Artificial Intelligence
ShotSpotter Reports Fourth Quarter and Full Year 2019 Financial Results
Company Achieves Third Consecutive Quarter of Profitability with Net Income of $1.3 Million and Adjusted EBITDA1 of $3.2 Million
NEWARK, Calif., Feb. 18, 2020 (GLOBE NEWSWIRE) — ShotSpotter, Inc. (NASDAQ: SSTI), the leader in acoustic gunshot detection and precision policing solutions that help law enforcement officials and security personnel prevent and reduce gun violence, today reported financial results for the fourth quarter and full year ended December 31, 2019.Fourth Quarter 2019 Financial and Operational HighlightsRevenues increased 12% to $10.9 million, up from $9.7 million for the fourth quarter of 2018.Gross profit margin increased by 400 basis points to 62% from 58% for the fourth quarter of 2018.Net income totaled $1.3 million, an improvement from net income of $302,000 for the fourth quarter of 2018.Adjusted EBITDA1 increased to $3.2 million as compared to $2.1 million for the fourth quarter of 2018.Added 34 net new “go-live” square miles of coverage during the quarter with zero attrition. Strong balance sheet with $24.6 million in cash and cash equivalents at the end of the quarter.Company reaffirms 2020 revenue guidance of $48 million to $50 million and expects to remain GAAP profitable on an annual basis.Full Year 2019 Financial and Operational HighlightsRevenues increased 17% to $40.8 million, up from $34.8 million in 2018.Gross profit margin increased by 500 basis points to 60% from 55% for 2018.Achieved first full year of profitability with net income of $1.8 million, an improvement from a net loss of $2.7 million for 2018.Adjusted EBITDA1 increased to $9.4 million as compared to $3.6 million for 2018.Added 82 net new “go-live” square miles of coverage, bringing the total live square miles at December 31, 2019 to 730.Repurchased 257,824 shares of stock for approximately $6.7 million under stock buyback program.1 See the section below titled “Non-GAAP Financial Measures” for more information about adjusted EBITDA, and its reconciliation to GAAP net income (loss).Management Commentary“The fourth quarter marked a strong finish to a year in which we proved the resilience of our business and saw the leverage of our operating model begin to enter its full stride,” said Ralph Clark, CEO of ShotSpotter. “While the double-digit revenue growth we recognized in the fourth quarter is modest by our standards, we achieved even larger percentage increases in net income and adjusted EBITDA compared to the fourth quarter of 2018. The increase in topline revenues coupled with improvements in profitability was not just a theme for the quarter, but for the full year 2019 as well.“During the fourth quarter, we added 34 net new live miles, 16 of which were in three new cities in Puerto Rico. We also added Dayton, OH, as a new city and experienced zero customer attrition. These operational achievements were integral to the 82 net new live miles we added in 2019. During the year, we also made strategic investments to improve our customer success and go-to-market capabilities, which we believe have enhanced our ability to capitalize on new opportunities.“Thanks to the grit of the ShotSpotter team and our mission-fueled execution, we stayed on point and entered 2020 with significant momentum. We started the year with approximately $43 million in annual recurring revenue and expect to grow topline GAAP revenues by approximately 20% in 2020 compared to 2019, while continuing to generate net income on an annual basis. Our mission remains unchanged, and we look forward to expanding our impact to help improve the efficacy of law enforcement globally in the fight to reduce gun violence.”Fourth Quarter 2019 Financial ResultsRevenues for the fourth quarter of 2019 increased 12% to $10.9 million from $9.7 million for the same period in 2018. The increase in revenues was due to growth in the number of miles covered, which was driven by expanded deployments with current customers as well as the addition of new customers.Gross profit for the fourth quarter of 2019 increased 21% to $6.8 million (62% of revenues) from $5.6 million (58% of revenues) for the same period in 2018. The increases in both gross profit and gross margin were primarily a result of greater revenues spread across semi-fixed costs.Total operating expenses for the fourth quarter of 2019 increased 8% to $5.6 million from $5.1 million for the same period in 2018. The increase in operating expenses was primarily due to on-going investments in sales and marketing, customer success, and infrastructure staffing, as well as an increase in insurance costs.Net income totaled $1.3 million or $0.12 per share basic and $0.11 per share diluted (based on 11.4 million basic and 11.8 million