Company also improves operating results, reducing operating loss
74% for the third quarter of 2017 from the third quarter of
2016
Delray Beach, FL -- November 14, 2017 -- InvestorsHub NewsWire
-- PositiveID Corporation (OTC:
PSID), a life sciences company focused on detection and
diagnostics, announced today its financial results for the quarter
ended September 30, 2017. The Company's Form 10-Q can be found in
the Investor Relations section of its
website.
Third Quarter Financial Highlights
- Revenue for the quarter ended September 30, 2017 increased 38%
to $1.5 million from revenue of $1.1 million for the quarter ended
September 30, 2016.
- Operating loss for the quarter ended September 30, 2017
improved by 74% from the quarter ended September 30, 2016.
- Net loss for the quarter ended September 30, 2017 improved by
58% from the quarter ended September 30, 2016.
"We are pleased with both our revenue growth in the 2017 third
quarter and the improvement in our operations," said William J.
Caragol, Chairman and CEO of PositiveID. "We believe that these
results reflect the continued strength and growth in our sales
pipeline and backlog. Our ENG team has worked diligently to build a
best-in-class name for itself in the mobile labs industry, and we
have a solid pipeline for that business. In addition, our
Thermomedics subsidiary has developed a next-generation version of
its Caregiver thermometer, which we believe will help drive new
opportunities for business expansion," continued Caragol.
"Finally, we are very enthusiastic about our ExcitePCR
subsidiary, which we believe is properly positioned for the right
strategic partner to push the FireflyDX products toward
completion," said Caragol. "With each of these businesses ready for
the next stage of their growth trajectories, we are committed to
ensuring their current performance and future success."
For the quarter ended September 30, 2017, revenues were $1.5
million, compared to $1.1 million for the quarter ended September
30, 2016. The majority of the Company's revenues for the quarter
ended September 30, 2017 came from its Mobile Labs segment,
consisting of its E-N-G Mobile Systems subsidiary ("ENG"), which
generated $1.4 million of revenue. Cost of revenue was $0.9 million
and $0.5 million for the quarter ended September 30, 2017 and 2016,
respectively, due to a change in revenue mix.
The Company's operating loss for the quarter ended September 30,
2017 improved to a loss of $0.9 million from a loss of $3.4 million
in the quarter ended September 30, 2016. Net loss for the quarter
ended September 30, 2017 improved to a loss of $1.9 million from a
loss of $4.5 million in the quarter ended September 30, 2016.
Revenues for the first nine months of 2017 were $3.9 million,
compared to $4.6 million for the first nine months of 2016. The
decreased revenue for the first nine months of 2017 compared to the
prior year period was driven primarily by the timing of delivery of
projects in the Mobile Labs segment, which had a large backlog of
business at the time the Company acquired ENG in December 2015. As
individual projects may be material in the Mobile Labs segment,
revenues from quarter to quarter can vary materially based on the
timing of such deliveries. As a result, quarterly revenue may not
reflect results projected over an annual period.
PositiveID operates in three segments: Mobile Labs, comprised of
its ENG subsidiary, a specialty vehicle manufacturer; Medical
Devices, comprised of its Thermomedics subsidiary, which markets
the Caregiver non-contact thermometer; and Molecular Diagnostics,
consisting of its FireflyDX family of products for real-time
pathogen detection at the point-of-need/point-of-care
("POC/PON").
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
September 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 $0.10 per temperature), storage space, and waste
disposal costs.
PositiveID, through its ExcitePCR Corporation subsidiary, is
developing the FireflyDX family of products, automated
pathogen detection systems for rapid diagnostics at the POC/PON.
The FireflyDX family products, consisting of the FireflyDX-Portable
and the FireflyDX-Handheld, are designed to be lab quality,
real-time devices able to detect pathogens faster and less
expensively than existing systems. FireflyDX's applications include
POC/PON 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.
On August 24, 2017, PositiveID Corporation and its wholly-owned
subsidiary PositiveID Diagnostics, Inc. (collectively, the
"Seller"), entered into an Asset Purchase Agreement ("APA") with
ExcitePCR. Pursuant to the APA, at closing, the Seller will sell
and deliver to ExcitePCR all assets used in connection with the
operation of the FireflyDX technology. For more information on the
APA, please read PositiveID's Form 8-K filed on August 28, 2017,
which can be found here. The Seller and ExcitePCR
have not yet closed the transaction.
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 these results reflect the continued strength and
growth in our sales pipeline and backlog; the likelihood that ENG
has a solid pipeline; the likelihood that the next-generation
version of the Caregiver thermometer will help drive new
opportunities for business expansion; the likelihood that ExcitePCR
is properly positioned for the right strategic partner to push the
FireflyDX products toward completion; the likelihood that each of
these businesses is ready for the next stage of their growth
trajectories, and we are committed to ensuring their current
performance and future success; 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 Company's ability to
target the specialty vehicle market; the Company's ability to
attract new customers and retain existing customers; the Company's
ability to target the professional healthcare market; the Company's
ability to raise capital; the Company's ability to complete the
testing and development of FireflyDX; the Company's ability to
close the APA; 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 November 13, 2017,
August 14, 2017, and May 15, 2017, 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.
Contact:
PositiveID Corporation
Allison Tomek
(561) 805-8044
atomek@psidcorp.com