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ClearOne Reports 2Q 2022 Financial Results.

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Vincent

INTERNET BUSINESS NEWS-(C)1995-2022 M2 COMMUNICATIONS

ClearOne Inc. (NASDAQ: CLRO), a provider of audio and visual communication solutions, reported financial results for the three and six months ended June 30, 2022, the company said.

Recent Highlights

On May 25, 2022, ClearOne Board of Directors announced Derek Graham as the Interim CEO, replacing Zee Hakimoglu.

On May 27, 2022, the US District Court of the District of Delaware dismissed Shure's tort claims with prejudice. Shure dropped these claims on the eve of the trial that happened in November 2021, in which ClearOne prevailed over Shure's infringement claims. ClearOne argued that the dismissal of Shure's tort claims should be with prejudice but Shure wanted the dismissal to be without prejudice -- in other words, Shure wanted to preserve the ability to re-assert the claims later. The court ruled in ClearOne's favor. Our motion seeking fees is still pending with the Court.

Financial Summary

Revenue in 2022-Q2 was USD 7.4 million, compared to USD 7.7 million in 2021-Q2 and USD 7.5 million in 2022-Q1. The decrease in year-over-year revenue was primarily due to a 31% decline in video products and a 3% decline in microphones, which were partially offset by a 6% increase in audio conferencing. The increase in revenue from core audio conferencing products continued to be driven by solutions incorporating our BMA-CT and BMA 360 beamforming microphone array ceiling tiles and professional audio mixers. Despite this year-over-year revenue growth in core audio conferencing products, revenue from our audio conferencing products and microphones remain far below levels achieved prior to infringement of our strategic patents.

GAAP gross profit in 2022-Q2 was USD 2.8 million compared to USD 3.4 million in 2021-Q2 and USD 2.8 million in 2022-Q1. GAAP gross profit margin was 38.1% in 2022-Q2, compared to 44.3% in 2021-Q2 and 37.3% in 2022-Q1...

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