Company Has a Strong Backlog of Business in its Mobile Labs and
Medical Device Segments
Delray Beach, FL -- November 28, 2017 -- InvestorsHub NewsWire
-- PositiveID Corporation (OTC:
PSID), a life sciences company focused on detection and
diagnostics, today announced that it projects consolidated
year-over-year revenue growth of more than 30% for the 2017 fourth
quarter and 2018 first quarter due to a strong backlog of business
and pipeline opportunities for its mobile labs and medical device
businesses. While the Company's backlog typically is recognized
over a six-month period following booking, management believes this
strength portends well for continued growth throughout 2018.
The Company recently reported a 38% year-over-year increase in
revenue for the 2017 third quarter, driven primarily by growth at
its E-N-G Mobile Systems ("ENG") subsidiary, its mobile labs
business, which generated a 58% increase in revenues
year-over-year. PositiveID has previously announced, in multiple
reports, the strength of its bookings at ENG, and it believes that
the next two quarters will continue to show strong growth in excess
of 30% year-over-year. The Company also forecasts sales growth of
more than 30% year-over-year at its Thermomedics subsidiary, which
markets the Caregiver non-contact thermometer.
"ENG, which has established itself as a leader in the mobile
labs industry, continues to perform consistently as evidenced by
its strong bookings and solid revenue growth," said William J.
Caragol, Chairman and CEO of PositiveID. "We are also encouraged by
the projected revenue growth for Caregiver. The Thermomedics team
has been working diligently to build the sales pipeline for this
product through product advancements and new customer
relationships, and we believe those efforts will begin to bear
fruit over the next two quarters."
PositiveID operates in three segments: Mobile Labs, comprised of
its ENG subsidiary; Medical Devices, comprised of its Thermomedics
subsidiary; 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.
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 the Company projects consolidated year-over-year
revenue growth of more than 30% for the 2017 fourth quarter and
2018 first quarter due to a strong backlog of business and pipeline
opportunities for its mobile labs and medical device businesses;
the likelihood that this backlog strength portends well for
continued growth throughout 2018; the likelihood that the next two
quarters will continue to show strong growth in excess of 30%
year-over-year for ENG; the likelihood that the Company also
forecasts sales growth of more than 30% year-over-year at its
Thermomedics subsidiary; the likelihood that the efforts to build
the sales pipeline for Caregiver will begin to bear fruit over the
next two quarters; 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