Precise Biometrics Q3 financial results show continued growth
Precise Biometrics has issued the financial results for the third quarter, which saw a consolidated net sales of SEK 25.5 million (US$2.8 million) million and an after-tax profit of SEK 17.8 million (US$1.9 million).
The first three quarters of 2016 saw a combined net sales of SEK 71.6 million (US$7.8 million) and an after-tax profit of SEK 28.5 million (US$3.1 million).
The third quarter was one of Precise’s single best quarters, with a 16 percent net sales increase over the previous quarter.
Additionally, the company signed licensing agreements with the sensor manufacturer Betterlife and Qualcomm Technologies, Inc.
“The company’s sales performance during the quarter reflects the strength of our market position and the company’s strategy,” said Håkan Persson, CEO of Precise Biometrics. “We have succeeded in increasing sales in the fingerprint technology business area by 21 percent compared with the previous quarter, despite a significant fall in revenues from our major customer. Growth during the third quarter comes from many of our customers having started to supply sensors to mobile phone manufacturers, and a positive impact of licensing fees from several of our customers.
Following the third quarter, the company signed licensing agreements with Image Match Design Inc, InvenSense Inc and Samsung System LSI Business, a division within Samsung Electronics Co., Ltd, which Persson said “is now moving into the market for fingerprint sensors”.
During the quarter three of Precise’s customers generated royalty revenues, resulting in a total of eight customers receiving royalty revenues.
The quarter also brought along 24 new mobile devices integrated with Precise BioMatch Mobile, including the Xiaomi Mi 5S.
The company’s fingerprint software is now integrated into more than 160 mobile devices from over 40 different manufacturers.
Other major highlights include Precise’s algorithm solution being certified by the national institute for the Internet and security in South Korea, and being awarded an order in the Swedish healthcare market for a more wide-ranging pilot project from the City of Gothenburg.
“I see continued growth opportunities for the company. Interest in fingerprint technology is greater than ever,” said Persson. “There is rapid market growth in both mobile devices and new product areas. Our algorithm solutions provide the best user experience and security in the industry. Our scalable business model allows us to grow with good cost control. These conditions leave us well positioned for profitable growth.”
Previously reported, an unnamed OEM in Taiwan launched a smartphone model featuring Fingerprint Cards’ sensor FPC1155 and Precise Biometrics’ Precise BioMatch Mobile.