Edison Investment Research

Seeing Machines

Company overview

Seeing Machines is a technology company focused on designing vision-based human machine interfaces.

Date	Reports available	Download
Mar 11 2009	TrueField set to launch Seeing Machines (SM) has announced H109 results in line with our expectations – revenues more than doubled and the group recorded a profit, compared with a loss in H108. However, more significant is the move by management last month to restructure SM’s cost base to keep the business cash flow positive while further increasing the focus on sales. TrueField Analyzer is expected to launch in the coming months and has the potential to generate high margin revenues in the defensive health sector. Research type: Review - Interim results	Log in to download 8 page note available
Feb 18 2009	Streamlining costs Seeing Machines (SM) has announced it plans to sharply reduce its workforce to position itself in wake of the slower than expected revenue generation combined with the general uncertain economic outlook. Management aims to keep the business cash flow positive while further increasing the focus on sales. In our view if SM can convert just one major Driver State Sensor (DSS) customer in the near term it would add significant value to the shares. Research type: Update - Trading update	Log in to download 2 page note available
Jan 28 2009	Testing times Seeing Machines (SM) has released a trading statement this morning highlighting that deferrals of customer capital investment plans are likely to impact full year revenues. However, given the economic backdrop, and with the shares sitting around their lows, we believe this news is more than discounted. In our view if SM can convert just one major Driver State Sensor (DSS) customer in the near term it would add significant value to the shares. Research type: Update - Trading statement	Log in to download 3 page note available
Sep 23 2008	DSS set to drive growth Seeing Machines (SM) was profitable in FY08 as indicated in its July trading statement. We forecast an acceleration in revenue growth in FY09 as hardware begins to roll out at Dycom. The group announced significant deals with Dycom (NYSE:DY) in March and established a North American operation in May, as it seeks further opportunities for commercialisation of the DSS product in the US. Research type: Review - Full year results	Log in to download 8 page note available
Jul 23 2008	Profit reached in FY08 Seeing Machines’ (SM) brief statement this morning revealed the company is expecting to announce an inaugural profit when it publishes its annual results. Consequently, we expect the company to announce a modest profit when it releases its results, expected in late September. This compares with the small loss we have been forecasting. The move into profit this year is encouraging, but the real value for shareholders is the medium-term opportunity for SM to commercialise its core IP. Research type: Flash note - Trading update	Log in to download 1 page note available
Jul 14 2008	DSS deals drive growth Seeing Machine’s (SM) year end has passed and the company will not be releasing a trading statement due to Australian law. The next trading news will likely be in the form of the final results which we expect to be announced in late September. At this point we are maintaining our forecasts. The group announced significant deals with Dycom (NYSE:DY) in March and established a North American operation in May, as it seeks further opportunities for commercialisation of the product in the US. Research type: Update	Log in to download 6 page note available
Mar 05 2008	Commercialisation begins Seeing Machines (SM) is now at the key point in its development as it shifts from being essentially a one-product company to a multi-product venture seeking to generate revenues across several different channels. The shares have not reflected this shift and we believe the risk/reward for investors is becoming more favourable. We believe the announced deal with Dycom provides early evidence of the potential. Research type: Outlook - Interim results	Log in to download 12 page note available

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Edison's research ... is balanced, objective and provides a level of detail not normally associated with smaller companies.

Peter Knowles
Director, Fyshe Horton Finney