DELRAY BEACH, Fla., April 03, 2017 (GLOBE NEWSWIRE) — PositiveID Corporation (“PositiveID” or “Company”) (OTC:PSID), a life sciences company focused on detection and diagnostics, announced today its financial results for the year ended December 31, 2016. The Company’s Form 10-K can be found in the Investor Relations section of its website at www.psidcorp.com.
For the year ended December 31, 2016, revenues were $5.6 million, compared to $2.9 million for year ended December 31, 2015, an increase of 89%. The increased revenue in 2016 was attributable to the Company’s acquisitions of E-N-G Mobile Systems (“ENG”) and Thermomedics, which markets the Caregiver® non-contact thermometer, in December 2015, resulting in the Mobile Labs and Medical Device segments reporting for the full year ended December 31, 2016. Revenues for 2015 included $2.5 million from a license fee paid by a large commercial partner.
Following its acquisitions of ENG and Thermomedics, PositiveID operates in three segments. Its Mobile Labs segment, comprised of ENG, reported revenue of $5.0 million in 2016. Its Medical Devices segment, which is in the early-growth stage while the Company builds the distribution channel for Caregiver, generated revenues of $417 thousand. The Company’s Molecular Diagnostics segment, consisting of its Firefly Dx prototype system, generated revenues of $115 thousand, all of which was from a U.S. government contract.
“We are very pleased with the seamless integration and execution of ENG and Thermomedics, which led to the significant increase in revenues in 2016,” stated William J. Caragol, Chairman and CEO of PositiveID. “We will continue to focus on growing these businesses organically while we evaluate other strategic acquisitions to further expand these businesses in their respective industries, which are ripe for consolidation, while we pursue a partner to help us finalize the testing and development of the Firefly Dx real-time pathogen detection system.”
ENG designs and builds mobile laboratories, wireless support vehicles (cell-on-wheels and cell-on-light-trucks), radio frequency (“RF”) test platforms, broadcast news vehicles, and other technical vehicles. ENG has delivered more than 1,400 specialty vehicles to customers around the globe, including more than 400 mobile laboratories, 600 broadcast news vehicles, and more than 400 vehicles for cellular, RF, infrared, and other applications.
Thermomedics markets the FDA-cleared Caregiver® thermometer, which 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.
PositiveID is developing the Firefly Dx prototype system to be a handheld, fully automated, lab quality, real-time device able to detect pathogens at the point of need, faster and less expensively than existing devices. 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.
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 https://www.psidcorp.com, or connect with PositiveID on Twitter, Facebook or LinkedIn.
Statements about PositiveID’s future expectations, including the likelihood that its medical devices segment is in the early-growth stage while the Company builds the distribution channel for Caregiver; the likelihood that the Company will continue to focus on growing its businesses organically while it evaluates other strategic acquisitions to further expand these businesses in their respective industries; the likelihood that these industries are ripe for consolidation; the likelihood that 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; 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 specialty vehicle market; the Company’s ability to attract new customers and retain existing customers; the Company’s ability to target the professional healthcare 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 March 31, 2017, and 10-Qs filed on November 18, 2016, August 12, 2016, and May 16, 2016, 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.
Disclaimer:
We do not advise any reader take any specific action. Losses can be larger than expected if the company experiences any problems with liquidity or wide spreads. Our website and newsletter are for entertainment purposes only. Never invest purely based on our alerts. Gains mentioned in our newsletter and on our website may be based on end-of-day or intraday data. This publication and their owners and affiliates may hold positions in the securities mentioned in our alerts, which we may sell at any time without notice to our subscribers, which may have a negative impact on share prices. OTC PR Group/First Equity Group Inc has received compensation of One Million Five Hundred Fifty Thousand Restricted shares and Three Thousand dollars from Positive ID for past advertising, branding, marketing, investor relations and social media services provided by First Equity Group Inc and affiliate brands. First Equity Group Inc. business model is to receive financial compensation to promote public companies. Any compensation is a major conflict of interest in our ability to be unbiased. Therefore, this communication should be viewed as a commercial advertisement only. We have not investigated the background of the hiring third party or parties. The third party, profiled company, or their affiliates likely wish to liquidate shares of the profiled company at or near the time you receive this communication, which has the potential to hurt share prices. Any non-compensated alerts are purely for the purpose of expanding our database for the benefit of our future financially compensated investor relation’s efforts. Frequently companies profiled in our alerts may experience a large increase in volume and share price during the course of investor relations marketing, which may end as soon as the investor relations marketing ceases. The investor relations marketing may be as brief as one day, after which a large decrease in volume and share price is likely to occur. Our emails may contain forward-looking statements, which are not guaranteed to materialize due to a variety of factors. We do not guarantee the timeliness, accuracy, or completeness of the information on our site or in our newsletters. The information in our email newsletters and on our website is believed to be accurate and correct, but has not been independently verified and is not guaranteed to be correct. The information is collected from public sources, such as the profiled company’s website and press releases, but is not researched or verified in any way whatsoever to ensure the publicly available information is correct. Furthermore, First Equity Group Inc. often employs independent contractor writers who may make errors when researching information and preparing these communications regarding profiled companies. Independent writers’ works are double-checked and verified before publication, but it is certainly possible for errors or omissions to take place during editing of independent contractor writer’s communications regarding the profiled company(s). You should assume all information in all of our communications is incorrect until you personally verify the information, and again are encouraged to never invest based on the information contained in our written communications. The information in our disclaimers is subject to change at any time without notice.This newsletter is a paid advertisement, not a recommendation nor an offer to buy or sell securities. This newsletter is owned, operated and edited by First Equity Group Inc. Any wording found in this e-mail or disclaimer referencing to “I” or “we” or “our” or “First Equity Group Inc. ” refers to First Equity Group Inc. Our business model is to be financially compensated to market and promote small public companies. By reading our newsletter and our website you agree to the terms of our disclaimer, which are subject to change at any time. We are not registered or licensed in any jurisdiction whatsoever to provide investing advice or anything of an advisory or consultancy nature, and are therefore are unqualified to give investment recommendations. Always do your own research and consult with a licensed investment professional before investing. This communication is never to be used as the basis of making investment decisions, and is for entertainment purposes only. At most, this communication should serve only as a starting point to do your own research and consult with a licensed professional regarding the companies profiled and discussed. Conduct your own research. Companies with low price per share are speculative and carry a high degree of risk, so only invest what you can afford to lose. By using our service you agree not to hold our site, its editor’s, owners, or staff liable for any damages, financial or otherwise, that may occur due to any action you may take based on the information contained within our newsletters or on our website.
