Business
ClearOne Reports Fourth Quarter 2019 Financial Results
Sequential quarterly revenue up by 5.6%Professional audio revenue growth driven by the Beamforming Microphone Array Ceiling TileQ4 Overall revenue down
About this update from Clearone, Inc.
[{"type":"text","content":"Sequential quarterly revenue up by 5.6%Professional audio revenue growth driven by the Beamforming Microphone Array Ceiling TileQ4 Overall revenue down year-over-year by 12%Q4 Non-GAAP Operating expenses declined by 10% year-over-year SALT LAKE CITY, March 30, 2020 (GLOBE NEWSWIRE) -- ClearOne (NASDAQ: CLRO), a global provider of audio and visual communication solutions, reported financial results for the three and twelve- month periods ended December 31, 2019.\n “We have made great progress executing on our vision for success to rise above the current challenges as we implement our core initiatives - technology innovation, cost savings, and enforcement of our intellectual property. In these unprecedented times where the traditional forms of work collaboration are being tested, our role as a leading provider of solutions for distance conferencing and remote collaboration has become even more relevant. We believe that our innovative technology and solutions will serve not only demands during this crisis but also future needs for travel-free meetings” said Zee Hakimoglu, CEO and Chair of ClearOne. “We are encouraged by the recent increase in demand for our Pro Audio products driven by the Beamforming Microphone Array Ceiling Tile. It validates both our substantial investment in technology and our litigation strategy. But we are not getting the full benefits of the Court’s extraordinary remedy in the form of the preliminary injunction granted against Shure with respect to infringement of our ’806 Patent. Shure chose to play fast and loose with the Court’s preliminary injunction rushing to market with a design, that we believe, still infringes ClearOne’s patent. We have sought a Court order holding Shure in contempt for marketing and selling the design in violation of the preliminary injunction. And with respect to one of our broadest beamforming microphone array patents, the ’553 Patent, last month, the Federal Circuit essentially dealt a knock-out blow to Shure’s desperate and misguided campaign in the PTO to invalidate the patent. It is another significant victory acknowledging the strength of ClearOne’s intellectual property and puts us in even a better position as we prepare for trial,” Hakimoglu added. “ClearOne has continued to invest in innovation which has been at the heart of its success. Beginning late Q4, we launched sev...