SEBASTIAN, Florida,
November 15, 2018 /PRNewswire/ --
Nxt-ID, Inc. (NASDAQ: NXTD) ("Nxt-ID" or the "Company"), a
provider of healthcare devices and services as well as payment
credential management and authentication platform services,
announces results for the three and nine months ended September 30, 2018.
Three and nine-month highlights:
- Revenue from continuing operations for the first nine months of
2018 was approximately $13.1 million
compared to $11.7 million for the
same period in the prior year.
- Revenue from continuing operations for Q3 2018 was
approximately $4.4 million compared
to $3.7 million for the same period
in 2017.
- Gross profit from continuing operations for the first nine
months of 2018 was approximately $9.5
million compared to $8.2
million for the same period in 2017.
- Gross profit from continuing operations for Q3 2018 was
approximately $3.2 million compared
to $2.6 million for the same period
in 2017.
- Operating income from continuing operations for the first nine
months of 2018 was approximately $0.9
million compared to an operating loss of $(0.6) million for the same period in previous
year.
- Operating income from continuing operations for Q3 2018 was
approximately $0.2 million compared
to an operating loss of $(1.1)
million in Q3 2017.
- Non GAAP Operating income from continuing operations for the
nine months ended September 30,2018,
adjusted for depreciation, amortization and non-cash charges was
approximately $2.3 million compared
to $1.5 million for the same period
in previous year.
"Our results for the nine months ended September 30, 2018 and the three months ended
September 30, 2018 have been
presented to reflect the proposed spin-off of the Fintech business
as a discontinued operation for Nxt-ID," said Gino Pereira, Chief Executive Officer of Nxt-ID.
"LogicMark continues to perform strongly. We continue to make
investments in R&D for new products within LogicMark as well as
working to build new distribution channels for its core offerings
to grow what has been a reliably consistent contributor to our
financial performance.
"Additionally, our Fit Pay subsidiary has made continued
progress expanding the issuer footprint for Garmin Pay, adding the Maestro European card
network and growing its issuer network to more than 225 issuers in
27 countries, which expands the revenue potential of its flagship
customer. Fit Pay was also announced as a partner for the Visa
Token Service for credential-on-file (COF) token requestors,
which represents a significant extension of Fit Pay's capabilities
greatly increasing the addressable market for its platform
services.
"We have a number of significant business development
opportunities that we are pursuing for the remainder of 2018 and we
remain confident that the Company is poised for continued
significant growth."
Shareholders, investors and interested parties wanting to hear
management's discussion of the results for the nine months and
quarter ended September 30, 2018 that
were made on an Investor Webcast on November
15, 2018 can follow this link:
https://edge.media-server.com/m6/p/p3mbcg83
About Nxt- ID, Inc.
Nxt-ID, Inc. (NASDAQ: NXTD) provides a comprehensive platform of
technology products and services that enable the Internet of Things
(IoT). With extensive experience in access control, biometric and
behavior-metric identity verification, security and privacy,
encryption and data protection, payments, miniaturization and
sensor technologies, Nxt-ID develops and markets groundbreaking
solutions for payment and IoT applications. Its industry-leading
technology products and solutions include MobileBio®, a suite of
biometric solutions that secure consumers' mobile platforms, the
Wocket™, a next-generation smart wallet and the Flye, a digital
credit card developed in collaboration with WorldVentures.
Nxt-ID includes three mobile and IoT-related subsidiaries:
LogicMark, LLC, a manufacturer and distributor of non-monitored and
monitored personal emergency response systems ("PERS") sold through
dealers/distributors and the United States Department of Veterans
Affairs; Fit Pay, Inc., a proprietary technology platform that
delivers end-to-end solutions to device manufacturers for
contactless payment capabilities, credential management,
authentication and other secure services within the IoT ecosystem,
and 3D-ID LLC, which is engaged in biometric identification and
authentication. Learn more about Nxt-ID at http://www.Nxt-ID.com.
FitPay and the FitPay Payment Platform are the sole property of Fit
Pay, Inc. For Nxt-ID Inc. corporate information contact:
info@Nxt-ID.com
Forward-Looking Statements for Nxt-ID: This press
release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements reflect management's current
expectations, as of the date of this press release, and involve
certain risks and uncertainties. Forward-looking statements include
statements herein with respect to the successful execution of the
Company's business strategy. The Company's actual results could
differ materially from those anticipated in these forward-looking
statements as a result of various factors. Such risks and
uncertainties include, among other things, our ability to establish
and maintain the proprietary nature of our technology through the
patent process, as well as our ability to possibly license from
others patents and patent applications necessary to develop
products; the availability of financing; the Company's ability to
implement its long range business plan for various applications of
its technology; the Company's ability to enter into agreements with
any necessary marketing and/or distribution partners; the impact of
competition, the obtaining and maintenance of any necessary
regulatory clearances applicable to applications of the Company's
technology; and management of growth and other risks and
uncertainties that may be detailed from time to time in the
Company's reports filed with the Securities and Exchange
Commission.
Statement regarding use of non-GAAP financial measures:
In this press release, the Company's financial results and
financial guidance are provided in accordance with accounting
principles generally accepted in the
United States (GAAP) and using certain non-GAAP financial
measures. Management believes that presentation of operating
results using non-GAAP financial measures provides useful
supplemental information to investors and facilitates the analysis
of the Company's core operating results and comparison of operating
results across reporting periods. Management also uses non-GAAP
financial measures to establish budgets and to manage the Company's
business.
Media Contacts:
Chris Orlando
chris.orlando@Nxt-ID.com
+1-760-468-7273
D. Van Zant
+1-800-665-0411
press@Nxt-ID.com
SOURCE NXT-ID, Inc.