May 18, 2016 -
Precise Biometrics issued its financial results for the first quarter of 2016, which saw the company’s best performance since 2009.
The company’s net sales increased by 438 percent over Q1 2015 to reach SEK 24.2 million (US$2.94 million). As such, Precise earned a profit of SEK 6.3 million (US$760,000) for the quarter.
Additionally, the company’s cash and cash equivalents for the quarter were SEK 58.6 million (US$50.7 million).
Precise’s first quarter highlights include integrating Precise BioMatch Mobile in over 25 smartphones; signing licensing agreements with sensor manufacturers Chipone and MStar; partnering with Gemalto, Fingerprint Cards and STMicroelectronics to introduce the first end-to-end security architecture for biometric fingerprint authentication at Mobile World Congress 2016; expanding its licensing agreement with Fingerprint Cards to include Precise BioMatch Embedded for smart cards; and receiving a follow-on order for Tactivo from the Defense Logistics Agency (DLA).
The company also reported several post-first quarter highlights, including integrating Precise BioMatch Mobile in over 15 smartphones, signing licensing agreements with IDEX and Oberthur, and integrating its Precise BioMatch Embedded in Fingerprint Cards (FPC) embedded biometric module solution FPC-BM.
In his own summary, Persson predicted further growth in the smartphone market, noted that longtime sensor partner FPC is transitioning to its own proprietary fingerprint algorithm software, and affirmed that the company is well positioned with its growing number of hardware partners.
“We remain convinced that many of our present and future customers will claim a significant share of the growing market, thus ensuring our ability to grow with high profitability,” said CEO Håkan Persson.
Persson added that the smartcard market is “the next promising market for fingerprint sensors”—an area in which it has actively been collaborating with FPC.
He singled-out Precise Biometrics software’s integration into the new FPC-BM fingerprint module, calling it “a good example of a product that facilitates integration of fingerprint technology within new product areas” such as wearables and cars.”
Persson said that the Internet of Things applications market “in the longer term… can be larger than the market for mobile phones.”
Precise Biometrics recently entered a new licensing agreement with Oberthur Technologies, which will integrate Precise BioMatch Embedded into its PEARL by OT embedded secure element (eSE) solution.