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Precise Biometrics publishes Q1 interim report, says govt agency and gym chain accounted for majority of sales

Precise Biometrics has published its interim report for the period of January to March, 2014, showing net sales of US$1.1 million.

According to the company, during the first quarter, it launched its Tactivo mini and Tactivo for iPad Air. With these new additions, Precise says it has a complete portfolio of Tactivo products for all available iPhone and iPad iterations.

Operating costs amounted to US$2.29 million, an increase from last year, which the company says is due to costs related to the Mobile Smart Card Solutions business area and is caused primarily by a higher level of depreciation of activated development costs.

As of March 31, 2014, equity amounted to US$18.89 million, and available cash amounted to US$13.08 million. Available cash is higher compared to last year, says the company, through the new issues of shares in 2013. This resulted in a total capital injection of US$19.78 million.

The company’s full interim report is available from its website.

“We are not pleased with our sales and result level,” Håkan Persson, President and CEO of Precise Biometrics said in the company’s interim report. “The majority of our sales in the first quarter were derived from the business area Desktop & Physical Access Solutions, which consists of fingerprint readers and solutions for physical access to premises and computers. A government agency customer in the Middle East and the gym chain Fitness24Seven accounted for most of our sales. We had however expected a better development and higher earnings from our mobile smart card reader Tactivo. A total of about 600 Tactivo readers were sold during the quarter, most of which were sold to U.S. government agency partners. The readers are mainly used for test purposes before future roll-outs. Outside of the US, sales have mainly gone to partners focusing on health care solutions.”

As for 2014, the Persson says the prospects for a broader roll-out of Tactivo are beginning to fall into place and the company is optimistic about the prospects for its algorithm offering, Precise BioMatch Mobile.

“We are continuing with our intensive sales and development efforts, in close dialogue with customers and partners,” Persson said. “Considering our position in the market we see promising opportunities to generate earnings and growth.”

Reported previously, in February, Precise Biometrics published its year-end report for 2013, saying that it’s fourth quarter fell short.

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