BIO-key reports strong finish to 2015 in shareholders update

January 12, 2016 - 

Biometrics software and technology firm BIO-key International, Inc. Chairman & CEO Michael DePasquale updated its shareholders on the company’s progress and outlook, calling the past year “a period of unprecedented growth and transformation for our company, our portfolio of biometric solutions and our geographic reach”.

In the shareholder update letter, he continued, “We believe our efforts during the past year fortified our organization in several key respects, making us financially and operationally stronger and positioning us for a far broader base of global growth opportunities.”

2015 saw the introduction of the SideSwipe and EcoID series of compact, cost effective fingerprint readers and DePasquale says that the results have been encouraging so far. “We now have a number of prospects and customers that have purchased and deployed our reader solutions or are testing them for future use.”

Bio-key plans to introduce another compact fingerprint reader that is designed to operate on all Windows, Linux and Android devices in Q1 2016.

The past year also saw BIO-key selected as Microsoft’s exclusive biometric solution partner and brought on the roadshow for the Microsoft Ignite your Business with Windows 10 and Office 2016 launch events to demonstrate its fingerprint readers.

The company closed out 2015 – results not yet final – with a strong Q4 performance that exceeded both the bottom end of its revenue guidance range of $1.4M to $2.2M and its full year 2015 revenues are expected to fall within its guidance range of $5.0 – $6.0 million.

Q4 2015 saw a number of sales highlights and BIO-key also structured and completed a significant strategic partnership and equity financing with China Goldjoy Group Limited. BIO-key says they have started the integration of China Goldjoy’s FingerQ software into the BIO-key platform as part of its plans to enter the global payment market.

DePasquale summarized the update by saying: “We are encouraged about the industry and regulatory dynamics that are accelerating demand for stronger security measures, including two-factor authentication. We have been anticipating this trend for several years and working diligently to position BIO-key to fully participate in these opportunities. We believe that the industry, regulatory and technology elements are coming into alignment and that we have never been in a better position to drive improved top-line and bottom-line performance from our growing portfolio of solutions in 2016 and the years to come.”

In a recent interview with BiometricUpdate.com, DePasquale discussed the company’s product developments and projects throughout 2015, growth in the OEM and mobility business segment, and how Windows 10 and its Hello security feature are helping to change the perception of biometrics among the general public.

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About Stephen Mayhew

Stephen Mayhew is the publisher and co-founder of Biometrics Research Group, Inc.. His experience includes a mix of entrepreneurship, brand development and publishing. Stephen attended Carleton University and lives in Toronto, Canada. Connect with Stephen on LinkindIn.