PositiveID
Reports 2017 Results; Fourth Quarter Revenues
Increase 47% Year Over
Year
Delray Beach, FL
-- April 03,
2018 --
InvestorsHub NewsWire -- PositiveID Corporation
("PositiveID" or
"Company") (OTC:
PSID), a life sciences
company
focused
on detection and diagnostics,
announced
today its financial results
for the quarter and year
ended
December
31, 2017. The Company's Form 10- K can be found in
the Investor Relations
section
of its website.
Fourth
Quarter Financial Highlights
- Revenue for the
quarter ended December
31, 2017
increased 47% to
$1.4 million from revenue
of $1.0 million
for the
quarter ended December
31, 2016.
- Operating loss for
the quarter ended December
31,
2017, when excluding a
non-cash intangible impairment charge of $0.3
million, improved
by
20% from the quarter
ended December
31, 2016.
- Net loss for the
quarter ended December
31, 2017 improved
by 25% from the quarter
ended December
31, 2016.
Full Year 2017 Financial
Highlights
- Revenue for
the year
ended
December 31, 2017 decreased
4%
to $5.4
million
from revenue of $5.6 million
for
the year
ended
December 31, 2016.
- Operating loss for
the year
ended
December 31, 2017 improved
by
32% from the
year
ended
December 31, 2016.
- Net loss for
the year
ended December 31, 2017 improved by 33% from the
year
ended December 31, 2016.
For the quarter
ended December
31, 2017, revenues were
$1.4 million, compared to
$1.0 million
for the
quarter ended December
31, 2016. The majority
of the Company's revenues for the quarter ended December
31, 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 $1.0
million
and $0.7 million
for the
quarter ended December
31, 2017 and 2016,
respectively, due to a change in revenue mix.
Revenues for the year
ended December 31, 2017 were
$5.4
million,
compared to $5.6
million
for the year ended December
31, 2016. The decreased
revenue for 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. Operating loss for
the year ended December 31, 2017 improved by 32% to $4.8 million,
compared to $7.1 million for the year ended December 31, 2016. Net
loss for the year ended December 31, 2017 improved by 33% to $8.7
million, compared to $13.1 million for the year ended December 31,
2016.
ExcitePCR/Molecular Diagnostics
2017 Highlights
- partnership and
financing opportunitiesstrategic
platform
for aprovideFormed
ExcitePCR subsidiary to better position FireflyDX for the global,
point-of-care diagnostics market and
- Announced a new
product under development, the
9FireflyDX-Portable, a
lightweight, real-time pathogen detection system with commercial
availability slated for 201
- Detected Ebola virus
on its lab-based FireflyDX prototype system in a collaborated
effort with its assay partner, GenArraytion Inc.
- Continued testing and
evaluation of FireflyDX for applications
ranging from food safety to infectious disease
detection
ENG Mobile
Systems/Mobile Labs 2017
Highlights
- Closed strategic
investment of $1.5 million in ENG
- Received a $1.2
million purchase order for mobile labs from a single
customer, the largest single
order received since PositiveID acquired ENG
- Total vehicle
bookings (new contracts and
purchase orders signed) up 100% over prior
year
- Expanded service
business to offer mobile maintenance and repair to help customers
minimize vehicle downtime
Thermomedics/Caregiver Medical
Device 2017
Highlights
- Completed development
and commenced production of a Bluetooth-enabled version of the
Caregiver thermometer, followed by an
early-2018 delivery of 500 new units to a global healthcare
company
- Expanded distribution
for Caregiver with National Distribution & Contracting, Inc.,
and MedPro Associates
- Exhibited at
industry
conferences to increase exposure and awareness for Caregiver and
generate qualified leads for its national network of
distributors
"Our
businesses
continued
to execute in 2017, generating consistent
revenues
and operational
improvements
year over
year," said William J.
Caragol, Chairman and CEO of PositiveID. "We are working diligently
to ensure that our core businesses stay focused on building their
top line growth with their
leading-edge technologies. With the launch of
our new Bluetooth-enabled Caregiver thermometer and our
continued efforts
to
identify
and negotiate with the best strategic partner(s)
for the
FireflyDX product line, we remain highly focused on capitalizing on
these valuable assets in 2018 and
beyond."
PositiveID
operated in three
segments in 2017and
2016: 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.
PositiveID holds a
significant equity interest in ENG
(the
Company currently owns 24% of
the
capital stock of ENG).
On June
12, 2017, PositiveID
sold
49%
of its
ownership in ENG,
bringing its ownership to 51%. On January 30,
2018, ENG sold shares of
its preferred stock, which reduced the Company's ownership
to 24%
which
will result in
the
deconsolidation of ENG
effective January 30,
2018, at which time
the
Company will prospectively deconsolidate the balance sheet, results
of operations, and cash flows of ENG in its consolidated financial
statements. The terms of
the
transactions were disclosed in
Forms 8-K filed by the
Company with the Securities
and Exchange Commission.
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.
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 Corporation.
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.
Statements about PositiveID's
future expectations, including the likelihood that
forming the ExcitePCR subsidiary
better positions FireflyDX for the global,
point-of-care diagnostics market and provides a
platform for strategic partnership and financing
opportunities; the likelihood that the
FireflyDX-Portable will be
commercially
available in 2019; the
likelihood that the Company will capitalize on its Caregiver and
FireflyDX assets in 2018 and beyond; 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 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 likelihood that the
Company and ExcitePCR will 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 April 2, 2018, 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