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FLIR Systems (FLIR) Introduces Third Generation One Cameras

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Six months after launching the FLIR One (R) and FLIR One Pro thermal imaging cameras at CES 2017, sensor systems maker FLIR Systems, Inc. came up with the third generation version of the same. The company informed that the latest models will be available for pre-order, with product deliveries commencing in late June.

Product Details

Like the first generation models, the upgraded One cameras come with a thermal and high-definition visible camera. Leveraging on patented multispectral dynamic imaging (MSX(R)) technology, the cameras can produce high-fidelity and visible-light details to improve image quality.

Both these devices feature FLIR's Lepton(R) thermal microcamera core, which allows them to be plugged into Android or iOS mobile devices and used as thermal cameras.  With One priced at $199.99 and One Pro costing $399.99, displaying a steep price difference, their thermal sensor resolutions are markedly different as well.

Touted to be the most advanced FLIR One camera, One Pro can produce images with two times better resolution compared to its less pricey sibling. While the third generation One cameras are more useful for home owners and other casual users, One Pro is well equipped to serve professionals including contractors, home inspectors and plumbers.

Strong Hold in Thermal Camera Space

According to the research report from market research and consulting firm Markets and Markets, thermal imaging market is expected to witness a compound annual growth rate (CAGR) of 5.9%, reaching from $7.71 billion to $10.27 billion from 2016 to 2021. High cost of these cameras has deterred their pace of adoption. To shake things up, FLIR Systems began developing affordable variations which could be integrated with smart phones.

The company took matters in its stride by introducing thermal One cameras compatible with iOS, before rolling out models for use in Android as well. Since the launch of Lepton technology, the company has seen a 58% compound annual growth rate in total unit volumes. Moreover, it has developed more than 20 FLIR-branded products utilizing Lepton technology.

Over the past one year, shares of the company have yielded 19.0%, outperforming the Zacks categorized Electronic-Military Systems industry’s average gain of 14.4%. Please note that brokers are on the sidelines for the stock as its earnings estimates have remained unchanged over the month. The Zacks Consensus Estimate has remained steady at $1.85 over the same time frame.

Going forward, we believe the Zacks Rank #3 (Hold) company will continue to increase its efforts to introduce innovative products at an affordable price to boost their pace of adoption. As a matter of fact, third generation One is one of the company’s most affordable products in recent times. We believe that increasing demand of these cameras in commercial applications, such as surveillance, automotive and consumer electronics, will prove conducive to market traction of the products.

Stocks to Consider

Some better-ranked stocks in the industry include Rockwell Collins, Inc. , Raytheon Company and Esterline Technologies Corporation . While Rockwell Collins sports a Zacks Rank #1 (Strong Buy), Raytheon and Esterline Technologies hold a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Rockwell Collins surpassed earnings estimates in each of the trailing four quarters, resulting in an average surprise of 2.5%.

Raytheon has managed to beat estimates each time in the trailing four quarters, for a positive earnings surprise of 5.2%.

Esterline Technologies has a positive average earnings surprise of 34.9% for the trailing four quarters, beating estimates all through.

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