2010 was a great year for ZAGG (Nasdaq: ZAGG). The release of Apple's (NYSE: AAPL) hugely successful iPad 1 and iPhone 4 boosted ZAGG's fundamentals and helped the company double its revenues.       

In case you're not familiar with the company, Utah-based ZAGG designs and manufactures protective coverings, audio accessories, and power solutions for various electronic and hand-held devices. Its flagship product is the invisibleSHIELD -- a protective film used in iPads, iPhones, and other electronic devices.

A look at the fundamentals
In just five years since its inception, ZAGG's total revenue has gone up by a staggering 7,500%. But is this figure deceiving? Let's delve a little deeper into the financials to find out.

In 2010, its year-over-year revenue grew by 98.5% compared to 2009. However, its gross profit margins fell to 49.1% from 57.5% the year before, which is mostly because costlier new products are entering the company's product portfolio. For a company with a market cap of $175 million, however, the early signs are generally good.

There was good news for investors as well as diluted EPS grew by 173.3% to $0.41. At the same time, its ROE grew to 42.5% after a brief slump in 2009. ZAGG's EBITDA went up to $17.1 million from $6.7 million. The EBITDA margin has also gone up to 22.5%, a clear indication that operational efficiency is improving. The company has done well and has managed to capitalize on several handy new gadgets introduced in 2010.

What now?
Having performed well in the last year, will ZAGG be able to continue along the same path? Apple's introduction of the smart cover, along with its launch of the iPad 2 in 2011, has disrupted a market where ZAGG's protective cover, the Zaggmate, was just beginning to excel. However, I don't see any disruptions in the market for the invisibleSHIELD, at least as far as Apple's products are concerned. We must not forget that ZAGG provides gear for smartphones from companies in addition to Apple, including Research In Motion (Nasdaq: RIMM) and Motorola Mobility (NYSE: MMI), who look set to launch their versions of the tablet PC and new smartphones.

Let's wait and see if ZAGG can beat 2010 and take advantage of the launch of new tech products.