This time last year we reported that Vancouver’s Avigilon Corporation was celebrating its IPO first anniversary up 115%.
Yesterday on the two year anniversary of going public Avigilon showed no signs of slowing down and close at over $20 per share—a 300% in just two years. The day Avigilon opened on the TSX it closed at $4.50 per share.
Today the market digested Avigilon’s Q3 2013 earnings upate and shares are up another 24% and trading above $24.
The high-definition surveillance company announced its Q3 2013 highlights yesterday. Their year-to-date highlights included revenue of $122.1 million in the first nine months of 2013—an increase of 81% from $67.6 million in the same period last year. Avigilon also posted a gross margin of 53%, up from 51% in the prior year.
Net income rose to $8.6 million, a 298% increase from net income of $2.2 million in Q3 2012 with adjusted Earnings Per Share of $0.23, compared with $0.08 in Q3 2012.
Last year, Avigilon was listed as the fastest growing software company in North America on Deloitte’s ranking of 500 of the fastest growing technology companies in North America.
Add to that the fact that the high-definition surveillance market is projected to generate $20.5 billion in sales by 2015, Avigilon is one to watch.