- Image Sensing Systems (NASDAQ:ISNS) shares are currently down 24% to $8.56 after yesterday's first quarter report. Revenue was down 6% Y/Y to $2.98M and EPS was $0.21 versus the $0.02 loss per share in last year's quarter.
- Royalties were down 14% Y/Y to $1.8M. Product sales were up 11% to $1.2M.
- Gross margin fell from 80% last year to 76%.
- "We took measured actions in late 2020 that drove additional efficiencies into the organization to address COVID-19 induced market dynamics and seasonal revenue fluctuations. As reflected in our first quarter results, these actions drove profits allowing us to continue investing in new products and services. I am pleased to report that our product sales came in on target with 11 percent year-over-year growth, a direct result of our team’s ability to support, promote, and sell in a challenging virtual environment. We are seeing rapid adoption of our RTMS Echo radar platform and expect this to continue as we add additional features in the coming months. While royalty revenues declined over last year, we believe this to be a transient event and expect Autoscope sales to rebound in the near term," says CEO Chad Stelzig.
- Press release.