DELRAY BEACH, Fla., Nov. 13, 2015 (GLOBE NEWSWIRE) -- PositiveID Corporation (“PositiveID” or “Company”) (OTCQB:PSID), a life sciences company with an extensive patent portfolio, announced today its financial results for three and nine months ended September 30, 2015, which includes $2.7 million of revenue for the nine months ended September 30, 2015, compared to revenue of $0.7 million for the nine months ended September 30, 2014, an increase of 260%.
Revenue for the first nine months of 2014 included the proceeds from two U.S. government contracts. Revenue for the first nine months of 2015 included revenue from a U.S. government contract and $2.5 million from a license fee paid by a large commercial partner, which had been previously deferred. The Company’s Form 10-Q can be found in the Investor Relations section of its website at www.psidcorp.com.
The Company recorded $1.2 million of operating income for the three months ended September 30, 2015, compared to an operating loss of $592,000 for the three months ended September 30, 2014. The Company’s operating loss for the nine months ended September 30, 2015 was $2.2 million, compared to an operating loss of $3.1 million for the nine months ended September 30, 2014.
“In addition to the revenue and operating income we posted in the quarter, we are also proud of our operational performance particularly as it relates to our progress with Firefly Dx,” said William J. Caragol, Chairman and CEO of PositiveID. “We look forward to continuing this positive momentum on our strategic initiatives through the end of 2015, early 2016 and beyond.”
During the 2015 third quarter, the Company achieved significant milestones for its Firefly Dx prototype pathogen detection system (“prototype system”), including:
- Continued testing the Firefly Dx prototype system and successfully detected common hospital-acquired infections including methicillin-resistant Staphylococcus aureus ("MRSA"), methicillin-susceptible Staphylococcus aureus (“MSSA”), and Clostridium difficile (“C. diff”);
- Produced the Company's first article, molded PCR chips for the Firefly Dx cartridge. This advancement will enable the Company to produce large quantities of PCR chips at a lower cost, thereby enabling higher throughput of testing data and cost-effective field applications;
- Entered into an agreement to partner and evaluate GenArraytion Inc.'s assays on the Firefly Dx prototype system. GenArraytion's MultiFLEX Bioassays™ for clinically relevant pathogens and bio-threat agents provide a significant advance in multiplexing flexibility, with up to 20 DNA and/or RNA targets in a single assay panel that can be mixed and matched;
- Entered into strategic financing for $2.4 million to continue the development and testing of the Firefly Dx prototype system with the goal of producing field-testable units, and for general working capital.
- Agreed to acquire Thermomedics, which markets the FDA-cleared Caregiver® non-contact clinical-grade thermometer. This acquisition is a part of PositiveID’s overall growth strategy to add complementary, revenue-generating products and businesses that allow the Company to leverage sales, distribution, manufacturing and regulatory synergies.
PositiveID's Firefly Dx is designed to provide real-time, accurate diagnostic results in less than 20 minutes from a handheld device, thereby leading to treatment scenarios at the point of need that are not possible with existing systems, which require lab-based equipment, highly trained personnel, and can take hours or even days to provide results. 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.
Firefly Dx is targeting the global PCR market, which is projected to reach approximately $27.4 billion this year, according to a Research and Markets' report Polymerase Chain Reaction (PCR) - Products/Tools - A Global Market Watch, 2009-2015.
About PositiveID Corporation
PositiveID Corporation is a life sciences tools and diagnostics company that develops biological detection systems for point-of-need testing and America’s homeland defense industry, and acquires complementary technologies across multiple life sciences verticals. 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 will continue the positive momentum on its strategic initiatives through the end of 2015, early 2016 and beyond; the likelihood that the Company’s first article, molded PCR chips for the Firefly Dx cartridge will enable the Company to produce large quantities of PCR chips at a lower cost, thereby enabling higher throughput of testing data and cost-effective field applications; the likelihood that the global PCR market is projected to reach approximately $27.4 billion this year; 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 bio-threat detection and rapid medical testing sectors; the Company’s ability to complete the development and commercialization of its Firefly Dx system; the Company’s ability to complete the acquisition of Thermomedics; 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 March 30, 2015, and 10-Qs filed on August 13, 2015, May 15, 2015, and November 17, 2014, 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.