PositiveID Corp (OTCMKTS:PSID) has released its financial report for the nine months closed September 30, 2016. The firm’s Form 10-Q for 3Q2016 can be seen in the Investor Relations segment of its website. Revenue for the nine months closed September 30, 2016 came at $4.6 million, against revenue of $2.7 million in the same period, a year earlier.
In that period revenue of $2.5 million was due to a teaming and license deal that the firm finalized with the Boeing Company in 2012 related to its M-BAND system. The jump in revenue for the reported period can be attributed to firm’s acquisitions of “ENG” and Thermomedics in the last December.
The management speaks
William J. Caragol, the CEO and Chairman of PositiveID, said that through the reported period, the Mobile Labs and Caregiver operations have recorded robust operational performances, with expanding sales pipelines and growing revenues that provide management confidence on their continued execution. As the company focus on expanding the cash flow and strong customer base for the ENG Mobile Lab and Caregiver operations, they also are extremely encouraged to close the advancement and evaluation of Firefly Dx, as they consider each of these operations are key to future achievement.
PositiveID is advancing the Firefly Dx prototype mechanism to be fully automated, real-time, lab quality and a handheld, equipment able to identify pathogens as and when required. A design benefit of Firefly Dx is that it doesn’t need separate steps or additional equipment for sample preparation and purification, contrasting to existing lab-based equipment.
This advancement reduces time to results and expense incurred per test. Firefly’s applications comprise lab-quality, point-of-need, finding of pathogenic organisms; food and agricultural screening in developing countries and domestic sectors; and uncovering of biological agents linked with tools of mass destruction.
The company’s ENG business is a pioneer in engineering and making its MobiLab™ Systems, mobile laboratories for chemical, radiological, nuclear testing and biological applications. More than 400 ENG MobiLabs are functional across the globe. ENG became the first firm to fit gas chromatography in a mobile laboratory.
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