{"id":381873,"date":"2020-11-16T09:13:19","date_gmt":"2020-11-16T14:13:19","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=381873"},"modified":"2020-11-16T09:13:19","modified_gmt":"2020-11-16T14:13:19","slug":"clearone-reports-third-quarter-2020-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/clearone-reports-third-quarter-2020-financial-results\/","title":{"rendered":"ClearOne Reports Third\u00a0Quarter\u00a02020\u00a0Financial Results"},"content":{"rendered":"
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\n Overall revenue grows by 40% year-over-year<\/em>
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\n Overall revenue grows by 32% quarter-over-quarter sequentially<\/em>
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\n Video products and Beamforming\u00a0Microphone Array Ceiling Tile based solutions drive year-over-year and sequential revenue growth<\/em>
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SALT LAKE CITY, Nov. 16, 2020 (GLOBE NEWSWIRE) — ClearOne (NASDAQ: CLRO), a global provider of audio and visual communication solutions, reported financial results for the three and nine month periods ended September 30, 2020.<\/p>\n

“We achieved outstanding sequential and year-over-year revenue growth thanks to our appealing video products and innovative BMA based solutions. Our revenue growth amidst a global pandemic demonstrates the resilience of our product portfolio. Our wide-ranging suite of audio and video solutions are well suited for traditional offices as well as the burgeoning work-from-home remote offices,” said Zee Hakimoglu, CEO and Chair of ClearOne.<\/p>\n

“Last month, we introduced the BMA 360<\/a>, our new flagship Beamforming Microphone Array in ceiling tile format. We believe that it has set an audio performance standard that is unrivalled in the industry and that is far superior to any other BMA solution in the market. The BMA 360 is based on a dramatically new approach to beamforming that provides a new beam topology to easily achieve distortion-free, full 360-degree coverage of any room shape and any seating arrangement using ClearOne Audio Intelligence\u2122. The integrated features in the BMA 360 significantly reduce system design complexity, simplify installation, consume less rack space, and lower system cost,”\u00a0Hakimoglu added.<\/p>\n

“On September 1, 2020, the U.S. District Court of the Northern District of Illinois held that \u2018Shure has violated the preliminary injunction order and is found in contempt<\/a> because it designed the MXA910-A in such a way that allows it to be easily installed flush in most ceiling grids.\u2019 The Court also opined that, \u2018[t]he record is clear and convincing that Shure-through its design choices-violated the injunction order by allowing integrators to install the MXA910-A in the enjoined flush configuration.\u2019 Ultimately, the Court ordered that \u2018Shure shall no longer manufacture, market, or sell the MXA910-A … .\u2019 Though Shure\u00a0has filed for appeal, this order of contempt is a significant victory for ClearOne in our resolute effort to hold Shure accountable for its action and to enforce our hard-earned intellectual property rights. Our motion to accuse Shure\u2019s MXA910-US of infringing the \u2019806 Patent is still pending with the Court,”\u00a0Hakimoglu concluded.<\/p>\n

\n Financial Summary<\/strong>\n <\/p>\n

The Company uses certain non-GAAP financial measures and reconciles those to GAAP measures in the attached tables.\u00a0<\/p>\n