SAN DIEGO -- Altium today reported fiscal 2017 revenue grew 18.4% to $110.9 million, a new revenue record for the PCB CAD tool developer.

The results exceeded the target of $100 million in revenue the company set in fiscal 2014.

Pretax profit grew 19.8% to $29.5 million. Net income rose 22% to $28.1 million. Earnings before interest, tax, depreciation and amortization (EBITDA) grew 21.2% to $33.3 million.

Cash from operations contributed $35.8 million and Altium ended June with cash on hand of of $44.3 million.

For the fiscal year, Altium's PCB subscription pool grew by 11% to 34,522 active subscribers, Americas PCB grew 12% exceeding second half expectations as capacity brought online in the first half was utilized and China PCB delivered 26% growth in revenue compared to FY2016. Altium Designer seat count reached 5,500, a 7% annual growth rate, and Octopart grew 72% to $7.7 million.

The company also announced its acquisition of Upverter, a cloud-based provider of PCB design tools

Altium reiterated its revenue target of $200 million by 2025.

Read Mike Buetow's recent interview with Altium here.

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