“Very interesting” factory automation software company with sales up 143% year over year
SmallCapPower | September 1, 2016: On January 29, 2016, SmallCapPower published an interview it conducted with Selective Asset Management Inc. President Robert McWhirter from the AlphaNorth Capital Conference (Watch the interview). One company he liked was Memex Inc. (CVE:OEE), which has seen its stock price surge more than 164% since to its current value of $0.37 a share.
At the time, Mr. McWhirter called Memex a “very interesting” factory automation software company, with sales up 143% year over year. He added that, “the stock appears to be reasonably priced, particularly when you look out two years. I think the opportunity they have to bring automation to the shop floor is quite attractive.”
Memex recently reported third-quarter financial results, in which revenue increased 104% year over year to $919,000, and 61% higher than in Q2. Its gross margin for the quarter rose to 72.5% from 50.4% during the same period last year.
In July, Memex was featured at Cisco Live (Cisco’s annual technology conference), where Cisco revealed that Memex’s MERLIN platform would be part of Cisco’s Connected Machines portfolio of solutions. Cisco’s value proposition, according to Memex, is that MERLIN facilitates the real-time calculation of Overall Equipment Effectiveness.
The third quarter also saw Memex win five new customer project orders as well as five follow-on orders from its current customer group. Since quarter-end, Memex said it has added another three new customer projects and two follow on orders, including a “significant project” from Pioneer Products Inc.
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Memex recently reported third-quarter financial results, in which revenue increased 104% year over year to $919,000, and 61% higher than in Q2. Its gross margin for the quarter rose to 72.5% from 50.4% during the same period last year.