diluted weighted average shares outstanding), an improvement from net income of $302,000 or $0.03 per share (based on 10.8 million basic and 10.7 million diluted weighted average shares outstanding) for the same period in 2018. Adjusted EBITDA for the fourth quarter of 2019 totaled $3.2 million, up from $2.1 million for the same period in 2018.Full Year 2019 Financial ResultsRevenues in 2019 increased 17% to $40.8 million from $34.8 million in 2018.Gross profit in 2019 increased 27% to $24.3 million (60% of revenues) from $19.2 million (55% of revenues) in 2018. The increases in both gross profit and gross margin were primarily a result of greater revenues spread across semi-fixed costs.Total operating expenses in 2019 increased 4% to $22.7 million from $21.8 million in 2018. The increase in operating expenses was primarily due to an increase in operating costs across all of the expense categories including on-going investments in sales and marketing, customer success, research and development, and infrastructure staffing, as well as an increase in insurance costs.Net income totaled $1.8 million or $0.16 per share basic and $0.15 per share diluted (based on 11.3 million basic and 11.8 million diluted weighted average shares outstanding), an improvement from net loss of $2.7 million or $(0.26) per share (based on 10.6 million basic and diluted weighted average shares outstanding) in 2018. Adjusted EBITDA for 2019 totaled $9.4 million compared to adjusted EBITDA of $3.6 million in 2018.2020 Financial OutlookThe company is reaffirming its financial guidance for the full year of 2020. The company currently expects revenues of $48 million to $50 million. Management also expects to remain GAAP profitable on an annual basis.The company’s financial outlook statements are based on current expectations. The preceding statements are forward-looking, and actual results could differ materially depending on market conditions and the factors set forth under “Safe Harbor Statement” below. Conference CallShotSpotter will hold a conference call today (February 18, 2020) at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) to discuss these results and 2020 outlook, and provide an update on business conditions.ShotSpotter management will host the presentation, followed by a question and answer period.Date: Tuesday, February 18, 2020
Time: 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time)
U.S. dial-in: 1-877-451-6152
International dial-in: 1-201-389-0879
Conference ID: 13698284The conference call will be broadcast simultaneously and available for replay via the investor section of the company’s website at www.shotspotter.com.Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact ShotSpotter’s investor relations team at 1-949-574-3860.A replay of the call will be available after 7:30 p.m. Eastern Time on the same day through March 18, 2020.U.S. replay dial-in: 1-844-512-2921
International replay dial-in: 1-412-317-6671
Replay ID: 13698284
Non-GAAP Financial MeasuresAdjusted EBITDA: ShotSpotter discloses the following non-GAAP financial measure in this release and the earnings call referencing this press release: Adjusted EBITDA, which represents the company’s net income or loss before interest (income) expense, income taxes, depreciation and amortization and stock-based compensation expense. Adjusted EBITDA is a measure used by management internally to understand and evaluate the company’s core operating performance and trends across accounting periods and in connection with developing future operating plans, making strategic decisions regarding the allocation of capital and considering initiatives focused on cultivating new markets for our solutions. In particular, the exclusion of these expenses in calculating adjusted EBITDA facilitates comparisons of the company’s operating performance on a period-to-period basis.ShotSpotter believes adjusted EBITDA also provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. For example, ShotSpotter adjusts EBITDA for stock-based compensation expense because that expense often varies for reasons that are generally unrelated to financial and operational performance in any particular period. Stock-based compensation is utilized by ShotSpotter to attract and retain employees with a goal of long-term retention and the alignment of employee interests with those of the Company and its stockholders, rather than to address operational performance for any particular period. Adjusted EBITDA is not a measure calculated in accordance with GAAP. Accordingly, use of adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of ShotSpotter’s financial results as reported under GAAP. Some of these limitations are: (1) adjusted EBITDA does not reflect the potentially dilutive impact of equity-based