January 29, 2013 -
BIO-key International has announced that it has received orders in excess of $1 million form healthcare and blood center customers in the fourth quarter of 2012.
New orders include expanded services and technologies for several hospitals, reaching agreements with two blood centers to install BIO-key’s TruDonor ID and sales developed through growing OEM relationships.
BIO-key is a fingerprint verification solutions provider and offers a number of biometric solutions for the healthcare market, including authentication, audit tracking, compliance and patient and donor identification.
“In 2012 we made a significant investment to enhance our position in the healthcare market, a market that will remain strong with the mandated electronic health records initiatives and incentives,” Mike DePasquale, BIO-key CEO said. “Healthcare has natural drivers for our technology; such as the need for physicians to offer a second factor of authentication when processing ePrescriptions. Fingerprint biometrics has been approved by the DEA and every state Board of Pharmacy as an accepted form of two-factor authentication. The National Institute for Standards and Technology (NIST), which sets the standards for DEA compliance, recently tested and rated finger biometric software and BIO-key achieved top scores for speed and accuracy positioning us as the leader in compliance and convenience for healthcare organizations.”
According to the company, BIO-key international solutions are used by thousands of hospitals to access electronic health records, process ePrescriptions and to provide secure access to drug cabinets. Also in the fourth quarter of 2012, BIO-key reached an agreement to provide TruDonor ID to its sixth blood center customer, expanding the Company’s footprint to include over 2 million licensed donor enrollments.
Much of the healthcare industry is migrating to electronic health records and according to BIO-key, the company intends on continuing to provide secure authentication solutions to enable this type of progress. Equally with the introduction of smartphones and tablets, interoperability will allow customers to access applications on any device from a single enrollment.
“BIO-key ended 2012 with measurable momentum as our sales model is starting to resonate; a reason we have positive expectations for the future,” DePasquale said. “In December, we planned on hosting an investor update call, but with several customer projects and strategic initiatives pending we elected to offer today’s announcement and schedule a formal call in February to review strategic initiatives as well as the year-end financial results.”
Reported in BiometricUpdate.com, BIO-key International reported a total revenue for the third quarter 2012 of US$410,000, representing a decrease of 29% from the US$574,000 for the same period in 2011.