{"id":1686,"date":"2016-11-01T17:06:52","date_gmt":"2016-11-01T17:06:52","guid":{"rendered":"https:\/\/radcom.com\/?post_type=latest-news&#038;p=1686"},"modified":"2024-04-15T11:31:51","modified_gmt":"2024-04-15T11:31:51","slug":"radcom-reports-third-quarter-2016-financial-results","status":"publish","type":"latest-news","link":"https:\/\/radcom.com\/latest-news\/radcom-reports-third-quarter-2016-financial-results\/","title":{"rendered":"RADCOM Reports Third Quarter 2016 Financial Results"},"content":{"rendered":"\n<p><strong><em>Q3 Revenues Up 62% YOY to $7.7M&nbsp;<\/em><\/strong><strong><em>Cash and Cash Equivalents of $43.2M and No Debt as of September 30, 2016&nbsp;<\/em><\/strong><\/p>\n\n\n\n<p><strong><em>Increased Investments to Support Growth<\/em><\/strong><\/p>\n\n\n\n<p><strong>TEL-AVIV, Israel \u2013 November 1, 2016&#8211; RADCOM Ltd. (NASDAQ: RDCM)<\/strong>&nbsp;today reported its financial results for the third quarter ended September 30, 2016.<\/p>\n\n\n\n<p>\u201cWe were pleased with our strong third quarter results which were driven by our expanding relationship with AT&amp;T, as well as ongoing momentum with other Tier 1 carriers globally,\u201d commented Mr. Yaron Ravkaie, RADCOM\u2019s CEO. \u201cDuring the quarter, we continued to see accelerated engagements with leading top-tier carriers about their respective NFV strategies given the recent public endorsement from AT&amp;T.&nbsp; In light of all these engagements and in our efforts to remain the go-to NFV vendor for customer experience, we are making investments to support our growth by scaling up our workforce with a particular focus on engineering.\u201d&nbsp;&nbsp;<\/p>\n\n\n\n<p>Mr. Yaron Ravkaie concluded, \u201cWe are reiterating our 2016 revenue guidance range to $28-$29.5 million, up 50%-58% compared with 2015. Given the Company\u2019s best-of-breed MaveriQ suite, our message of future proofing NFV migration is resonating with carriers globally.&nbsp; As a result, we believe that RADCOM is well positioned to maintain its momentum for the remainder of the year and beyond.\u201d<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong><u>Third Quarter 2016 Financial Highlights<\/u><\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Revenues:&nbsp;<\/strong>Total revenues for the third quarter were $7.7 million, up 62% compared to $4.8 million in the third quarter of 2015.<\/li>\n\n\n\n<li><strong>Net Income:<\/strong>&nbsp;GAAP net income for the period was approximately breakeven, compared to $561,000, or $0.06 per diluted share for the third quarter of 2015.<\/li>\n\n\n\n<li><strong>Non-GAAP Net Income:<\/strong>&nbsp; Non-GAAP net income totaled $1.0 million, or $0.09 per diluted share, compared to $835,000, or $0.09 per diluted share for the third quarter of 2015.<\/li>\n<\/ul>\n\n\n\n<p>Both GAAP and non-GAAP results for the third quarter of 2016 included a $385,000, or $0.03 per diluted share, benefit related to grants from the Israel Innovation Authority (formerly Office of the Chief Scientist) compared to $867,000, or $0.09 per diluted share, in the third quarter of 2015.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Balance sheet:&nbsp;<\/strong>As of September 30, 2016, the Company had cash and cash equivalents of $43.2 million and no debt.&nbsp;&nbsp;&nbsp;<\/li>\n<\/ul>\n\n\n\n<p><strong>Earnings Conference Call<\/strong><br>RADCOM&#8217;s management will hold an interactive conference call today at 8:00 AM Eastern Time (14:00 Israel Time) to discuss the results and to answer participants&#8217; questions. To join the call, please call one of the following numbers approximately five minutes before the call is scheduled to begin:<\/p>\n\n\n\n<p>From the US (toll-free): + 1-888-668-9141<\/p>\n\n\n\n<p>From other locations: +972-3-918-0609<\/p>\n\n\n\n<p>For those unable to listen to the call at the time, a replay will be available from November 2<sup>nd<\/sup>&nbsp;on RADCOM&#8217;s website.