compensation; and (2) other companies, including companies in our industry, may calculate adjusted EBITDA or similarly titled measures differently, which reduces the usefulness of the metric as a comparative measure. Because of these and other limitations, you should consider adjusted EBITDA alongside our GAAP-based financial performance measures, in particular net income or loss, and our other GAAP financial results.The following table presents a reconciliation of adjusted EBITDA to net income or loss, the most directly comparable GAAP measure, for each of the periods indicated:Safe Harbor StatementThis press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements regarding the company’s business plans, international expansion, expectations regarding future sales and expenses, our ability to act opportunistically on strategic M&A opportunities and expand our SaaS platform into adjacent growth markets, our ability to capitalize on market opportunities, the ability to achieve near and long-term growth and profitability objectives, and revenue, operating expense and GAAP profitability guidance for full year 2020. Words such as “expect,” “anticipate,” “should,” “believe,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “could,” “intend,” variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the company’s control. The company’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: the company’s ability to successfully negotiate and execute contracts with new and existing customers in a timely manner, if at all, the company’s ability to maintain and increase sales; the availability of funding for the company’s customers to purchase the company’s solutions; the complexity, expense and time associated with contracting with government entities; the company’s ability to maintain and expand coverage of existing public safety customer accounts and further penetrate the public safety market; the company’s ability to sell its solutions into international and other new markets; the lengthy sales cycle for the company’s solutions; changes in federal funding available to support local law enforcement; the company’s ability to deploy and deliver its solutions; and the company’s ability to maintain and enhance its brand, as well as other risk factors included in the company’s most recent annual report on Form 10-K and other SEC filings. These forward-looking statements are made as of the date of this press release and are based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Except as required by law, the company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.About ShotSpotter, Inc.ShotSpotter (NASDAQ: SSTI) provides acoustic gunshot detection and precision-policing solutions to help law enforcement officials and security personnel prevent and reduce gun violence and make cities, campuses and facilities safer. The company’s flagship product, ShotSpotter® Flex™, is the leading gunshot detection, location and forensic system trusted by over 100 cities. ShotSpotter® Missions™ uses artificial intelligence-driven analysis to help strategically plan patrol missions and tactics for maximum crime deterrence. ShotSpotter has been designated a Great Place to Work® Company.Company Contact:Alan Stewart, CFO
ShotSpotter, Inc.
+1 (510) 794-3100
[email protected]Investor Relations Contacts:Matt Glover
Gateway Investor Relations
+1 (949) 574-3860
[email protected]JoAnn Horne
Market Street Partners
+1 (415) 445-3240
[email protected]
ShotSpotter, Inc.
Condensed Consolidated Statements of Operations
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ShotSpotter, Inc.
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(In thousands)
Artificial Intelligence
Digital Healthcare Market Size to reach $836.10 billion by 2031, growing at a CAGR of 21%, says Coherent Market Insights
BURLINGAME, Calif., July 4, 2024 /PRNewswire/ — The global Digital Healthcare Market, valued at $220.10 billion in 2024, is on a trajectory of rapid expansion, with projections indicating it will soar to $836.10 billion by 2031, growing at a compound annual growth rate (CAGR) of 21% from 2024 to 2031, as per a recent report by Coherent Market Insights. Various healthcare organizations have started implementing telehealth solutions to provide care to patients from remote locations and reduce disease exposure in clinical settings. Telehealth is enabling virtual doctor consultations, remote monitoring of chronic conditions, and digital communication between healthcare providers and patients. The convenience of accessing healthcare services digitally without visiting clinics physically is driving more patients and providers to adopt telehealth. This increased adoption of telehealth is expected to propel the growth of the overall digital healthcare market in the coming years.
