Precise Biometrics reports Q2 results, sees strong traction for Precise BioMatch Mobile
Precise Biometrics has reported its financial results for the second quarter of 2015 and the first half of 2015, which includes consolidated net sales of SEK 10.0 million (US$1.17 million) in Q2.
This marks a significant increase over the 7 million SEK (US$820,000) the company reported in the same period last year.
Additionally, Precise Biometrics improved its overall loss in Q2 with SEK 7.9 million (US$930,000), compared to 9.7 million (US$1.4 million) in Q2 2014.
In terms of its financial results for the first half of the year, Precise Biometrics saw its consolidated net sales increase to SEK 14.6 (US$1.71 million) compared to SK 14.2 million (US$1.67 million) in the same period last year.
Meanwhile, the company’s operating loss improved to SEK 16.6 (US$1.95 million), compared to 20.8 SEK million (US$2.44 million) in the second half of 2014.
The company’s largest share of sales stemmed from its fingerprint technology business area, which accounted for SEK 10.3 (US$1.21 million), compared to 2.8 SEK million ($330,000) in the same period last year.
Revenues comprised of deliveries of the firm’s fingerprint technology to Fingerprint Cards as well as royalties from the ongoing NID project in Portugal.
As far as notable developments in the second quarter, the company reported that its Precise BioMatch Mobile product was integrated into eight smartphones through its partnership with Fingerprint Cards.
The company also signed a licensing agreement with Chinese sensor manufacturer Silead, as well as received the 2015 Frost & Sullivan Award for Global Customer Value Leadership in Fingerprint Biometrics for Mobile Devices.
Finally, its Tactivo smart card reader was approved for use with Swedish healthcare system Pascal, the company received a major order for Tactivo from leading NHS trust in the UK, and another follow-up order for Tactivo from the Defense Logistics Agency (DLA).
“The positive trend in the Fingerprint Technology business area has begun to have an effect on the company’s total sales and is becoming increasingly significant for the company’s revenue,” said Håkan Persson, president and CEO of Precise Biometrics. “Mobile Smart Card Solutions business area is also exhibiting a positive trend. Our partnership with Fingerprint Cards has shaped out very well, which is reflected in the Q2 sales figures. The number of partners and their geographic reach is expected to contribute to an increase in the number of smartphones with our biometrics software integrated, which will gradually increase our royalty revenue.”
Previously reported, Precise Biometrics signed a license agreement with Chinese fingerprint sensor manufacturer Silead to include Precise Biometrics´ fingerprint software, Precise BioMatch Mobile into its products portfolio.