Precise Biometrics announces growth in Q1 2018 earnings

May 15, 2018, 4:31 pm EDT | Chris Burt

Precise Biometrics announces growth in Q1 2018 earnings

Precise Biometrics has announced net sales growth of 9.2 percent, leading to SEK 18.2 million (US$2.1 million) in net sales revenue for Q1 2018. The company’s net sales were up from SEK 16.6 million ($1.9 million) in Q1 2017, while it cut its operating loss to SEK 2 million ($0.2 million) from SEK 2.7 million ($0.3 million) a year earlier.

“The market for fingerprint technology in mobile phones continues to change at a rapid pace and we continue to follow our strategy focusing on four key areas,” says Torgny Hellström, Chairman of the Board, Precise Biometrics. “We are working with customers and solutions for optical and ultrasound sensors in the high-price segment and for capacitive sensors in the low-price segment, both of which have growth potential. The fact that our software is in the first phone with an under-glass ultrasound sensor is evidence of our successful work in the field of new sensor technologies. In the field of biometric cards, we continue to strengthen our position through new partnership agreements, and we are involved in several exciting projects in new areas of application.”

The smartphone with an ultrasonic in-display fingerprint sensor Hellström refers to is the Huawei Honor 10, which implements Precise BioMatch Mobile software. Hellström notes that Precise has 10 customers in the smartphone market, which improves its chances of winning future orders.

He also expresses optimism in the biometric card market, in which Precise BioMatch Embedded was used in a pilot by Visa and Mountain America Credit Union, which is reported to be the first of its kind in the U.S.

The company also expanded a licensing agreement with Crossmatch during the quarter, and appointed Stefan K. Persson CEO, effective August 1.

“Our vision of convenient and secure identity authentication for everyone, everywhere, is more relevant now than ever,” Hellström comments. “Biometrics will replace passwords and other forms of authentication for cars, locks and wearables, areas in which we are involved in several projects and intend to drive and continue to be part of developments in the future.”