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Market Dynamics:
The growth of digital healthcare market is driven by increasing adoption of telehealth and telemedicine. Telehealth allows remote consultation for the healthcare providers and patients which increases the convenience of treatment. During COVID-19 pandemic, telehealth witnessed exponential growth as it addressed the challenge of physical distancing. Moreover, growing usage of smartphones and tablets has fueled the demand for various healthcare apps for self-diagnosis and monitoring of chronic conditions. These apps provide healthcare services at affordable costs compared to regular hospital visits.
Digital Healthcare Market Report Coverage
Report Coverage
Details
Market Revenue in 2024
$220.10 billion
Estimated Value by 2031
$836.10 billion
Growth Rate
Poised to grow at a CAGR of 21%
Historical Data
2019–2023
Forecast Period
2024–2031
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Technology, By Component, By End User
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Growth Drivers
Aging Population and Need for Remote Patient Monitoring Launch of new products
Restraints & Challenges
Data security and privacy concern Lack of digital infrastructure in developing regions
Market Trends:
Growing Trend of Remote Patient Monitoring: Remote patient monitoring allows continuous tracking of vital signs outside of conventional clinical settings which improves patient engagement. It ensures safety of high risk patients such as ones with chronic illnesses by alerting healthcare providers in case of any emergencies.
Growing Trend of Digital Therapeutics: Digital therapeutics deliver evidence-based therapeutic interventions to patients that are driven by high quality software programs to prevent, manage, or treat a medical disorder or disease. They are used to effectively treat various medical conditions such as diabetes, insomnia, chronic pain etc. with minimal physical interaction.
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Market Opportunities:
Healthcare analytics segment accounts for more than 30% share of the overall digital healthcare market. Healthcare analytics solutions help in population health management, clinical variability reduction, financial performance and many other applications. It provides actionable insights from large amounts of medical data for better clinical and financial outcomes.
mHealth segment is growing rapidly, driven by increasing penetration of smartphones and tablets. mHealth apps and solutions enable remote monitoring of patients, medical personnel connectivity, delivery of healthcare services and information. They improve access and convenience of care while reducing costs.
Key Market Takeaways:
The global digital healthcare market is anticipated to witness a CAGR of 21% during the forecast period 2024-2031, owing to growing investments and initiatives in digital transformation of healthcare systems.
On the basis of technology, healthcare analytics segment is expected to hold a dominant position, accounting for over 30% market share due to improved quality of care and medical outcomes with data-driven insights.
By component, software segment dominates with around 60% share owing to various healthcare IT solutions for electronic health records, revenue cycle management, practice management and others.
Regionally, North America is expected to hold a dominant position over the forecast period, with over 35% share of the global market due to advanced digital healthcare infrastructure and favorable government policies in the region.
Key players operating in the digital healthcare market include Telefonica S.S., Epic Systems Corporation, AT&T, AirStrip Technologies, Google, Inc., Hims & Hers Health Inc., Orange, Softserve, Computer Programs and Systems, Inc., Vocera Communication, IBM Corporation, CISCO System, Inc. Apple Inc., Oracle Cerner Veradigm, and Mckesson Corporation among others. Strategic partnerships for product development and geographical expansion are leveraged by these players.
Recent Developments:
In January 2024, Eli Lilly and Company, introduced LillyDirect, a novel digital healthcare solution for patients in the U.S. dealing with obesity, migraine, and diabetes.
In March 2023, BlueRock Therapeutics LP, announced a partnership with Emerald innovations and Rune Labs, health analytics company focusing on leveraging contract less and invisible wearable digital health technology, to enhance monitoring for Parkinson;s disease.
