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.
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 ENG and the Caregiver business have improving pipelines and backlog; the likelihood that there are several opportunities for Caregiver that could yield significant growth for this product in the second half of this year and beyond; the likelihood that the Company will have fieldable handheld prototypes of Firefly Dx in the second half of 2017; the likelihood that Caregiver can offer savings of $250 or more per year per device in probe cover supplies alone; 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 complete the development and testing of Firefly Dx; the Company’s ability to target the professional healthcare and mobile laboratory market; the Company’s ability to raise capital; 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 August 12, 2016, May 16, 2016, and November 12, 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.