Commenting on the results, Mr. David Ripstein, RADCOM's President and CEO, said, "Our financial results for the third quarter demonstrate the fluctuations inherent in a business based increasingly on long-term, seven-figure orders with long revenue recognition cycles. In general, we are excited that so many of our orders are now for major projects with Tier-1 customers. In fact, our backlog is now extremely strong, and our last-twelve-month bookings are up by 68% compared with the previous 12 months. Thus, although shifts in the timing of revenue recognition can have a significant effect on a single quarter's results, we are on track for achieving strong growth in Q4 and in the year ahead.
Mr. Ripstein concluded, "Taken as a whole, the platform of our business remains very strong, reflecting the continued momentum of the mobile data industry, the explosion in network traffic, and the industry's recognition of RADCOM's solutions as an effective response to painful service quality problems. As such, we believe that we are on track with a business plan that should enable us to create significant growth over time."
Earnings conference call RADCOM's management will hold an interactive conference call today at 9:00 AM Eastern Time (15:00 Israel Time) to discuss the results and to answer participants' questions. To join the call, please call one of the following numbers approximately five minutes before the call is scheduled to begin:
From the US (toll-free): + 1-888-668-9141From other locations: +972-3-918-0609 For those unable to listen to the call at the time, a replay will be available from Oct 25 th on RADCOM's website. About RADCOM RADCOM provides innovative service assurance solutions for communications service providers and equipment vendors. RADCOM specializes in solutions for next-generation networks, both wireless and wireline. RADCOM's comprehensive, carrier-strength solutions are used to prevent service provider revenue leakage and to enable management of customer care. RADCOM's products facilitate fault management, network service performance analysis, troubleshooting and pre-mediation with an OSS/BSS. RADCOM's shares are listed on the NASDAQ Capital Market under the symbol RDCM. For more information, please visit http://www.RADCOM.com. Non-GAAP Information Certain non-GAAP financial measures are included in this press release. These non-GAAP financial measures are provided to enhance the reader's overall understanding of our financial performance. By excluding non-cash stock-based compensation that has been expensed in accordance with ASC Topic 718 and changes in fair value of warrants that has been expensed in accordance with ASC 815-40, our non-GAAP results provide information to both management and investors that is useful in assessing our core operating performance and in evaluating and comparing our results of operations on a consistent basis from period to period. These non-GAAP financial measures are also used by management to evaluate financial results and to plan and forecast future periods. The presentation of this additional information is not meant to be considered a substitute for the corresponding financial measures prepared in accordance with GAAP.