$PCTI reports strong financials in Q4 and FY 2022, driven by innovation and market expansion.
Mar 8th 2023, 9:01 pm
Analyst Summary: PCTEL, Inc., a global wireless technology solutions provider reported their fourth quarter and full year 2022 results. The company posted a GAAP gross profit margin of 50.2% and Adjusted EBITDA growth of 21.3% for the fourth quarter. Meanwhile, their GAAP gross profit margin for the full year was 46.2% with an Adjusted EBITDA growth of 26.1%. CEO David Neumann highlighted that their growth was driven by strong demand and execution under challenging macroeconomic conditions. The company also launched new products expanding their market share, particularly through innovative solutions in the public safety sector. PCTEL expects to continue growing in 2023 while remaining innovative in the wireless technology space. However, the company anticipates lower sequential revenue for the first quarter of 2023 due to typical seasonal effects. Nonetheless, PCTEL has a healthy balance sheet with financial flexibility to support the company's growth plans. The company will provide further details on their earnings call on February 23, 2023. Forward-looking statements include the growth of PCTEL's business and their ability to continue innovating new products. Risks and uncertainties affecting PCTEL's business include the impact of wireless solutions on their revenue generation and the demand for certain products. PCTEL disclaims any obligation to update or revise the information contained in any forward-looking statement.