Audinate (AD8) shares edge lower on 1H
AD8 -3.75%: first half numbers for the audio visual technology company were out this morning. The top line was in line with expectations, printing revenue of $US14.8m in the half, up 33%. EBITDA ($2m) and profit (-$2.1m) were slight misses to expectations however these are less of a focus. The hardware side of the business maintained its dominance in the space with 42% revenue growth on 1H21, now 19x its nearest competitor in terms of number of products. The volume growth shows that Audinate doing well to manage supply chain issues, though the outlook statements at cautious. We believe the headwinds facing Audinate at the moment will pass and the business is set to see a strong tailwind of demand as mobility picks up.
MM liked AD8 into current weakness around $7.40
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