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BIO-key International reports record sales but $51k net loss in Q3

BIO-key International, a provider of fingerprint biometrics, cloud-based mobile credentialing and identity verification solutions, has reported a net loss of $51,526 in its latest quarterly results, but a nearly 200 percent revenue growth between Q3 2013 and Q3 2014, showing its potential for profitability.

BIO-key’s latest Q3 financial report, covering the three months ended September 30, 2014, showed a total revenue of $1,283,847, compared to Q3 2013’s $431,576 in revenue and $782,554 net loss. The company’s sales grew 84 percent over the first nine months of 2014, thanks to higher license sales and higher service revenue.

“We had a good third quarter. In fact, it was the best Q3 on record for the Company, exceeding expectations,” BIO-key Chairman and CEO Michael DePasquale said in a statement. He noted “some volatility this year” but that the company is confident heading into Q4 with a solid backlog and good visibility.

DePasquale stated, “During Q3, we pursued new pipeline opportunities, including numerous healthcare deals. Our strategic partners are starting to produce deal-flow for us and we won a couple of these opportunities in the quarter. Further, we began developing a true VAR channel, the third tier of our sales platform. While we won’t include potentially significant one-off opportunities in our guidance, we are actively pursuing a few, including previously mentioned bank-related opportunities that could materially enhance our Q4 and 2015 outlook.”

BIO-key has also announced $1.43 million in additional financing this week, which DePasquale said is “important at this time.” He continued, “There is no doubt the industry is taking off and, with it, we are currently experiencing double digit growth. It’s a very exciting time for BIO-key.”

Last month, BIO-key released “SideSwipe”, a compact $34.99 USB fingerprint reader aimed at providing on-the-go enrollment and identification on the device or in conjunction with cloud applications.

In recent months, BIO-key also demonstrated a biometric identification solution for blood donors called “TruDonor” that could replace traditional donor ID cards, and provided fingerprint authentication solutions to three new eye care centers, allowing patient records to be securely and conveniently accessed through biometric authentication.

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