Business
ClearOne Reports First Quarter 2020 Financial Results
●BMA CT drives year-over-year Pro Audio revenue growth●Q1 Non-GAAP Operating expenses declined by 10% year-over-year●Overall revenue down 9% year-over-year.
About this update from Clearone, Inc.
[{"type":"text","content":"●BMA CT drives year-over-year Pro Audio revenue growth●Q1 Non-GAAP Operating expenses declined by 10% year-over-year●Overall revenue down 9% year-over-year. SALT LAKE CITY, May 20, 2020 (GLOBE NEWSWIRE) -- ClearOne (NASDAQ: CLRO), a global provider of audio and visual communication solutions, reported financial results for the three month period ended March 31, 2020.\n “Despite the economic challenges posed by the COVID-19 pandemic, our innovative Beamforming Microphone Array Ceiling Tile (BMA CT) continued to be popular driving year-over-year growth in revenue of Pro Audio products,” said Zee Hakimoglu, CEO and Chair of ClearOne. “We added another benchmark to our lineup of technology achievements with the recent award of a new strategic patent relating to power transmission for Power over Ethernet (PoE) systems by the US Patent and Trademark Office. This patent describes a simple method for providing power to multiple devices in a “daisy-chain” series connection using PoE. Use of this new method can eliminate the 100-meter Ethernet distance constraint for power and data transmission. An important application of this patent is the elimination of redundant electrical wiring and outlets to distribute power by using existing and common Ethernet cabling,\" Hakimoglu added. \"On the legal front, we thwarted Shure's misguided efforts to stop our most innovative products from reaching our customers. During a worldwide pandemic, Shure asked a court in Delaware to prevent customers from continuing to purchase ClearOne's BMA CTH products. The court rejected Shure's request, allowing ClearOne to continue providing its new and exciting solutions to customers around the world, particularly those products that enhance and enable effective audio and video conferences,\" Hakimoglu concluded. Financial Summary The Company uses certain non-GAAP financial measures and reconciles those to GAAP measures in the attached tables. Q1 2020 revenue was $5.7 million, compared to $6.3 million in Q1 2019 and $6.3 million in Q4 2019. The year-over-year decrease is mainly due to decline in revenue from video products partially offset by increase in revenue from audio conferencing products and microphones. The year-over-year growth in audio conferencing products and microphones was largely due to significant increase in revenue from our recently introduced BMA...