Business
ClearOne, Inc. Reports First Quarter 2022 Financial Results
Quarterly overall Year-over-Year Revenue up by 7% Sequential quarterly revenue up by 5% Strong performance from microphone, core audio conferencing, and
About this update from Clearone, Inc.
[{"type":"text","content":"\n\nQuarterly overall Year-over-Year Revenue up by 7%\n\n\nSequential quarterly revenue up by 5%\n\n\nStrong performance from microphone, core audio conferencing, and personal conferencing products drive revenue growth\n\n\n SALT LAKE CITY--(BUSINESS WIRE)--\nClearOne Inc. (NASDAQ: CLRO), a global provider of audio and visual communication solutions, reported financial results for the three months ended March 31, 2022.\n\n\"We are pleased with a strong start to 2022. Notwithstanding the significant challenges posed by the global supply chain crisis that have deeply impacted our industry negatively, ClearOne was able to deliver impressive revenue gains led by our ground-breaking BMA 360 and BMA-CT based solutions and backed by strong performance from traditional ceiling microphones and personal audio conferencing products,\" said Zee Hakimoglu, CEO of ClearOne.\n\n\"Our gross margin continues to be challenged by various factors including the increase in material costs of critical electronic components due to the once-in-a-generation extraordinary global supply chain crisis, as well as burgeoning inflation causing freight, labor, and general cost increases in the production and logistics chain,” Hakimoglu added.\n\n“We are committed to realizing the full potential of our business by focusing on factors that are within our control through timely and decisive strategic planning and decision making. This includes driving our global team to meet our 2022 goals to launch a host of new innovative products that we believe will intercept important new market demands while bringing fresh revenue opportunities to ClearOne, demonstrating the power of our diversified portfolio of products, and aggressively mitigating the impact of inflation and supply chain obstacles. On all fronts, including our litigation against Shure, we look forward to a fruitful year ahead,” Hakimoglu concluded.\n\nRecent Highlights\n\n\nIn March 2022, the Company filed motions asking the U.S. District Court of Northern Illinois to schedule trial dates for two key cases that ClearOne filed against Shure in that District Court, which together allege patent infringement of three ClearOne patents and misappropriation of ClearOne’s trade secrets. The Court denied that request without prejudice in April 2022.\n\n\nIn January 2022, the Company filed a motion asking the U.S. D...