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RADCOM Achieves 20% Year-over-Year Revenue Growth and Reaches a Record $90.2 Million Cash Level

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Appointed Mr. Benny Eppstein as its new Chief Executive Officer, Effective December 1st, 2024

TEL AVIV, Israel, Nov. 13, 2024 /PRNewswire/ — RADCOM Ltd. (NASDAQ: RDCM) announced today its financial results for the third quarter ended September 30, 2024.

Third-quarter 2024 highlights:

Revenue for the third quarter was $15.8 million, up 20% year-over-year, a new company recordGAAP net income was $2.3 million, or $0.14 diluted EPS, compared to a net loss of $0.3 million or $0.02 diluted EPS for the third quarter of 2023.Non-GAAP net income was $3.7 million, or $0.23 diluted EPS, compared to $2.4 million, or $0.15 diluted EPS, for the third quarter of 2023.$4 million positive cash flow, ending the quarter with $90.2 million of cash, cash equivalents, and short-term bank deposits, the company’s highest-ever cash level.

First nine-month of 2024 highlights:

Revenue for the period was $44.8 million, up 19% year-over-yearGAAP net income was $4.7 million, or $0.29 diluted EPS, compared to a net income of $1.1 million or $0.07 diluted EPS for the first nine months of 2023.Non-GAAP net income was $9.7 million, or $0.61 diluted EPS, compared to $6.3 million, or $0.4 diluted EPS, for the first nine months of 2023.

Hilik Itman, RADCOM’s Interim Chief Executive Officer, stated, “We have made significant progress in expanding our business and are confident in our ability to continue profitable growth and increase market share by leveraging our healthy sales pipeline. We believe our best-in-class 5G assurance platform, combined with integrated artificial intelligence (AI) capabilities, positions us well to meet evolving customer needs and requirements in the 5G market.”

“Following our successful acquisition of Continual in May 2023, we secured a seven-figure, multi-year contract this quarter with a North American operator for our advanced mobility experience analytics. The acquisition of Continual has been beneficial, expanding our innovative service assurance solutions and their value to our current and new customers.

“We achieved record quarterly revenues of $15.8 million, and I am grateful to the RADCOM team for their unwavering dedication and exceptional execution as we drive the company to new heights. With the appointment of our new CEO, Mr. Eppstein, I look forward to partnering with him to accelerate revenue growth, enhance profitability, and increase shareholder value. I will return to my previous role as Chief Operating Officer and focus on driving future product innovations to fuel the company’s growth and ensure customer satisfaction.

“We remain confident in achieving a fifth consecutive year of revenue growth and increased profitability. This confidence enables us to raise our 2024 revenue guidance to $59 to $62 million (from $58 to $61 million).”

Earnings conference call and webcast

RADCOM’s management will hold an interactive conference call on the same day at 8:00 AM Eastern Time (3:00 PM Israel Standard Time) to discuss the results and answer participants’ questions.

Live webcast: A live webcast of the presentation will be available at https://veidan.activetrail.biz/radcomq3-2024. The webcast will be archived for 90 days following the live presentation.Joining the interactive call: Please dial in approximately five minutes before the call is scheduled to begin:From the US (toll-free): +1-866-652-8972 or +1-800-994-4498From other locations: +972-3-918-0644

A conference call replay will be available a few hours after the call on RADCOM’s investor relations webpage at https://radcom.com/investor-relations.

For all investor inquiries, please contact:

Investor Relations:
Miri Segal
MS-IR LLC
917-607-8654
msegal@ms-ir.com

Company Contact:
Hadar Rahav
CFO
+972-77-7745062
hadar.rahav@radcom.com     

 

About RADCOM
RADCOM (NASDAQ: RDCM) is the leading expert in 5G-ready cloud-native, network intelligence solutions for telecom operators transitioning to 5G. RADCOM Network Intelligence consists of RADCOM Network Visibility, RADCOM Service Assurance, and RADCOM Network Insights. The RADCOM Network Intelligence suite offers intelligent, container-based, on-demand solutions to deliver network analysis from the RAN to the core for 5G assurance. Utilizing automated and dynamic solutions with smart minimal data collection and on-demand troubleshooting, and cutting-edge techniques based on machine learning, these solutions work in harmony to provide operators with an understanding of the entire customer experience and allow them to troubleshoot network performance from a high to granular level while reducing storage costs and cloud resource utilization. For more information on how to RADCOMize your network today, please visit www.radcom.com, the content of which does not form a part of this press release.

