After a few quarters of growth, Vicon turned in a poor Q2 2011, resuming the significant revenue declines over the past few years. Q2 2011 Revenue was slightly less than $11 Million USD, down 16% year over year when revenue was a ~$13 Million USD. Worse, gross margins plummeted from 43% to 35% year over year.
The interesting question is what this means and why this is happening. Certainly, Vicon has struggled to maintain relavency and market power in an industry sharply shifting away from its historical core strengths of analog video. Indeed, Vicon's CEO admitted last year that the market was shifting faster to IP than they originally expected. To that end, Vicon has specific challenges of its own.
On the other hand, while this is the steepest revenue drop we have seen in the last year from any major surveillance provider, we suspect this also signals the beginning of overall economic / industry declines as recession likely reappears.
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