<\/p>\n\n\n\n<p>##<\/p>\n\n\n\n<p>About RADCOM<\/p>\n\n\n\n<p>RADCOM (<a href=\"https:\/\/finance.yahoo.com\/quote\/RDCM?ltr=1\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">RDCM<\/a>) is a first-mover and leading provider of NFV-ready service assurance and customer experience management solutions for Communications Service Providers (CSPs). RADCOM&#8217;s MaveriQ software continuously monitors network performance and quality-of-service, enabling CSPs to optimize the subscriber user experience. RADCOM specializes in solutions for next-generation mobile and fixed networks, including LTE, VoLTE, IMS and others. MaveriQ enables CSPs to smoothly migrate their networks to NFV by assuring physical, NFV-based and hybrid networks. For more information, please visit\u00a0<a href=\"https:\/\/radcom.com\/latest-news\/radcom-reports-third-quarter-2016-financial-results\">http:\/\/www.radcom.com<\/a>.<\/p>\n\n\n\n<p>For all investor enquiries, please contact: Ran Vered, CFO, (+972) 77-774-5011, ranv@radcom.com&nbsp;<\/p>\n\n\n\n<p>For all media enquiries, please contact: Mark Rolston, Marketing Manager +972-77-774-5036,&nbsp;<a href=\"mailto:markr@radcom.com\">markr@radcom.com<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Non-GAAP Information<\/strong><\/h3>\n\n\n\n<p>Certain non-GAAP financial measures are included in this press release. These non-GAAP financial measures are provided to enhance the reader&#8217;s overall understanding of the Company\u2019s financial performance. By excluding non-cash stock-based compensation that has been expensed in accordance with ASC Topic 718, the Company\u2019s non-GAAP results provide information to both management and investors that is useful in assessing the Company\u2019s core operating performance and in evaluating and comparing the Company\u2019s 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.&nbsp; The presentation of this additional information is not meant to be considered a substitute for the corresponding financial measures prepared in accordance with GAAP.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><br><strong>Risks Regarding Forward-Looking Statements<\/strong><\/h3>\n\n\n\n<p>Certain statements made herein that use words such as \u201cestimate,\u201d \u201cproject,\u201d \u201cintend,\u201d \u201cexpect,\u201d \u201c&#8217;believe\u201d, &#8220;may&#8221;, &#8220;might&#8221;, &#8220;predict&#8221;, &#8220;potential&#8221;, &#8220;anticipate&#8221;, &#8220;plan&#8221; 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 making investments to support growth by scaling up its workforce with a particular focus on engineering and maintainting momentum for the remainder of the year and beyond it is using foward-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\u2019s 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\u2019s business, reference is made to the Company\u2019s 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.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignleft\"><img decoding=\"async\" src=\"https:\/\/radcom.com\/uploads\/news\/PRFinance3_2016a.png\" alt=\"\"\/><\/figure><\/div>\n\n<div class=\"wp-block-image\">\n<figure class=\"alignleft\"><img decoding=\"async\" src=\"https:\/\/radcom.com\/uploads\/news\/PRFinance3_2016b.png\" alt=\"\"\/><\/figure><\/div>\n\n<div class=\"wp-block-image\">\n<figure class=\"alignleft\"><img decoding=\"async\" src=\"https:\/\/radcom.com\/uploads\/news\/PRFinance3_2016c.png\" alt=\"\"\/><\/figure><\/div>","protected":false},"featured_media":0,"template":"","go-to-home-category":[],"latest-news-categories":[34],"class_list":["post-1686","latest-news","type-latest-news","status-publish","hentry","latest-news-categories-financial"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.1 - 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