PositiveID Reports Second Quarter 2017 Results
Company Projects Full Year Revenue Growth for 2017
DELRAY BEACH, FL -- August 15, 2017 -- InvestorsHub NewsWire --
PositiveID Corporation (OTCQB:
PSID), a life sciences company focused on detection and
diagnostics, announced today its financial results for the quarter
ended June 30, 2017. The Company's Form 10-Q can be found in the
Investor Relations section of its
website.
Financial highlights include:
- Revenue for the first six-months of 2017 increased 20% over the
second half of 2016
- Gross margin continued to improve, increasing to 39% for the
quarter ended June 30, 2017, up from 35% for the first quarter of
2017, and 32% for the quarter ended December 31, 2016
- Operating loss for the first six-months of 2017 improved by 37%
and cash flow from operations improved 31% over the second half of
2016
- Sales of the Caregiver non-contact thermometer for the quarter
ended June 30, 2017 increased 82% from the quarter ended March 31,
2017, and 121% from the quarter ended June 30, 2016, as reported in
the Companys Form 10-Q
- E-N-G Mobile Systems (ENG) bookings for the first half of 2017
increased 158% to $2.4 million from the first half of 2016, as
reported by the Company on July 26, 2017
- Company expects full year 2017 revenue to exceed 2016 revenue
of $5.6 million
For the quarter ended June 30, 2017, revenues were $1.2 million,
compared to $1.8 million for the quarter ended June 30, 2016.
Revenues for the first six months of 2017 were $2.5 million, up 20%
from $2.0 million compared to the second half of 2016. The
decreased revenue for the second quarter of 2017 compared to the
prior year quarter was driven primarily by the timing of delivery
of projects in the Companys Mobile Labs segment. In the first half
of 2017, work progressed on several mobile labs that will be
delivered in the second half of this year. As individual projects
may be material, revenues from quarter to quarter can vary
significantly based on the timing of such deliveries. As a result,
quarterly revenue may not reflect results projected over an annual
period.
PositiveID announced on July 26, 2017, that ENGs bookings for
the first half of 2017 increased 158% from the first half of 2016
to $2.4 million. Bookings represent signed purchase orders or
contracts received from customers. PositiveID recognizes revenue on
booked contracts once the vehicle is built and delivered to the
customer.
We are pleased to report that our revenue and operational
results continue to improve, said William J. Caragol, Chairman and
CEO of PositiveID. Our first half of 2017 revenue, coupled with our
strong and building backlog and pipeline, we believe set us up for
a solid 2017. Weremain confident that our full year 2017 revenues
will exceed those of last year.
PositiveID operates in three segments: Mobile Labs, comprised of
its ENG subsidiary; Medical Devices, comprised of its Caregiver
product; and Molecular Diagnostics, consisting of its Firefly Dx
prototype system for real-time pathogen detection.
ENG designs and builds mobile laboratories, wireless
support vehicles (cell-on-wheels and cell-on-light-trucks), radio
frequency (RF) test platforms, broadcast news vehicles, and other
technical vehicles. ENG has delivered more than 1,500 specialty
vehicles to customers around the globe, including more than 400
mobile laboratories, 600 broadcast news vehicles, and more than 400
vehicles for cellular, RF, infrared, and other applications. In
June 2017, PositiveID sold a 49.8% equity interest in ENG for
approximately $1.5 million to Holdings ENG, LLC, an affiliate of
East West Resources Corporation.
Thermomedics markets the FDA-cleared Caregiver
thermometer, which is a clinical grade, infrared thermometer for
measurement of forehead temperature in adults, children, and
infants, without contact. It delivers an oral-equivalent
temperature directly from the forehead in one to two seconds. Since
there is no skin contact and Caregiver does not require probe cover
supplies, it reduces the risk of cross-contamination, which is an
increasing concern, and saves healthcare facilities the cost of
covers (as much as $0.05 to $0.10 per temperature), storage space,
and waste disposal costs.
PositiveID is developing the Firefly Dx prototype system to be a handheld,
fully automated, lab quality, real-time device able to detect
pathogens at the point of need, faster and less expensively than
existing devices. Firefly's applications include point-of-need,
lab-quality, detection of pathogenic organisms; agricultural and
food screening in both domestic sectors and developing countries;
and detection of biological agents associated with weapons of mass
destruction.
About PositiveID Corporation
PositiveID Corporation is a life sciences tools and diagnostics
company with an extensive patent portfolio. PositiveID develops
biological detection and diagnostics systems, specializing in the
development of microfluidic systems for the automated preparation
of and performance of biological assays. PositiveID is also a
leader in the mobile technology vehicle market, with a focus on the
laboratory market and homeland security. For more information on
PositiveID, please visit http://www.psidcorp.com, or connect
with PositiveID on Twitter, Facebook or LinkedIn.
Statements about PositiveID's future expectations, including the
likelihood that full year 2017 revenue will exceed 2016 revenue of
$5.6 million; the likelihood that in the first half of 2017, work
progressed on several mobile labs that will be delivered in the
second half of this year; the likelihood that the Companys first
half of 2017 revenue, coupled with its strong and building backlog
and pipeline, set it up for a solid 2017; the likelihood that the
Companys full year 2017 revenues will exceed those of last year;
constitute "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, Section 21E of the
Securities Exchange Act of 1934, and as that term is defined in the
Private Litigation Reform Act of 1995. Such forward-looking
statements involve risks and uncertainties and are subject to
change at any time, and PositiveID's actual results could differ
materially from expected results. These risks and uncertainties
include, without limitation, the Companys ability to target the
specialty vehicle market; the Companys ability to attract new
customers and retain existing customers; the Companys ability to
target the professional healthcare market; the Companys ability to
raise capital; the Companys ability to complete the testing and
development of Firefly Dx; as well as other risks. Additional
information about these and other factors that could affect the
Company's business is set forth in the Company's various filings
with the Securities and Exchange Commission, including those set
forth in the Company's 10-K filed on March 31, 2017, and 10-Qs
filed on August 14, 2017, May 15, 2017, and November 18, 2016,
under the caption "Risk Factors." The Company undertakes no
obligation to update or release any revisions to these
forward-looking statements to reflect events or circumstances after
the date of this statement or to reflect the occurrence of
unanticipated events, except as required by law.
Contacts:
PositiveID Corporation
Allison Tomek
(561) 805-8044
atomek@psidcorp.com