Non-GAAP Information
Certain non-GAAP financial measures are included in this press release. These non-GAAP financial measures are provided to enhance the reader’s overall understanding of the Company’s financial performance. By excluding non-cash stock-based compensation that has been expensed in accordance with ASC Topic 718, financial income (expenses), acquisition-related expenses, and amortization of intangible assets related to acquisitions,  the Company’s non-GAAP results provide information to both management and investors that is useful in assessing the Company’s core operating performance and in evaluating and comparing the Company’s results of operations on a consistent basis from period to period. These non-GAAP financial measures are also used by management to evaluate financial results and to plan and forecast future periods. The presentation of this additional information is not meant to be considered a substitute for the corresponding financial measures prepared in accordance with GAAP.

Risks Regarding Forward-Looking Statements
Certain statements made herein that use words such as “estimate,” “project,” “intend,” “expect,” “‘believe,” “may,” “might,” ” potential,” “anticipate,” “plan” or similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. For example, when the Company discusses its full-year 2024 revenue guidance, positioning the Company to meet evolving customer needs and requirements in the 5G market, future benefits from the acquisition of Continual, expanding the Company’s offering and the value to the Company’s installed and new customers and propelling the  Company to new heights, it is using forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties that could cause the actual results, performance, or achievements of the Company to be materially different from those that may be expressed or implied by such statements, including, among others, changes in general economic and business conditions and specifically, decline in demand for the Company’s products, inability to timely develop and introduce new technologies, products, and applications, loss of market share and pressure on prices resulting from competition and the effects of the war in Israel. For additional information regarding these and other risks and uncertainties associated with the Company’s business, reference is made to the Company’s reports filed from time to time with the U.S. Securities and Exchange Commission. The Company does not undertake to revise or update any forward-looking statements for any reason.

 

RADCOM Ltd.

Consolidated Statements of Operations

Unaudited

(thousands of U.S. dollars, except share and per share data)

Three months ended
September 30,

Nine months ended
September 30,

2024

2023

2024

2023

Revenues

$               15,821

$               13,195

$        44,745

$        37,590

Cost of revenues

4,064

3,510

11,609

10,338

Gross profit

11,757

9,685

33,136

27,252

Research and development, gross

4,696

5,527

13,910

15,248

Less – royalty-bearing
participation

182

104

571

546

Research and development, net

4,514

5,423

13,339

14,702

Sales and marketing

4,552

4,208

13,162

10,872

General and administrative

1,484

1,317

4,858

3,761

Total operating expenses

10,550

10,948

31,359

29,335

Operating income (loss)

1,207

(1,263)

1,777

(2,083)

Financial income, net

1,076

1,023

3,035

3,309

Income (loss) before taxes on
income

2,283

(240)

4,812

1,226

Taxes on income

(32)

(41)

(92)

(105)

Net income (loss)

$              2,251

$              (281)

$           4,720

$           1,121

Basic net income (loss) per
     ordinary share

$               0.14

$               (0.02)

$             0.30

$             0.07

Diluted net income (loss) per
     ordinary share

$               0.14

$               (0.02)

$             0.29

$             0.07

 

Weighted average number of
 ordinary shares used in
computing basic net income (loss)
per ordinary share

15,748,498

15,143,221

15,595,365

15,033,508

Weighted average number of
 ordinary shares used in
computing diluted net income
(loss) per ordinary share

16,159,110

15,143,221

16,002,167

15,691,545

 

RADCOM LTD.

