temperature Tablets Endanger Public Safety on Oct 21, 2020
IPVM's testing of and investigation into Meridian Kiosk's temperature...
Honeywell 30 Series and Vivotek NVRs Tested on Oct 21, 2020
The NDAA ban has driven many users to look for low-cost NVRs not made by...
Avigilon Aggressive Trade-In Program Takes Aim At Competitors on Oct 20, 2020
Avigilon has launched one of the most aggressive trade-in programs the video...
Mexico Video Surveillance Market Overview 2020 on Oct 20, 2020
Despite being neighbors, there are key differences between the U.S. and...
Dahua Revenue Grows But Profits Down, Cause Unclear on Oct 20, 2020
While Dahua's overall revenue was up more than 12% in Q3 2020, a significant...
Illegal Hikvision Fever Screening Touted In Australia, Government Investigating, Temperature References Deleted on Oct 20, 2020
The Australian government told IPVM that they are investigating a Hikvision...
Panasonic Presents i-PRO Cameras and Video Analytics on Oct 19, 2020
Panasonic i-PRO presented its X-Series cameras and AI video analytics at the...
Augmented Reality (AR) Cameras From Hikvision and Dahua Examined on Oct 19, 2020
Hikvision, Dahua, and other China companies are marketing augmented reality...
18 TB Video Surveillance Drives (WD and Seagate) on Oct 19, 2020
Both Seagate and Western Digital recently announced 18TB hard drives...
Watrix Gait Recognition Profile on Oct 16, 2020
Watrix is the world's only gait recognition surveillance provider IPVM has...
Intel Presents Edge-to-Cloud Ecosystem for Video Analytics on Oct 16, 2020
Intel presented its processors and software toolkit for computer vision at...