Mobotix's Q2 2011 Strong Results Examined

By: John Honovich, Published on Aug 25, 2011

In this note, we we examine the detailed financial performance of megapixel camera manufacturer Mobotix for the Q2 2011 calendar quarter including revenue, revenue growth, gross margins, net margins and breakdowns by product categroy and region. 

Financial performance remains quite strong with no signs of impact from the slowing global economy. 

Key metrics summarized from the 2011 fiscal year summary report:

  • 33.7% revenue growth for calendar Q2 2011 year over year
  • Total revenue for past 12 months is 73 Million Euros (approximately $105 Million USD)
  • 73% gross margins - an extremely high number relatively to its peers (average 52% to 62%)
  • 18% net margins - a quite high number number (average 10-14%)
  • 52.7% increase in dome sales vs 22.3% increas in fixed cameras (dome total revenue at 36.9 million euros vs 32.7 million euros for box cameras)
  • 63.3% revenue growth outside of Europe (including 42.7% in the US) versus ~22% revenue growth inside of Europe; European growth is solid but international expansion was key to overall growth. 
  • No specific guidance was provided on the T24 door station sales though it is part of the faster growing dome category segment
  • Mobotix wants to be the technology leader in the door station segment in the short term; entirely possible given that no other major supplier is targeting their efforts in this niche
  • Forecasting 30-35% revenue growth for the next 12 months. This is a very bullish projection especially given overall macroeconomic concerns.
  • Mobotix reiterated its contrarian approach to the industry norm of open standards: "MOBOTIX is differentiating itself from its competitors by acting as a onestop shop for complete projects while at the same time putting pressure on pure-play software providers by offering its own control center software free of charge"

Over the past year, Mobotix's stock price has doubled from ~30 Euros to 60. Market capitalization is now ~$400 Million USD or roughly 4x sales - a strong level compared to the 1x to 2x company in the surveillance industry.

Earlier this year, we noted a number of potential problems for Mobotix. Clearly, those problems created no material issues in the past quarter. We do remain cautious about future growth especially since new product releases continue to be minimal.

1 report cite this report:

Winners and Losers Fall 2011 on Sep 25, 2011
Now that the dust has settled from the new announcements of the last month, we can better understand the impact on the overall video surveillance...
Comments : Members only. Login. or Join.

Related Reports

Vivint Valuation Falls $1.5 Billion on Dec 19, 2019
Residential market struggles continue. Now, Vivint's valuation has fallen $1.5 billion in its impending merger. Inside this note, we examine...
"Stress in the Residential Market" - Major Lender Exits on Nov 06, 2019
The residential security / 'alarm' market is getting worse, at least for traditional players. Now, one of the biggest lenders in the industry has...
NetPosa Revenue Plunges 90% on Nov 04, 2019
Revenue for China's long-time largest VMS provider NetPosa plunged 90% in the latest quarter, adding to the firm's serious financial...
Resideo Stock Plunges 37%, CFO Ousted on Oct 23, 2019
The horrible year for the ADI / Honeywell Home spinout, Resideo, just got worse, with their stock plunging another 37% today. Not even a year...
Knightscope Sells Just 1 Net New Robot In 6 Months on Oct 04, 2019
For the first half of 2019, US government records show that Knightscope has sold just 1 net new robots ('machines-in-network'), inching up from 52...
Genetec Beats Milestone For IHS #1 on Jun 21, 2019
For years, Milestone has touted that they are the #1 VMS. Now, Genetec has beaten them in IHS rankings. But what is this? Even other manufacturers...
OpenALPR Doubles Prices on Jun 06, 2019
There is no 'race to the bottom' in cloud / AI video surveillance. In May, Verkada increased their prices. Now, OpenALPR is doing the same with a...
Knightscope Adds Just 2 Total Customers In Past Year, Yet Raising Money at $300 Million Valuation on May 02, 2019
This is no longer funny. While Knightscope has laughed it up promoting robot selfies, joking about a 'suicidal robot', the man who attacked a...
Verkada Gets Half Billion Dollar Valuation on Apr 26, 2019
Last week, when we profiled Verkada (The Fastest Growing Video Surveillance Sales Organization Ever - Verkada), we predicted they would raise $40...
Brinks Home Security / ASCMA Risks Bankruptcy on Apr 08, 2019
ASCMA, aka MONI, aka Brinks Home Security has issued a warning in their most recent financials that they risk bankruptcy. In this note, based on...

Most Recent Industry Reports

IPVM's 12th Anniversary - Thank You! on Apr 07, 2020
IPVM is proud to celebrate it's 12 anniversary expanding our commitment to providing the industry independent and objective information on video...
Mobotix Thermal Body Temperature Detection Examined on Apr 07, 2020
Mobotix has jumped into the Coronavirus temperature detection market, but how do they compare to thermal incumbents like FLIR or ICI who have been...
Verkada Coronavirus Response: Free Temp Systems For Government and Health Care on Apr 07, 2020
Verkada has built a reputation on giving away things for free - free Yeti Tumblers, free trial cameras and now free temporary systems for...
Hikvision USA Refuses, Dahua USA Drives Forward With "Coronavirus Cameras" on Apr 07, 2020
Both have been federally banned, both sanctioned for human rights abuses but only one - Dahua - is taking aim at the booming "coronavirus cameras"...
China Surveillance Vulnerabilities Being Used To Attack China, Says China on Apr 07, 2020
While China video surveillance vulnerabilities have been much debated in the West in the past few years, China is now saying those vulnerabilities...
USA ICI Elevated Skin Temperature Detectors Examined on Apr 06, 2020
Infrared Cameras, Inc. (ICI) is aiming to help slow the spread of COVID-19 with "pinpoint accurate skin temperature measurement" using their...
Trade Groups Request NDAA Blacklist Delay Citing Coronavirus on Apr 06, 2020
Two trade groups representing government contractors have asked Congress to delay implementation of the NDAA's 'blacklist' clause from this August...
Coronavirus Hits Manufacturers, Standing Now, Worse To Come on Apr 06, 2020
Coronavirus is hitting security manufacturers, though overall modestly for now, with worse expected to come, new IPVM survey results...
FLIR New Coronavirus Prioritized Temperature Screening Camera Examined on Apr 03, 2020
FLIR has announced a new series of thermal cameras "prioritized for entities working to mitigate the spread of COVID-19 virus", the A400/A700...
ADI Branch Burglary on Apr 03, 2020
A security systems distributor branch is an odd target for burglary but that happened this week at ADI's Memphis location. Vehicle Smash &...