Improving numbers at VidWrx (VidWrx Stock Quote, Chart, News: TSXV:VID) have Euro Pacific Canada analyst Rob Goff feeling upbeat about the company.
On December 3, VidWrx announced it expected fourth quarter sales booking would come in at approximately $765,000 and that its Q4 revenue would be about $190,000. The company said its sales backlog is now at about $2.3-million.
“The strong sales growth we saw in Q3 is continuing through the fourth quarter,” said CEO George Fleming. “VidWRX continues to successfully evolve its approach to sales. Beginning with the implementation of a revenue performance management system earlier this year, the development of new websites and marketing materials, and the ongoing adjustment of sales development to focus on Internet marketing companies and agencies facing issues around the scalability of video production we’ve laid a solid foundation for continued growth in 2016.”
Goff says the approximately eight years and $20-million VidWrx has invested in building a standardized video production platform with a scalable videographer, publisher, and value added reseller (VAR) network looks like it is beginning to pay off.
“We look for continued growth in revenue from existing accounts following on key partnerships with Google (GOOGL-US, NR), Yellow Pages (Y-T, NR) and more recently TubeMogul (TUBE-US, NR) over the past 6-9 months,” said the analyst in a research update to clients yesterday. “Furthermore, the company has expanded its marketing platform integrations adding the Salesforce (CRM-US, NR) marketing cloud. The numbers clearly indicate the early success of the Revenue Performance Management (RPM), which was launched late in Q215 to focus on improving outbound sales processes as the Company recorded its first two weeks with sales bookings exceeding $100K during the first two weeks of November.”
Goff does not currently have a rating or price target on VidWrx.
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