Reconciliation of GAAP to Non-GAAP Financial Information

Unaudited

 (thousands of U.S. dollars, except share and per share data)

Three months ended 

September 30,

Nine months ended

September 30,

2024

2023

2024

2023

GAAP gross profit

$            11,757

$              9,685

$             33,136

$             27,252

Stock-based compensation

107

207

290

370

Amortization of intangible assets

57

51

169

94

Non-GAAP gross profit

$              11,921

$              9,943

$             33,595

$             27,716

 

GAAP research and development, net

$              4,514

$              5,423

$            13,339

$            14,702

Stock-based compensation

488

1,185

1,550

2,266

Non-GAAP research and development, net

$              4,026

$              4,238

$            11,789

$            12,436

 

GAAP sales and marketing

$              4,552

$              4,208

$            13,162

$            10,872

Stock-based compensation

528

813

1,517

1,449

Amortization of intangible assets

29

27

87

48

Non-GAAP sales and marketing

$             3,995

$             3,368

$            11,558

$              9,375

 

GAAP general and administrative

$             1,484

$             1,317

$              4,858

$              3,761

Stock-based compensation

224

335

1,265

849

Acquisition related expenses

20

57

Non-GAAP general and administrative

$             1,260

$                 962

$              3,593

$              2,855

 

GAAP total operating expenses

$            10,550

$            10,948

$            31,359

$            29,335

Stock-based compensation

1,240

2,333

4,332

4,564

Amortization of intangible assets

29

27

87

48

Acquisition related expenses

20

57

Non-GAAP total operating expenses

$              9,281

$              8,568

$            26,940

$            24,666

 

GAAP operating income (loss)

$              1,207

$            (1,263)

$           1,777

$           (2,083)

Stock-based compensation

1,347

2,540

4,622

4,934

Amortization of intangible assets

86

78

256

142

Acquisition related expenses

20

57

Non-GAAP operating income

$              2,640

$              1,375

$              6,655

$              3,050

 

RADCOM LTD.

Reconciliation of GAAP to Non-GAAP Financial Information

Unaudited

 (thousands of U.S. dollars, except share and per share data)

Three months ended

September 30,

Nine months ended

September 30,

2024

2023

2024

2023

 

GAAP income (loss) before taxes on income

$            2,283

$           (240)

$          4,812

$          1,226

Stock-based compensation

1,347

2,540

4,622

4,934

Amortization of intangible assets

86

78

256

142

Acquisition related expenses

40

66

111

132

Non-GAAP income before taxes on income

$            3,756

$            2,444

$           9,801

$           6,434

 

GAAP net income (loss)

$             2,251

$             (281)

$           4,720

$           1,121

Stock-based compensation

1,347

2,540

4,622

4,934

Amortization of intangible assets

86

78

256

142

Acquisition related expenses

40

66

111

132

 Non-GAAP net income

$             3,724

$             2,403

$             9,709

$             6,329

 

GAAP net income (loss) per diluted share

$               0.14

$            (0.02)

$              0.29

$              0.07

Stock-based compensation

0.08

0.17

0.30

0.31

Amortization of intangible assets

0.01

(*)

0.02

0.01

Acquisition related expenses

(*)

(*)

(*)

0.01

Non-GAAP net income per diluted share

$                0.23

$              0.15

$              0.61

$              0.40

Weighted average number of shares used to compute diluted net
income per share

16,159,110

15,843,711

16,002,167

15,691,545

(*) Less than $ 0.01

 

RADCOM Ltd.

Consolidated Balance Sheets

(thousands of U.S. dollars)
(Unaudited)

As of

As of

September 30,

2024

December 31,

2023

Current Assets

    Cash and cash equivalents

$                  15,805

$                 10,892

    Short-term bank deposits

74,444

71,273

    Trade receivables, net

18,978

13,412

    Inventories

2,249

246

    Other accounts receivable and prepaid expenses

1,991

1,592

 

Total Current Assets

113,467

97,415

Non-Current Assets

    Severance pay fund

3,066

3,142

    Other long-term receivables

3,239

1,573

    Property and equipment, net

849

798

    Operating lease right-of-use assets

875

1,651

    Goodwill and intangible assets, net

2,695

2,950

 

Total Non-Current Assets

10,724

10,114

Total Assets

$             124,191

$            107,529

Liabilities and Shareholders’ Equity

Current Liabilities

       Trade payables

$                    5,851

$                   2,640

    Deferred revenues and advances from customers

4,870

1,469

       Employee and payroll accruals

5,875

5,400

    Operating lease liabilities

424

1,062

    Other liabilities and accrued expenses

10,098

9,540

 

Total Current Liabilities

27,118

20,111

Non-Current Liabilities

    Accrued severance pay       

3,738

3,728

    Operating lease liabilities

469

561

    Other liabilities and accrued expenses

663

638

 

