The developer of the industry-leading Dante® audio over IP networking solution recorded a 30% increase in revenue to $19.7 million, exceeding the prospectus forecast of $18.6 million.
Audinate’s FY2018 EBITDA of $600,000 exceeded prospectus forecast of a loss of $1.2 million, underpinned by a strong operating cash flow of $1 million.
Audinate, the provider of audio networking software used by British band Jamiroquai during its recent world tour and by Prince on his last, had raised $21 million from its initial public offering in 2017.
The company’s chief executive officer Lee Ellison said: “We are very pleased with the performance and execution of our growth strategy that delivered a set of results exceeding the prospectus forecasts we set for FY2018.
“During the past financial year, Audinate continued to increase the penetration of our Dante audio networking technology across the professional audio-visual market.
“New products revenues from our Dante Domain Manager software and Dante AVIO adapters also exceeded the prospectus forecast.”
Operational results exceed expectations
Dante enabled original equipment manufacturers (OEMs) products available for sale increased to 1,639 products as at 30 June 2018, up 39% from 1,182 as at 30 June 2017.
Sales of chips, modules and cards shipped in FY2018 was up 38% to about 248,000 units.
The group continues to grow the number of OEMs adopting Dante to 438 manufacturer brands as at 30 June 2018, up from 369 as at 30 June 2017.
Aiming to drive continued revenue growth
Audinate’s key priorities for FY2019 to underpin its growth are:
• Geographically expand the sales and support teams;
• Broaden the suite of core Dante products to accelerate penetration within OEMs;
• Invest in the development of the Dante video solution; and
• Continue the roll-out of Dante Domain Manager and Dante AVIO adapters.
Outlook for FY2019
Commenting on the outlook for FY19, Ellison said: “We are enthusiastic about Audinate’s continued strong growth prospects over the next twelve months.
“Ongoing growth in the core business will be augmented by contributions from the Dante AVIO adapters and Dante Domain Manager products launched during FY18.”