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Detailed Segmentation-
By Technology:
Healthcare AnalyticsmHealthTele-healthOthersBy Component:
SoftwareHardwareServicesBy End User:
Hospital & ClinicsPatientsProvidersPayersOthersBy Region:
North America:
U.S.CanadaLatin America:
BrazilArgentinaMexicoRest of Latin AmericaEurope:
GermanyU.K.SpainFranceItalyRussiaRest of EuropeAsia Pacific:
ChinaIndiaJapanAustraliaSouth KoreaASEANRest of Asia PacificMiddle East:
GCC CountriesIsraelRest of Middle EastAfrica:
South AfricaNorth AfricaCentral AfricaBrowse More Trending Reports:
Global Telehealth Services Market: The global telehealth services market was valued at US$ 12.47 Bn in 2023 and is expected to reach US$ 26.64 Bn by 2031, growing at a compound annual growth rate (CAGR) of 10.2% from 2024 to 2031.
Healthcare API Market: The healthcare API market is estimated to be valued at USD 228.3 Mn in 2024 and is expected to reach USD 345.5 Mn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.1% from 2024 to 2031.
Global Well Being Platform Market: The global well being platform market size is expected to reach US$ 87.38 Bn by 2030, from US$ 62.93 Bn in 2023, exhibiting a compound annual growth rate (CAGR) of 4.8% during the forecast period.
Healthcare Consulting Services Market: The global healthcare consulting services market is estimated to be valued at USD 30.53 Bn in 2024 and is expected to reach USD 57.49 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 9.5% from 2024 to 2031.
About Us:
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
Contact Us:Mr. ShahSenior Client Partner – Business DevelopmentCoherent Market InsightsPhone: US: +1-206-701-6702UK: +44-020-8133-4027Japan: +81-050-5539-1737India: +91-848-285-0837Email: [email protected] Website: https://www.coherentmarketinsights.comFollow Us: LinkedIn | Twitter
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LINKÖPING, Sweden, July 4, 2024 /PRNewswire/ — Medical imaging IT and cybersecurity company Sectra (STO: SECT B) is publishing its Annual Report and Sustainability Report for the 2023/2024 fiscal year today. This report also includes the Corporate Governance Report for the same period.
The documents are attached to this press release and are also available on Sectra’s website, investor.sectra.com.
A summary of the financial year is also available on the website. The 2023/2024 financial year in brief summarizes the value we create for various stakeholders, highlights from our operations, and a selection of financial performance measures.
This information constitutes information that Sectra AB (publ) is obliged to make public pursuant to the Swedish Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out below, at 10:45 a.m. (CEST) on July 4, 2024.
About SectraSectra contributes to a healthier and safer society by assisting health systems throughout the world to enhance the efficiency of care, and authorities and defense forces in Europe to protect society’s most sensitive information. The company, founded in 1978, is headquartered in Linköping, Sweden, with direct sales in 19 countries, and distribution partners worldwide. Sales in the 2023/2024 fiscal year totaled SEK 2,964 million. The Sectra share is quoted on the Nasdaq Stockholm exchange. For more information, visit Sectra’s website.
For further information, please contact:Dr. Torbjörn Kronander, President and CEO, Sectra AB, +46 (0) 705 23 52 27
This information was brought to you by Cision http://news.cision.com.
https://news.cision.com/sectra/r/sectra-publishes-annual-report-and-sustainability-report-for-2023-2024,c4009524
The following files are available for download:
https://mb.cision.com/Main/1263/4009524/2900457.pdf
Sectra Annual Report and Sustainability Report 2023/2024
https://mb.cision.com/Main/1263/4009524/2901565.zip
sectra-2024-04-30-sv.zip
https://news.cision.com/sectra/i/sectra-s-annual-report-and-sustainability-report-2023-2024,c3316505
Sectra’s Annual Report and Sustainability Report 2023/2024
https://news.cision.com/sectra/i/sectra-s-annual-report-and-sustainability-report-2023-2024,c3317128
Sectra’s Annual Report and Sustainability Report 2023/2024
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Artificial Intelligence
Delvitech and Eurotech: a partnership to take quality control to the next level
From Mathematical Models to AI-driven Automated Optical Inspection
AMARO, Italy, July 4, 2024 /PRNewswire/ — Delvitech, a leader in 3D automated optical inspection for assembled printed circuit boards leveraging artificial intelligence, has joined forces with Eurotech, a global innovator in ultra-high-performance Edge AI Computers, to revolutionize quality control technology.
