PositiveID Corp (OTCMKTS:PSID) a life sciences firm focused on diagnostics and detection, has reported its financial report for the nine and three months closed September 30, 2016. Investors can have a look at firm’s Form 10-Q for 3Q2016 available under ‘Investor Relations’ section of its online platform.
The financial highlights
Revenue for the first nine months closed September 30, 2016 amounted to $4.6 million, versus revenue of $2.7 million for the same period closed September 30, 2015. In the respective period, revenue of $2.5 million was accounted from a license and teaming agreement finalized with the Boeing Company for its M-BAND system. It should be noted that this deal was initiated in 2012. The increased revenue for initial nine months of FY2016 can be attributed to acquisitions of Thermomedics and E-N-G Mobile mechanisms in December 2015.
The CEO William J. Caragol said that in the first nine months of FY2016, their Mobile Labs and Caregiver segment recorded impressive operational performances, with surging revenues and expanding sales. This sort of performance instills confidence in management and team on their continued execution. As the company focus on making the customer base strong and enhance cash flow from the Mobile Lab and Caregiver segment, they also are encouraged to complete the testing and development of Firefly Dx, as they consider each of these operations are key to their future success.
PositiveID’s ENG segment is a pioneer in engineering and producing its MobiLab™ Systems for biological, radiological, nuclear testing and chemical applications. More than 400 ENG MobiLabs are operational across the world. ENG was the preliminary firm to get gas chromatography to a mobile lab, and is a pioneer in establishing mobile platforms that permit standard laboratory-grade instruments being operated successfully in that field.
In the last trading session, the share price of Positive ID surged over 6% to close the day at $0.00160. The up move came at a massive share volume of 488.27 million compared to average share volume of 85.79 million. With the gains recorded in last trading session, the market cap of firm now stands at 532,725.