DELRAY BEACH, Fla., May 17, 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 months ended March 31, 2016. The Company’s Form 10-Q for the first quarter of 2016 can be found in the Investor Relations section of its website at www.psidcorp.com.
Revenue increased to $1.7 million for the three months ended March 31, 2016, up from $0.1 million for the three months ended March 31, 2015. The increased revenue is attributable to the Company’s acquisitions of E-N-G Mobile Systems, Inc. (“ENG”) and Thermomedics Inc. in December 2015. The Company’s current revenues are primarily generated from its Mobile Labs segment. Gross profit increased from $28,000 in the three months ended March 31, 2015, to $529,000 in the three months ended March 31, 2016, which is also attributable to the Company’s acquisitions of ENG and Thermomedics.
“Our financial results in the first quarter are tangible evidence of the value that we believe can be created by the strategic transactions we completed at the end of 2015,” stated William J. Caragol, Chairman and CEO of PositiveID. “Not only do we believe our top line will continue to improve throughout 2016 and beyond, but we also believe we can make additional strides to improve gross margins and meet our goal of achieving cash flow positive.”
Operating loss decreased to $1.4 million for the three months ended March 31, 2016, from an operating loss of $2.1 million for the three months ended March 31, 2015. This improvement at the operating line is primarily due to higher revenues and gross profit as well as the decrease in R&D expenses for the three months ended March 31, 2016.
“We continue to execute operationally and, fundamentally, the business is the strongest it’s ever been,” continued Caragol. “At the same time we believe we are significantly undervalued and we are vigorously pursuing the strategic partnerships to build our team and complete the development of Firefly Dx and unlock the value that we believe Firefly Dx represents.”
PositiveID is developing the Firefly Dx polymerase chain reaction (“PCR”) breadboard prototype pathogen detection system (“prototype system”) to be a handheld, fully automated, lab quality, real-time device able to detect bio-threats at the point of need. Currently, PCR tests are run on large lab equipment and take a minimum of four hours to deliver results. A design advantage of Firefly Dx is that it does not require additional equipment or separate steps for sample preparation and purification, unlike current lab-based equipment, thus reducing time to results as well as cost per test. In addition, there is significantly less chance of sample contamination compared to existing testing methods.
The Firefly Dx prototype system has successfully detected a number of pathogenic organisms including E.coli, influenza, MRSA, MSSA, C. diff and others.
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’s financial results in the first quarter are tangible evidence of the value that can be created by the strategic transactions the Company completed at the end of 2015; the likelihood that the Company’s top line will continue to improve throughout 2016 and beyond; the likelihood that the Company can make additional strides to improve gross margins and meet its goal of achieving cash flow positive; the likelihood that the Company is significantly undervalued; the likelihood that the Company is vigorously pursuing the strategic partnerships to build its team and complete the development of Firefly Dx and unlock the value that Firefly Dx represents; 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 professional healthcare market; the Company’s ability to win contracts; the Company’s ability to complete the development and commercialization of Firefly Dx; 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 12, 2016, and 10-Qs filed on May 16, 2016, November 12, 2015, and August 13, 2015, 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.