PositiveID Corporation (OTCQB: PSID) is engaged in the development and marketing of diagnostic and bio-detection systems. The diagnostics company is seeing shares dive 41.51% during early trading on Monday, November 21, 2016. Over the past three months, PositiveID Corporation, has seen average daily volume of 19.22 million shares. However, the company has seen volume of nearly 131.2 million shares or dollar volume of $432,960, already exchange hands through early trading on Monday.
PositiveID Corporation is diving on Monday, after the company released third quarter 2016 earnings. PositiveID Corporation reported nine-month revenue, ending on September 2016. During the nine-month period in 2016, the company reported revenue of $4.6 million. This compares to the nine-month period in 2015, which the company reported revenues of $2.7 million. Here is the full press release detailing of the third quarter earnings release:
PositiveID Corporation Press Release:
DELRAY BEACH, Fla., Nov. 21, 2016 (GLOBE NEWSWIRE) — PositiveID Corporation (“PositiveID” or “Company”) (PSID), a life sciences company focused on detection and diagnostics, has announced its financial results for the three and nine months ended September 30, 2016. The Company’s Form 10-Q for the third quarter of 2016 can be found in the Investor Relations section of its website at www.psidcorp.com.
Revenue for the nine months ended September 30, 2016 totaled $4.6 million, compared to revenue of $2.7 million for the nine months ended September 30, 2015, during which period $2.5 million was due to a license and teaming agreement that the Company entered into with the Boeing Company in 2012 for its M-BAND system. The increased revenue for the 2016 period is attributable to the Company’s acquisitions of E-N-G Mobile Systems (“ENG”) and Thermomedics in December 2015.
“Through the first nine months of this year, our Mobile Labs and Caregiver businesses have delivered solid operational performances, with growing revenues and expanding sales pipelines that give us confidence about their continued execution,” stated William J. Caragol, Chairman and CEO of PositiveID. “As we focus on growing the strong customer base and cash flow of the ENG Mobile Lab and Caregiver businesses, we also are highly motivated to complete the development and testing of Firefly Dx, as we believe each of these businesses are key to our future success.”
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. 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. 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.
PositiveID’s ENG business is a leader in engineering and producing its proprietary MobiLab™ Systems, mobile labs for biological, chemical, radiological and nuclear testing applications. Over 400 ENG MobiLabs are in operation throughout the world. ENG was the first company to install gas chromatography in a mobile lab, and is a pioneer in developing mobile platforms that allow standard laboratory-grade instruments to be operated successfully in the field.
Caregiver 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. It is estimated that Caregiver can offer savings of $250 or more per year per device in probe cover supplies alone.
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.