Demand for fingerprint technology spurs Q3 profits for Precise Biometrics
Precise Biometrics announced that its sales have been developing faster than anticipated, driven by fast growing revenues in fingerprint technology, and good cost control.
As a result, Precise has achieved its previously announced goal of attaining a positive result for the fourth quarter 2015 at EBITDA level, prematurely, in the third quarter.
The company’s EBITDA is expected to increase to 4.4 million SEK (US$512,898) for the third quarter, up from a loss of 4.7 million SEK (loss of US$547,868) in the second quarter.
Additionally, Precise’s group net profit increased to 3.0 million SEK (US$349,828), up from a loss of 7.9 million SEK (US$921,734) in the second quarter.
Precise’s consolidated net sales increased to 18.3 million SEK (US$2.14 million), an increase of 82% over the previous quarter.
In the press release, Precise notes that all figures are preliminary as of now and the company will release its full quarterly report on November 10.
“The market for fingerprint technology continues to grow rapidly,” said Håkan Persson, CEO of Precise Biometrics. “Through our position as the leading supplier of fingerprint software for mobile devices, we are experiencing a surge in demand of our products, which is reflected in the quarter’s sales.”
Previously reported, Precise Biometrics partnered with Fingerprint Cards (FPC) to integrate their mobile fingerprint recognition technology in Blu’s new smartphone, Pure XL.