$ PSID. Earnings keep getting better each quarter and the Company is just covering itself to keep thing going right now and they know they can control the PP,s where they can move them up any time they want IMO. They know they have a good back log already and thats what real Companys want to keep good Revenue coming in while they build up the Business and just making sure they can cover any debt and fight off any type take over at the same time. Each Quarter is showing more Revenue now and improving each Quarter as shown here.
PositiveID Reports Q2 2016 Revenue of $1.8 Million, Up from $51 Thousand in Q2 2015
DELRAY BEACH, Fla., Aug. 15, 2016 (GLOBE NEWSWIRE) -- PositiveID Corporation (“PositiveID” or “Company”) (OTCQB:PSID), a life sciences company focused on detection and diagnostics, announced its financial results for the three and six months ended June 30, 2016. The Company’s Form 10-Q for the second quarter of 2016 can be found in the Investor Relations section of its website at www.psidcorp.com.
Revenue increased to $1.8 million for the three months ended June 30, 2016, up from $51 thousand for the three months ended June 30, 2015. The increased revenue is attributable to the Company’s December 2015 acquisitions of E-N-G Mobile Systems, Inc. (“ENG”), a leader in the mobile labs market, and Thermomedics Inc., which markets the FDA cleared Caregiver® non-contact thermometer. The Company’s current revenues are primarily generated from its mobile labs segment. Gross profit increased to $636,000 for the three months ended June 30, 2016, from $5,000 for the three months ended June 30, 2015, which is also attributable to the Company’s acquisitions of ENG and Thermomedics.
Revenue for the six months ended June 30, 2016 increased to $3.5 million, up from $182 thousand for the six months ended June 30, 2015. Operating loss decreased to $2.6 million for the six months ended June 30, 2016, from an operating loss of $3.4 million for the six months ended June 30, 2015. The improvement at the operating line is primarily due to higher gross profit and decreased R&D expenses for the six months ended June 30, 2016.
“We remain very encouraged by the performance of the businesses we acquired in December 2015,” stated William J. Caragol, Chairman and CEO of PositiveID. “ENG has generated the majority of our revenues year-to-date, and both ENG and our Caregiver business have strong and improving pipelines and backlog."
“We are working on several exciting opportunities for Caregiver that could yield significant growth for this product in the second half of this year and beyond,” continued Caragol. “Last but not least, within our molecular diagnostics business we also continue to advance the lab testing of our Firefly Dx prototype system, with a target of having fieldable handheld prototypes in the second half of 2017,” concluded Caragol.
Firefly Dx is a point-of-need, handheld system that uses real-time PCR (polymerase chain reaction) chemistry that is designed to deliver molecular diagnostic results from a sample in less than 30 minutes, compared to hours or even days for a lab device. Firefly's applications include point-of-need, lab-quality, 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.
PositiveID’s ENG business is a leader in engineering and producing its proprietary MobiLab™ Systems, mobile labs for biological, chemical, radiological and nuclear testing applications. Over 400 ENG MobiLabs are in operation throughout the world. ENG was the first company to install gas chromatography in a mobile lab, and is a pioneer in developing mobile platforms that allow standard laboratory-grade instruments to be operated successfully in the field.
The Company’s Caregiver® 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 $0.05 to $0.10 per temperature), storage space, and waste disposal costs. It is estimated that can offer savings of $250 or more per year per device in probe cover supplies alone.
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