DELRAY BEACH, Fla., April 12, 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 year ended December 31, 2015.
Revenue and total assets increased significantly in 2015, while the Company continued to invest in research and development as it works to complete the build and testing of its Firefly Dx handheld, real-time polymerase chain reaction (“PCR”) pathogen detection system.
“Following our acquisitions of E-N-G Mobile Systems (“ENG”) and Thermomedics in late 2015, our business is stronger and better positioned than ever to compete in the detection and diagnostics industry due to the addition of complementary revenue streams and synergistic distribution networks and customers,” stated William J. Caragol
, Chairman and CEO of PositiveID. “With our continued growth and horizontal integration of our business, we are reaffirming our 2016 revenue guidance of $5-6 million.”
For the year ended December 31, 2015, revenues were $2.9 million, compared to $0.9 million for year ended December 31, 2014, an increase of 211%. Total assets for the year ended December 31, 2015 were $4.7 million, compared to $1.0 million for the year ended December 31, 2014, an increase of 360%. Revenues for 2015 included $2.5 million from a license fee paid by a large commercial partner, which had been previously deferred, and the revenue from a partial month of operations of ENG and Thermomedics. Revenue for 2014 included the proceeds from two U.S. government contracts.
The Company recorded an operating loss of $4.4 million for the year ended December 31, 2015, compared to an operating loss of $4.3 million for the year ended December 31, 2014, primarily as a result of Firefly Dx research and development expenditures, and increased selling, general and administrative expenses. The Company’s Form 10-K can be found in the Investor Relations section of its website at www.psidcorp.com.
In 2015, the Company completed the Firefly Dx breadboard prototype and proved the Firefly Dx prototype design functions as intended through the complete sample purification and PCR detection process. The Firefly Dx prototype system successfully detected multiple pathogens, including influenza, MRSA, MSSA, E.coli, C. diff and others, in less than 30 minutes on the Firefly Dx prototype system, which is targeting the real-time PCR industry, estimated to be a $5.6 billion market by 2020. The Company is currently seeking a government or commercial partner to help fund the remaining development and build of the smaller, field-able prototype for testing by third parties in preparation for commercialization.
On December 24, 2015, PositiveID acquired ENG, a leader in mobile labs, homeland security and communications vehicles with a 25-year operating history. The acquisition of ENG will bring additional revenue and cash flow to PositiveID as well as a highly synergistic technology platform and customer base. The largest and fastest growing aspect of ENG’s business over the last decade has been its mobile labs segment, which includes chemical, biological, nuclear, radiological and explosives testing in the field. In addition to the other lines of ENG’s business, PositiveID believes it will be able to continue to grow the mobile labs segment with the addition of its leading molecular diagnostics capabilities for testing samples in the field.
In early December, PositiveID assumed control of Thermomedics, Inc., which markets the Caregiver® non-contact thermometer, a clinical grade, FDA-cleared, infrared thermometer. Infrared thermometry is experiencing the fastest growth in the global market for temperature monitoring devices, which is forecast to reach $1 billion by 2020, driven in part by concerns over the spread of highly infectious diseases like Ebola, according to Global Industry Analysts, Inc. Caregiver’s established distribution and customer channels, including the federal government, combined with the additional qualitative synergies of an experienced management team with proven regulatory, sales, distribution and manufacturing expertise, is expected to be of great value when PositiveID reaches commercialization of Firefly Dx.
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