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PositiveID Announces 2017 Highlights and Projects Continued 30% Growth(January 10, 2018)
DELRAY BEACH, Fla., Jan. 10, 2018 (GLOBE NEWSWIRE) -- PositiveID Corporation (“PositiveID” or “Company”) (OTC:PSID), a life sciences company focused on detection and diagnostics, announced today 2017 highlights for its molecular diagnostics, mobile labs and medical devices businesses. The Company also reiterated its projection for 30% growth for the 2017 fourth quarter and 2018 first quarter.
ExcitePCR/Molecular Diagnostics Highlights
- Formed ExcitePCR subsidiary to better position FireflyDX for the global, point-of-care diagnostics market and provide a platform for strategic partnership and financing opportunities
- Announced a new product under development, the FireflyDX-Portable, a lightweight, real-time pathogen detection system with commercial availability slated for late 2018
- ExcitePCR’s CEO featured on BioWatch Panel at National Academies of Science, Engineering, and Medicine
- Detected Ebola virus on its lab-based FireflyDX prototype system in a collaborated effort with its assay partner, GenArraytion Inc.
- Formed ExcitePCR board of advisors with industry and subject matter experts
- Continued its testing and evaluation of FireflyDX for applications ranging from food safety to infectious disease detection
E-N-G Mobile Systems (“ENG”)/Mobile Labs Highlights
- Closed strategic investment of $1.5 million in ENG
- Received a $1.2 million purchase order for mobile labs from a single customer, the largest single order received since PositiveID acquired ENG
- Began incorporating advanced drone technology with its product offerings to offer all-inclusive command and control centers and utility operations vehicles with real-time communication capabilities in challenging environments
- Celebrated 40 years in business
- Total vehicle bookings (new contracts and purchase orders signed) up 100% over prior year
- Expanded service business to offer mobile maintenance and repair
Thermomedics/Caregiver Medical Device Highlights
- Completed development and commenced production of a Bluetooth-enabled version of the Caregiver® thermometer to connect wirelessly to patient monitoring stations
- Expanded distribution for Caregiver with National Distribution & Contracting, Inc., and MedPro Associates
- Exhibited at several industry conferences to increase exposure and awareness for Caregiver and generate qualified leads for its national network of distributors
“In 2017, we executed on a number of our goals in our mobile labs and medical device businesses, while continuing to pursue our long-term vision for our FireflyDX products, which includes finding the right strategic partner to complete the testing and development of the FireflyDX-Portable and FireflyDX-Handheld,” stated William J. Caragol, PositiveID’s Chairman and CEO. “Looking ahead, as we continue to build bookings within our mobile labs business and see a more robust sales pipeline for Caregiver, we believe we can deliver growth in excess of 30% for both the 2017 fourth quarter and 2018 first quarter, with continued strength expected through the first half of 2018 and beyond.”
PositiveID, through its ExcitePCR Corporation subsidiary, is developing the FireflyDX family of products, automated pathogen detection systems for rapid diagnostics at the point-of-care/point-of-need (“POC/PON”). The FireflyDX family products, consisting of the FireflyDX-Portable™ and the FireflyDX-Handheld™, are designed to be lab quality, real-time devices able to detect pathogens faster and less expensively than existing systems. FireflyDX’s applications include POC/PON 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.
PositiveID’s E-N-G Mobile Systems (“ENG”) subsidiary 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 1,500 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.
The Company’s Thermomedics subsidiary 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 $0.10 per temperature), storage space, and waste disposal costs.
PositiveID will announce its financial results for the fourth quarter and year ended December 31, 2017 when it files its Form 10-K on or about March 30, 2018.
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.
On August 24, 2017, PositiveID Corporation and its wholly-owned subsidiary PositiveID Diagnostics, Inc. (collectively, the “Seller”), entered into an Asset Purchase Agreement (“APA”) with ExcitePCR Corporation. Pursuant to the APA, at closing, the Seller will sell and deliver to ExcitePCR all assets used in connection with the operation of the FireflyDX technology. For more information on the APA, please read PositiveID’s Form 8-K filed on August 28, 2017, which can be found here.
Statements about PositiveID's future expectations, including the likelihood that Company expects year-over-year growth of over 30% for the 2017 fourth quarter and 2018 first quarter; the likelihood that the FireflyDX-Portable will be commercially available in late 2018; the likelihood that as the Company continues to build bookings within its mobile labs business and sees a more robust sales pipeline for Caregiver, it can deliver growth in excess of 30% for both the 2017 fourth quarter and 2018 first quarter, with continued strength expected through the first half of 2018 and beyond; the likelihood that FireflyDX’s applications include POC/PON 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; the likelihood that Caregiver reduces the risk of cross-contamination, which is an increasing concern, and saves healthcare facilities the cost of covers (as much as $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; the Company’s ability to complete the testing and development of FireflyDX; the likelihood that the Company and ExcitePCR will close the APA; 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 13, 2017, August 14, 2017, and May 15, 2017, 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.
CONTACT: Contact:PositiveID CorporationAllison Tomek(561) [email protected]