November 6, 2017
Q3 Revenues up 25% Year-Over-Year to $9.6 million
Highest Quarterly Revenues in the Company's History
Cash and Cash Equivalents of $33.6 million and No Debt
TEL AVIV, Israel, Nov. 6, 2017 /PRNewswire/ -- RADCOM Ltd. (NASDAQ: RDCM), today reported its financial results for the third quarter ended September 30, 2017.
"We are very pleased with our third quarter execution which resulted in record-high quarterly revenues driven by our work with AT&T and other top-tier operators," commented Mr. Yaron Ravkaie, RADCOM's CEO. "During this quarter, we announced a new win with a world leading top-tier operator and are now executing on the deployment of this contract. Also, subsequent to the quarter, we signed a three-year contract extension with Globe Telecom – the leading operator in the Philippines, with over 60 million customers - to provide service assurance for their mobile network, and to ensure their future transformation to NFV (Network Functions Virtualization). Given the ongoing momentum we see in the market, we also executed during October a successful public equity offering that significantly strengthens our balance sheet and allows us to continue executing on the company's growth strategy. With our current visibility we are updating our 2017 revenue guidance to $36.6-$37.8 million.."
Third Quarter 2017 Financial Highlights:
- Revenues: Total revenues for the third quarter were $9.6 million, up 25% compared to $7.7 million in the third quarter of 2016.
- Net Income: GAAP net income for the period was $1.2 million, or $0.10 per diluted share, compared to approximately breakeven for the third quarter of 2016.
- Non-GAAP Net Income: Non-GAAP net income for the period was $1.7 million, or $0.14 per diluted share, compared to non-GAAP net income of $1.0 million, or $0.09 per diluted share, for the third quarter of 2016.
Both GAAP and non-GAAP results for the third quarter of 2017 included a $155,000, or $0.01 per diluted share, benefit related to grants from the Israel Innovation Authority (formerly Office of the Chief Scientist) compared to $385,000, or $0.03 per diluted share, in the third quarter of 2016. - Balance sheet: As of September 30, 2017, the Company had cash and cash equivalents of $33.6 million and no debt. Subsequent to the quarter, RADCOM closed an underwritten public offering of 1,661,536 ordinary shares which generated net proceeds of approximately $30.2 million.
Earnings Conference Call
RADCOM's management will hold an interactive conference call today at 8:00 AM Eastern Time (15:00 Israel Time) to discuss the results and to answer participants' questions. To join the call, please call one of the following numbers approximately five minutes before the call is scheduled to begin:
From the US (toll-free): + 1-888-668-9141 From other locations: +972-3-918-0610
For those unable to listen to the call at the time, a replay will be available from November 7th on RADCOM's website.
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