RADCOM Reports First Quarter 2018 Financial Results

Date : 05/22/2018 @ 7:41AM
Source : PR Newswire (US)
Stock : Radcom Ltd. - Ordinary Shares (RDCM)
Quote : 9.46  0.0 (0.00%) @ 7:00AM

RADCOM Reports First Quarter 2018 Financial Results

Radcom Ltd. - Ordinary Shares (NASDAQ:RDCM)
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TEL AVIV, Israel, May 22, 2018 /PRNewswire/ -- RADCOM Ltd. (NASDAQ: RDCM), today reported its financial results for the first quarter ended March 31, 2018.

"Our strong quarter resulted from successful execution on a number of deployments with both existing and new customers leading to our continued strong growth," commented Mr. Yaron Ravkaie, RADCOM's CEO. "Another example that highlights our hybrid approach of enabling a path to NFV and future proofing purchasing decisions is the top-tier galaxy operator that selected RADCOM. We expect to finalize a contract with this operator in the coming months. Given our healthy pipeline of opportunities and ongoing momentum, we are reiterating our 2018 revenue guidance of $43-$47 million."

First Quarter 2018 Financial Highlights:

  • Revenues: Total revenues for the first quarter were $10.9 million, up 36% compared to $8.0 million in the first quarter of 2017. 
  • Net Income/(Loss): GAAP net income for the period was $0.3 million, or $0.02 per diluted share, compared to GAAP net loss of $(0.3) million, or $(0.03) per diluted share for the first quarter of 2017.
  • Non-GAAP Net Income:  Non-GAAP net income for the period was $1.0 million, or $0.07 per diluted share, compared to Non-GAAP net income of $0.3 million, or $0.02 per diluted share for the first quarter of 2017.
  • GAAP and non-GAAP results for the first quarter of 2018 and 2017, do not include any benefits related to grants from the Israel Innovation Authority as no such grants were received during the period. 
  • Balance sheet: As of March 31, 2018, the Company had cash, cash equivalents and short-term bank deposit of $74.5 million and no debt.   

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: +972-3-918-0609

For those unable to listen to the call at the time, a replay will be available from May 23, 2018, on RADCOM's website.

 

About RADCOM

RADCOM (NASDAQ: RDCM) is the leading expert in cloud-native Network Intelligence for telecom operators transitioning to SDN/NFV. Providing a critical first step in an operator's NFV transformation, RADCOM's Network Intelligence delivers end-to-end network visibility from virtual tapping point to network insights. Comprised of RADCOM Service Assurance (MaveriQ), RADCOM Network Visibility and RADCOM Network Insights, RADCOM's Network Intelligence portfolio provides operators with end-to-end network visibility across virtual and hybrid networks. RADCOM Network Intelligence is automated, cost-efficient, provides on-demand functionality and is specifically designed for the needs of telecom operators. RADCOM specializes in assuring next-generation, high capacity networks, including LTE, Advanced-LTE, 5G, IMS, SDN/NFV and others. 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, 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", "predict", "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 revenue guidance for 2018 and expected pipeline projects for the Company and timing and actual entry into a contract with a galaxy operator, if at all, 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 the demand for the Company's products, inability to timely develop and introduce new technologies, products and applications, and loss of market share and pressure on prices resulting from competition. 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

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




Three months ended
 March 31,




2018


2017



Revenues

$     10,903


$        8,040



Cost of revenues

2,890


2,022



Gross profit

8,013


6,018



Research and development, gross

3,744


2,488



Less - royalty-bearing participation

-


-



Research and development, net

3,744


2,488



Sales and marketing, net

3,240


2,897



General and administrative

998


1,060



Total operating expenses

7,982


6,445



Operating income (loss)

31


(427)



Financial income, net

302


109



Income (loss) before taxes on income

333


(318)



Taxes on income

(11)


(18)



Net income (loss)

$          322


$        (336)



 

Basic net income (loss) per

ordinary share

$         0.02


$      (0.03)



Diluted net income (loss) per

ordinary share

$        0.02


$      (0.03)



 

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

13,498,100


11,650,479



 

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

13,785,938


11,650,479









 

 

 

RADCOM LTD.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION

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




Three months ended 
              March 31,               




2018


2017


GAAP gross profit                                                                                                                                           

$      8,013


$     6,018


Stock-based compensation

40


47


Non-GAAP gross profit

$      8,053


$     6,065


 

GAAP Research and development, net

$      3,744


$     2,488


Stock-based compensation

208


109


Non-GAAP Research and development, net

$      3,536


$     2,379


 

GAAP sales and marketing, net

$      3,240


$     2,897


Stock-based compensation

229


128


Non-GAAP sales and marketing, net

$      3,011


$     2,769


 

GAAP general and administrative

$         998


$     1,060


Stock-based compensation

199


336


Non-GAAP general and administrative

$         799


$        724


 

GAAP total operating expenses

$      7,982


$     6,445


Stock-based compensation

636


573


Non-GAAP total operating expenses

$      7,346


$     5,872


 

GAAP operating income (loss)

$           31


$     (427)


Stock-based compensation

676


620


Non-GAAP operating income

$         707


$        193


 

GAAP income (loss) before taxes on income

$         333


$     (318)


Stock-based compensation

676


620


Non-GAAP income before taxes on income

$      1,009


$        302


 

GAAP net income (loss)

$         322


$     (336)


Stock-based compensation

676


620


Non-GAAP net income

$         998


$        284


 

GAAP net income (loss) per diluted share

$        0.02


$    (0.03)


Stock-based compensation

0.05


0.05


Non-GAAP net income per diluted share

$        0.07


$       0.02


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

13,785,938


11,952,399


 

 

 

RADCOM Ltd.

Consolidated Balance Sheets

(thousands of U.S. dollars) 


As of


As of


March 31,


December 31,

2018

2017

Current Assets




     Cash and cash equivalents

$              34,519


$              22,575

     Restricted bank deposit

35


36

     Short-term bank deposit

40,000


40,000

     Trade receivables, net

7,397


20,266

     Inventories 

213


1,199

     Other receivables

2,981


2,685


85,145



Total Current Assets

86,761

Severance pay fund




3,074

3,052

Other long-term receivables




223

172

Property and equipment, net




1,958

1,924





Total Assets

$             90,400


$             91,909





Liabilities and Shareholders' Equity




Current Liabilities 




      Trade payables 

$                1,436


$                1,828

    Deferred revenue

1,178


2,601

       Employee and payroll accruals 

3,584


4,062

    Other payables and accrued expenses 

1,884


3,428


8,082


11,919

Total Current Liabilities

Long-Term Liabilities 




    Deferred revenue

140


21

    Accrued severance pay        

3,589


3,573


3,729


3,594

Total Long-Term Liabilities





Total Liabilities

$              11,811


$              15,513





Shareholders' Equity 




     Share capital 

$                   634


$                   628

     Additional paid-in capital

133,018


131,491

       Accumulated other comprehensive loss

(2,519)


(2,520)

     Accumulated deficit

(52,544)


(53,203)





Total Shareholders' Equity

78,589


76,396


$             90,400


$             91,909

Total Liabilities and Shareholders' Equity

 

 

 

For all investor enquiries, please contact: 
Ran Vered  
CFO 
+972-77-774-5011 
ranv@radcom.com   

For all media enquiries, please contact: 
Mark Rolston  
Marketing Manager  
+972-77-774-5036   
markr@radcom.com   

 

Cision View original content:http://www.prnewswire.com/news-releases/radcom-reports-first-quarter-2018-financial-results-300652620.html

SOURCE RADCOM Ltd.

Copyright 2018 PR Newswire

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