PositiveID Corp (OTCMKTS:PSID) should see a boost after the Company reported 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(R) non-contact thermometer.
When PSID does heat up the stock is one to watch as it has a history of making big moves. PSID is an ex NASDAQ stock that used to trade as VeriChip Corp. until they were delisted to the bb’s back in 2011.
PositiveID Corp (OTCMKTS:PSID) is a developer of biological detection systems for America’s homeland defense industry as well as rapid biological testing. They develop microfluidic systems for the automated preparation of and performance of biological assays in order to detect biological threats at high-value locations, as well as analyze samples in a medical environment.
PSID flagship is the Firefly Dx; a handheld system designed to deliver molecular diagnostic results using real-time PCR (polymerase chain reaction) chemistry. The Company is developing the Firefly Dx based on intellectual property and know-how gained during years of development and $30 million of contract funding from the U.S. Department of Homeland Security for the Company’s M-BAND system, which uses PCR for the identification of airborne bio-threats.
PositiveID Corp has miniaturized its proven real-time PCR technology for the handheld Firefly Dx system, which is designed for use by first response teams to detect biological agents associated with weapons of mass destruction; agricultural screening in domestic sectors and developing countries; and point-of-need monitoring of pathogenic outbreaks.
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Earlier this month PSID announced its financial results for the three months ended March 31, 2016. Revenue increased to $1.7 million for the three months ended March 31, 2016, up from $0.1 million for the three months ended March 31, 2015. The increased revenue is attributable to the Company’s acquisitions of E-N-G Mobile Systems, Inc. (“ENG”) and Thermomedics Inc. in December 2015. The Company’s current revenues are primarily generated from its Mobile Labs segment. Gross profit increased from $28,000 in the three months ended March 31, 2015, to $529,000 in the three months ended March 31, 2016, which is also attributable to the Company’s acquisitions of ENG and Thermomedics.
PositiveID is developing the Firefly Dx polymerase chain reaction (“PCR”) breadboard prototype pathogen detection system (“prototype system”) to be a handheld, fully automated, lab quality, real-time device able to detect bio-threats at the point of need. Currently, PCR tests are run on large lab equipment and take a minimum of four hours to deliver results. A design advantage of Firefly Dx is that it does not require additional equipment or separate steps for sample preparation and purification, unlike current lab-based equipment, thus reducing time to results as well as cost per test. In addition, there is significantly less chance of sample contamination compared to existing testing methods.
On April 3 PSID announced 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.
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(R) 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.
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Currently dropping fast PSID has minimal assets or revenues and significant, fast rising debt that can lead to massive dilution. But PSID is an exciting story developing in small caps; they have have recently announced several important acquisitions including Thermomedics Inc that is expected to strengthen PositiveID’s FDA and manufacturing capabilities and E-N-G Mobile Systems, Inc. a leader in mobile labs, homeland security and communications vehicles which has produced average unaudited revenues annually of more than $4 million. PSID has an exciting and revolutionary product in the Firefly Dx that has successfully detected a number of pathogenic organisms including E.coli, influenza, MRSA, MSSA, C. diff and most recently the Zika virus. PSID is also an ex big board stock with a long history of big moves. We will be updating on PSID when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with PSID.
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Disclosure: we hold no position in PSID either long or short and we have not been compensated for this article