Business
ClearOne, Inc. Reports Third Quarter 2021 Financial Results
Beamforming Microphone Array Ceiling Tile products continue to drive microphone and audio conferencing revenue growth Revenue drop in video products causes
About this update from Clearone, Inc.
[{"type":"text","content":"\n\nBeamforming Microphone Array Ceiling Tile products continue to drive microphone and audio conferencing revenue growth\n\n\nRevenue drop in video products causes overall revenue decline of 17% year-over-year\n\n\nCompany wins key Delaware trial against Shure, defeating infringement claims and invalidating Shure Patent\n\n\nOur innovative new products win several prestigious industry awards\n\n\nBalance Sheet strengthened with a $10 million capital raise\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 and nine months ended September 30, 2021.\n\n\"ClearOne continued to achieve solid revenue growth in core audio conferencing and microphone products, driven by our innovative BMA 360 and BMA-CT based solutions. Revenue from video products did not meet last year's demand levels boosted by CARES Act stimulus funding and caused the year over year revenue decline. However, we are confident of the growth potential for our video-based solutions,\" said Zee Hakimoglu, CEO and Chair of ClearOne.\n\n\"The jury’s unanimous verdict last week in our trial against Shure in Delaware is the latest in a string of litigation victories for ClearOne against Shure. We are very pleased that the jury found that ClearOne’s products did not infringe Shure's '723 patent and invalidated Shure's patent. Shure was using this '723 patent to retaliate against ClearOne, and the jury's verdict validates ClearOne's refusal to give in to Shure's tactics,\" Hakimoglu added.\n\n\"We were also successful in strengthening our balance sheet through further infusion of equity capital. The enthusiasm and the confidence displayed by the institutional investors in the recent $10 million common stock and warrant offering enables our continuing path of growth through innovation, cost management, and litigation management,\" Hakimoglu concluded.\n\nRecent Highlights\n\n\nEarlier this week our BMA 360 with Voice Lift and Camera Tracking technology was recognized by industry consultants and integrators for product innovation and was awarded a 2021 AV Technology Magazine InfoComm Best in Market Award.\n\n\nDuring October 2021, our groundbreaking BMA 360 was awarded the 2021 Installation Product Award for Most Innovative Audio Hardware by Systems Contrac...