Audinate recovers from COVID
Audinate Group finished the weekly strongly after the developer of the professional AV-industry leading Dante media networking solution provided a trading update.
Audinate generated revenue of US$25.0 million for FY21 (unaudited), up 23% from US$20.4 million in revenue for FY20. This included a strong finish to the year with the final quarter up 74% on the prior comparable period. Relative Australian dollar variances were lower, reflecting a strengthening of the Australian dollar against the US dollar during the year.
Uncertainties in the global supply of chips and electronic components continue to be a near-term risk for both Audinate and its Original Equipment Manufacturer customers. However, Audinate continued to meet customer demand for chips and modules over the past few months despite minor impacts from a COVID-related shut-down of its contract manufacturer’s plant in Malaysia and some under-delivery of raw materials from its suppliers.
Audinate reported that increasing component lead times and requests by chip manufacturers for demand visibility up to 12 months out have resulted in a record backlog of committed sales orders for FY22 as OEMs have placed orders further into the future compared to their pre-COVID behaviour.
Audinate Co-founder and CEO, Aidan Williams commented: “We are pleased with the FY21 revenue performance and the resilience of the business in the face of COVID related challenges over the last 15 months. The recent launch of the first Dante video products manufactured by our customers was another substantial milestone and market feedback has been encouraging. While Audinate and our manufacturing customers have successfully navigated supply chain challenges to date, we expect continued uncertainty throughout the remainder of CY21.”