Precise Biometrics issues Q2 and H1 2016 financial results

August 22, 2016 - 

Precise Biometrics has issued the financial results of the second quarter and first half of the year, which saw the company reach net sales of SEK 21.9 million (US$2.6 million), and after-tax profit of SEK 4.4 million (US$520,000) in the second quarter.

For the the first half of 2016, Precise’s net sales amounted to SEK 46.1 million (US$5.5 million), and profit after tax reached SEK 10.7 million (US$1.3 million).

Despite this, the company saw a slight decrease in net sales from the first quarter of 2016, which brought in SEK 24.2 million (US$2.9 million).

This decline can be attributed to the fact that the company’s net sales have increased by 176 percent over the last 12 months to reach SEK 87.9 million (US$2.5 million).

“I am of course not satisfied with the discontinued net sales growth compared to the first quarter, but I am convinced that we will have continued growth ahead,” said Håkan Persson, CEO of Precise Biometrics. “However, I am pleased that the positive trend of new customer agreements continued during the second quarter, and that we signed an agreement with Qualcomm at the beginning of the third quarter. This is a partnership that we feel holds great potential.”

And while the company’s efforts in mobile smart cards yielded disappointing results, Persson said Precise’s management “expect continued growth over time in this business area.”

Precise continues to see strong results in licensing biometric algorithm software to the mobile market with its Precise BioMatch Mobile technology being used in 40 mobile devices and laptops during Q2, Persson said.

He also emphasized that the company’s growth in the mobile biometrics market offers “opportunities for growth in both the short term and the long term.”

Previously reported, Fingerprint Cards (FPC) and Precise Biometrics fingerprint technology has been integrated in new Huawei mobile devices.

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About Justin Lee

Justin Lee has been a contributor with Biometric Update since 2014. Previously, he was a staff writer for web hosting magazine and website, theWHIR. For more than a decade, Justin has written for various publications on issues relating to technology, arts and culture, and entertainment. Follow him on Twitter @BiometricJustin.