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Sep 30, 2022
Digital Ally Q3 2022 Earnings Report
Reported an 83% increase in total revenues compared to Q3 2021, driven by recent acquisitions and growth in legacy product lines and subscription models.
Key Takeaways
Digital Ally reported an 83% increase in total revenue for Q3 2022, reaching approximately $8.5 million compared to $4.6 million in Q3 2021. The increase was primarily driven by recent acquisitions, particularly in the revenue cycle management segment, and growth in legacy product lines. However, gross profit decreased by 57% due to an increase in the cost of sales as a percentage of revenue, and the company reported an operating loss of $6,567,023.
Total revenue increased by 83% compared to the third quarter of 2021.
Revenue cycle management segment contributed significantly through recent acquisitions.
Legacy product lines, including FirstVu Pro, FirstVu II, and QuickVu docking stations, gained momentum.
Contract liabilities (deferred revenue) increased by 65% from December 31, 2021, evidencing the success being found in the marketplace for our new products and subscription models.
Digital Ally
Digital Ally
Forward Guidance
The company plans to continue refining and optimizing operations, determining synergies, and taking advantage of new business opportunities to expand existing business lines. They anticipate further revenue increases from Nobility Healthcare and are enthusiastic about TicketSmarter's potential.
Positive Outlook
- Continued optimization of Nobility Healthcare's profitability.
- Potential for growth in the revenue cycle management segment.
- Anticipated benefits from synergies and unique opportunities across reporting segments.
- Expected full year of results from recent acquisitions.
- Enthusiasm around TicketSmarter's results.
Challenges Ahead
- The company does not provide specific negative forward-looking statements in the text.