Total Non-Current Liabilities

4,870

4,927

Total Liabilities

$                  31,988

$                 25,038

Shareholders’ Equity

     Share capital

$                       762

$                      736

     Additional paid-in capital

159,294

154,697

        Accumulated other comprehensive loss

(2,661)

(3,030)

     Accumulated deficit

(65,192)

(69,912)

Total Shareholders’ Equity

92,203

82,491

 

Total Liabilities and Shareholders’ Equity

$             124,191

$            107,529

 

View original content:https://www.prnewswire.com/news-releases/radcom-achieves-20-year-over-year-revenue-growth-and-reaches-a-record-90-2-million-cash-level-302304031.html

SOURCE RADCOM Ltd.

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AIRS Medical to Showcase Latest AI Innovations at RSNA 2024

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SEOUL, South Korea, Nov. 26, 2024 /PRNewswire/ — AIRS Medical, a leader in AI-driven diagnostic imaging solutions, is excited to present its latest innovations at the 2024 Radiological Society of North America (RSNA) conference at McCormick Place in Chicago. Visit us at South Hall Booth #4721 to learn more about SwiftMR®, our award-winning MRI acceleration solution, and other breakthroughs in diagnostic imaging.

What to expect at RSNA

We’ve packed an exciting agenda for RSNA 2024, including:

Lunch & Learn (December 1st, 11:45am) — Discover how SwiftMR enhances MRI image quality, increases revenue potential, and elevates the patient experience.AI Theater Presentation #1 (December 1st, 3pm) — Hear from Seung-Hong Choi, MD, PhD, Professor in the Department of Radiology at Seoul National University, as he discusses the clinical validation of SwiftMR and its impact on diagnostic accuracy and efficiency.AI Theater Presentation #2 (December 2nd, 11am) — Find out from Daryl Eber, MD, co-founder of 3T Radiology & Research, how his practice generated over $200,000 in just two months using SwiftMR.

We will also hold Meet the Experts sessions on December 1st (1pm), December 2nd (11:15am), and December 3rd (10:30am), featuring radiology experts who have successfully integrated SwiftMR into their practices.

For more details and to register, visit our website.

Expanding access to care through strategic partnerships

In 2024, AIRS Medical partnered with industry leaders including Bayer and RAYUS Radiology to expand access to AI-powered healthcare solutions. By collaborating with these distinguished organizations, we’re accelerating SwiftMR’s adoption and expanding access to care worldwide, transforming MRI workflows and facilitating a smoother patient journey.

2025 and beyond

As we look to the future, AIRS Medical remains committed to expanding access to diagnostic imaging services and pioneering AI innovations. Building on the momentum of 2024, we will continue to empower healthcare providers worldwide with solutions that redefine what’s possible in medical imaging. We’re excited to broaden SwiftMR’s reach and introduce new technologies in the coming year.

About AIRS Medical

AIRS Medical is a recognized leader in AI-powered diagnostic imaging and has been named one of the world’s top digital health companies. Our flagship product, SwiftMR, has earned multiple awards for its speed in MRI, and our team has been celebrated as innovators in AI. Driven by a mission to expand access to preventive healthcare, AIRS Medical is at the forefront of MRI efficiency, enabling imaging centers to serve more patients and deliver essential care to their communities.

To learn more about AIRS Medical, visit airsmed.com/en.

Ashley Guidace
AIRS Medical
Director of Global Marketing
ashley.guidace@airsmed.com
+1 (847) 306-8731

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SOURCE AIRS Medical

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BMO Ranks First in J.D. Power 2024 Canada Wealth Management Digital Experience Study

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TORONTO, Nov. 26, 2024 /CNW/ – BMO today announced it has received the highest score for wealth management digital experience among full-service investors in the J.D. Power 2024 Canada Wealth Management Digital Experience Study.

