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| PSID Reports Q2 2016 Revenue of 1.8 Million Dollars, Up from $51 Thousand in Q2 2015 |
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 Hot Stock to Watch |
Company: PositiveID Corporation (OTCQB: PSID)
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Last:
Price: 0.109
Change (%): + 0.009 (9.00)
Volume: 111,349 |
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PositiveID Reports Q2 2016 Revenue of 1.8 Million Dollars, Up from $51 Thousand in Q2 2015
First Half 2016 Revenues Exceed 3.5 Million Dollars, Up from $182 Thousand in First Half 2015
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 dollars 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 dollars, up from $182 thousand for the six months ended June 30, 2015. Operating loss decreased to 2.6 million dollars for the six months ended June 30, 2016, from an operating loss of 3.4 million dollars 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.
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