TASER International Inc. TASR disclosed that it has won an order for 3,148 Axon Body 2 cameras powered by the Axon technology platform from the third largest police agency in the UK, Greater Manchester Police.
The order includes a three-year subscription to EVIDENCE.com. The company expects to ship the order in the first quarter of 2016.
Introduced recently, Axon Body 2 is part of the growing Axon platform that connects cloud, mobile and wearable technologies. This gives police agencies a distinct transparency. The new Axon Body 2 takes the powerful simplicity of its predecessor to the next level with its single-unit design, which is equipped with more advanced capabilities like unlimited HD video recording and industry leading security enhancements.
The growing demand for AXON body cameras and EVIDENCE.com reflects law enforcement agencies’ shift in focus toward accountability and trust. Demand for TASER’s products and services has seen an impressive rise, particularly in the U.S., subsequent to increasing tensions between law enforcement officials and the public.
On Nov 24, TASER won a major bid to outfit 22,000 London Metropolitan Police Officers with its Axon Body 2 cameras. The company said that this order came after the London police completed a pilot program in early 2015 using 1,000 of the cameras. Notably, the introduction of cameras resulted in a 33% reduction in complaints against officers.
We note that TASER’s third-quarter earnings plunged 78.6% year over year due to lower contributions from the TASER Weapon segment and higher operating expenses. However, the company’s total revenues in the third quarter increased 13.6% year over year. The upside was attributable to higher sales from the Axon segment. Axon and EVIDENCE.com revenues surged 150.2% to $10.9 million due to a 168.7% increase in service revenues. Segment bookings skyrocketed 141.2% to $36.9 million from the year-ago level of $15.3 million.
TASER now competes with Digital Ally Inc. DGLY, Motorola Solutions Inc. MSI and GoPro Inc. GPRO.
TASER International currently has a Zacks Rank #4 (Sell).
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