Monday, November 16, 2015 8:24:19 AM
Q3'15 gross margin was 44% as compared to 81% in Q3'14, principally due to the decrease in higher margin license sales and higher volume hardware sales. Q3'15 operating expenses rose 5% to $1,382,566 from $1,314,513 in Q3'14, reflecting increases in both SG&A and R&D expenses related to the expanding scope of the business, costs related to the strategic transactions, and R&D efforts focused on product refresh updates and new product offerings, along with a reclassification of roughly $100,000 of Q3'14 service related R&D expenses to Cost of Goods Sold.
BIO-key reported Q3'15 net loss of ($1,079,584), or ($0.02) per basic share, compared to a net loss of ($51,526), or ($0.00) per basic share, in Q3'14. BIO-key had a weighted average number of basic shares outstanding of 66,038,941 and 58,026,262 in Q3'15 and Q3'14, respectively. Share and per-share figures have been adjusted to reflect a February, 2015 2-for-1 reverse split.
Liquidity and Capital Resources Net cash used for operations during Q3'15 was ($973,836) compared to ($1,696,817) in Q3'14. As of September 30, 2015, BIO-key reported current assets and working capital of $2,425,956 and ($604,256), respectively. Reflecting the impact of the convertible preferred placements and strategic license agreement, as of 11/12/2015 current assets and working capital were approximately $12,800,000 and $11,400,000, respectively.
2015 Financial Guidance The Company's Fourth Quarter 2015 Opportunity Pipeline, representing the aggregate total of all deal opportunities that could book as revenue during the quarter, is comprised of 43 deals valued at approximately $8 million. The Company's opportunity pipeline for the next twelve months (the aggregate total of all deal opportunities that could book as revenue over the next twelve months ending September 30, 2016) consists of 127 opportunities valued at $30 million, as compared to $25.0 million at December 31, 2014 and $25.0 million at June 30, 2015. Given the variability in the timing and size of potential contracts within the Company's sales opportunity pipeline, BIO-key's quarterly financial performance will likely vary significantly from quarter to quarter.
BIO-key has tightened its full year 2015 revenue guidance range to $5 million to $6 million, compared to revenue of $4.0 million in 2014. BIO-key expects Q4 revenue to range between $1.4 million and $2.2 million, versus $1.5 million in Q4 '14.
Gross margin is expected between 75% and 80% for the Fiscal Fourth Quarter and full year 2015 period. Reflecting additional dividend expense, BIO-key has revised its cash breakeven level to annual revenues of roughly $6.9 million.
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