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.
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 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; the likelihood that with its continued growth and horizontal integration of its business the Company will generate 2016 revenues of $5-6 million; the likelihood that the real-time PCR industry is estimated to be a $5.6 billion market by 2020; the likelihood that 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 likelihood that 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; the likelihood that 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; the likelihood that 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, will be of great value when PositiveID reaches commercialization of Firefly Dx; 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 secure a government contract or other partner to help it fund the remaining development of Firefly Dx; 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 April 12, 2016, and 10-Qs filed on November 12, 2015, August 13, 2015, and May 15, 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.