High-definition surveillance camera-maker Avigilon Corp. (TSX:AVO) posted second-quarter results August 8 that showed that the company's revenue growth is continuing at a brisk clip.
The Vancouver-based company increased revenue 61% to $39.2 million in the three months that ended June 30 compared with the same months in 2012. Quarterly profit surged 159% to $3.4 million, up from $1.3 million in the same quarter in 2012
Gross margins increased to 53% from 48% last year.
Avigilon has been on a steady growth curve since going public on November 8, 2011. The company raised $25 million with its IPO and now has a market cap of $701.7 million.
Avigilon CEO Alexander Fernandes said the strong revenue growth reflects the success of the company's growth strategies and the rapid rise in demand for high-definition surveillance systems.
"We continue to expand our sales and product development teams aggressively and invest in marketing to increase brand awareness – efforts we believe will allow us to maximize revenue growth and long-term profitability," he said.
In May, Avigilon bought RedCloud Security Inc., a Virginia-based company that makes a web-based security control system, for $17 million.