The study evaluates customer satisfaction among full-service investors with their wealth management digital experience, inclusive of both apps and websites, based on four factors:

Visual appealNavigationSpeedInformation/content

“We are incredibly proud of our colleagues for their dedication to improving and modernizing our Private Wealth platform over the last two years. This recognition reflects BMO Private Wealth’s significantly enhanced digital capabilities, including on-demand performance reporting and market leading equity research and our commitment to meeting our clients where they are in their wealth management journey,” said Kevin Barnes, North American Head, BMO Private Wealth. “Across BMO Wealth Management, we are putting our clients at the centre of all we do. Leading with a digital-first mindset, we will continue to improve the ease and simplicity of our platform to meet our clients’ evolving needs, help them make real financial progress and enjoy the opportunities that come with achieving their goals.”

For more information about BMO Private Wealth, please visit: https://www.bmo.com/en-ca/main/privatewealth.

The 2024 Canada Wealth Management Digital Experience Study evaluates customer satisfaction with the wealth management digital experience, inclusive of both apps and websites. This year’s study is based on responses from 4,860 full-service and self-directed investors and was fielded from June through August 2024.

About BMO Financial Group
BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.4 trillion as of July 31, 2024. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and inclusive society.

J.D. Power Award Disclaimer
BMO received the highest score in the Full-Service Investors segment of the J.D. Power 2024 Canada Wealth Management Digital Experience Study, which measures client satisfaction with wealth management websites and mobile apps among those who invest through a dedicated advisor. For more information, visit jdpower.com/awards for more details.

SOURCE BMO Financial Group

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Palm Beach County Upgrading to Latest Siyata Technology

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Deployment to begin in fourth quarter of 2024

VANCOUVER, BC, Nov. 26, 2024 /PRNewswire/ — Siyata Mobile Inc. (NASDAQ: SYTA, SYTAW) (“Siyata” or the “Company”), a global vendor of Push-to-Talk over Cellular (“PoC”) devices and cellular signal booster systems, announced today that the School District of Palm Beach County, in Florida, a current Siyata customer, and one of the ten largest school districts in the United States, is upgrading its existing Siyata communications solution to Siyata’s latest generation SD7 handsets and VK7 Vehicle Kits with AI-enabled noise cancelling speaker microphones.

Marc Seelenfreund, CEO of Siyata, stated, “For more than five years, the School District of Palm Beach County has been a customer of Siyata using our UV350 In-Vehicle devices, and has experienced the many benefits of our smartphone technology. Upgrading to newer devices with our noise cancelling remote speaker microphones will make communications even clearer for school bus drivers, and safer for both their drivers and their students.”

Shane Searchwell, Director of Transportation Services for The School District of Palm Beach County, commented, “Siyata’s solutions have served us well over the last several years, and we are eager to upgrade to the latest technology to further improve communications for our bus drivers. There can be a lot of background noise on school buses, so the AI-enabled noise cancelling feature in Siyata’s devices will undoubtedly further improve the clarity of communications in our bus operations.”

About Siyata Mobile

Siyata Mobile Inc. is a B2B global developer and vendor of next-generation Push-To-Talk over Cellular handsets and accessories. Its portfolio of rugged PTT handsets and accessories enables first responders and enterprise workers to instantly communicate over a nationwide cellular network of choice, to increase situational awareness and save lives. Police, fire, and ambulance organizations as well as schools, utilities, security companies, hospitals, waste management companies, resorts and many other organizations use Siyata PTT handsets and accessories today.

In support of our Push-to-Talk handsets and accessories, Siyata also offers enterprise-grade In-Vehicle solutions and Cellular Booster systems enabling our customers to communicate effectively when they are in their vehicles, and even in areas where the cellular signal is weak.

Siyata sells its portfolio through leading North American cellular carriers, and through international cellular carriers and distributors.

Siyata’s common shares trade on the Nasdaq under the symbol “SYTA”, and our public warrants trade on the Nasdaq under the symbol “SYTAW”.

Visit www.siyata.net and unidencellular.com to learn more.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. Because such statements deal with future events and are based on Siyata’s current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of Siyata could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading “Risk Factors” in Siyata’s filings with the Securities and Exchange Commission (“SEC”), and in any subsequent filings with the SEC. Except as otherwise required by law, Siyata undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites and social media have been provided as a convenience, and the information contained on such websites or social media is not incorporated by reference into this press release.

View original content to download multimedia:https://www.prnewswire.com/news-releases/palm-beach-county-upgrading-to-latest-siyata-technology-302316239.html

SOURCE Siyata Mobile Inc.

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