Delvitech’s patented integrated optical inspection technology, designed to collect comprehensive data to drive neural networks in optical inspection, gains crucial support from Eurotech’s hardware. This collaboration boosts the efficiency of assembling printed circuit boards, greatly increasing assembly machine uptime and significantly reducing waste and rework.
Employing the patented optical head, Delvitech captures detailed images that are processed through its software, adept at detecting assembly and welding errors in the electronics manufacturing process. Eurotech’s hardware complements this system by offering the speed and computational accuracy necessary to handle the massive influx of data required for the algorithms to produce desired outcomes.
This integrated 3D solution is highly competitive and flexible, allowing customization to meet specific customer needs. As board electronics become increasingly complex, Delvitech’s technology surpasses traditional mathematical models by analyzing a variety of components, such as metal parts, transparent glues, and silicone elements.
Moreover, this collaboration enables Delvitech and Eurotech to offer a solution that not only identifies errors but also drives AI models to detect deviations and trends, proactively preventing future errors and enhancing process quality.
“In an environment where quality control demands are continuously growing, it is crucial to develop optical inspection systems with optimal performance and partner with providers of state-of-the-art solutions. Eurotech offers highly reliable solutions, extensively tested to meet our high-performance requirements,” said Roberto Gatti, CEO of Delvitech.
Paul Chawla, CEO of Eurotech, added, “Our collaboration with Delvitech showcases the power of our Edge AI solutions. We empower our partners to deliver efficient, cost-effective, and scalable solutions where accuracy and speed are critical.”
Currently focusing on optical control of boards and soon semiconductors, the partnership aspires to expand into other sectors, including medical and food, with a strong emphasis on cybersecurity and sustainability.
As Delvitech and Eurotech continue to innovate, they bring unique strengths to the table. Delvitech commits to “less errors, less waste, less CO2, more future,” while Eurotech focuses on “more security, more resilience, more efficiency,” ensuring effective asset management and rapid scalability. These commitments reflect common shared goals of exceeding market and customer expectations today and in the future.
About Eurotech
Eurotech (ETH.IM) is a multinational company that designs, develops, and supplies Edge Computers and Internet of Things (IoT) solutions – complete with services, software and hardware – to system integrators and enterprises. By adopting Eurotech solutions, customers have access to IoT building blocks and software platforms, to Edge Gateways to enable asset monitoring, and to High Performance Edge Computers (HPEC) created for Artificial Intelligence (AI) applications. To offer increasingly comprehensive solutions,
Eurotech has partnered with leading companies in their field of action, with the view of creating “best in class” solutions for the Industrial Internet of Things.
Learn more
Contacts
Corporate Communication Federica Maion Tel. +39 0433 485411 [email protected]
About Delvitech
Delvitech is a Swiss based leading provider of AI-based automatic optical inspection (AOI) solutions aimed at revolutionizing the printed circuit board (PCB) assembly and electronics manufacturing landscape. With a focus on innovation and quality, Delvitech is capable of elevating both cost and process efficiencies, ensuring scalability and inspection repeatability on all production lines. It aspires to make the PCB production process swifter, more reliable, and highly scalable by not only detecting errors, but inspecting the whole production process. Delvitech solution is not just about minimizing errors; it is a commitment to reducing waste, cutting down CO2 emissions, and pioneering the path as the first sustainable AOI solution.
Contacts
Marketing DepartmentFederica RiosaTel. +41 916 460 [email protected]
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