Precise Biometrics announces first half results as focus shifts, new CEO takes over

Precise Biometrics announces first half results as focus shifts, new CEO takes over

Precise Biometrics has announced net sales for the remaining operation of SEK 18.7 million (US$2 million) in the second quarter and SEK 36.9 million ($4 million) for the first half of 2018, as the company reported progress in the mobile business area it is focusing on in its latest earnings report.

Having disposed of its Mobile Smart Card Solutions business area at the beginning of the year, Precise restated its previously reported earning figures for comparison purposes, which shows net sales almost identical in the first halves of 2017 and 2018. The company had an operating loss of SEK 3.3 million ($360,000) in Q2 2018, and of SEK 5.3 million ($570,000) in 1H 2018, and its gross margin fell to 82.8 percent in the quarter, but the results also showed reasons for optimism.

“The prices of capacitive fingerprint sensors are continuing to fall, which enables more mobile phones in the low-price segment to get such sensors. Our software is included in a number of phones in this segment that were launched recently, from suppliers including Nokia, TCL and Lenovo,” comments Precise Biometrics Chairman Torgny Hellström.

“New pilot projects with biometric payment cards have been launched, and at the same time the evaluations from the first pilot projects in countries including the USA and Japan have generated overwhelmingly positive responses. The major benefits highlighted in these evaluations are that biometric payment cards provide a smooth user experience and that fingerprints are perceived to be a more secure authentication method than PIN codes.”

The biggest boon for the company may be the success of the Huawei Honor 10, which uses Precise BioMatch Mobile with an ultrasonic fingerprint sensor from Qualcomm. The smartphone has sold more than 3 million units in less than 3 months, and Precise plans to continue collaborating with customers focussing on optical and ultrasound sensors.

Hellström also said that the first specification for biometric payment cards is expected from Mastercard before the end of the year, indicating that they could be used commercially and provide Precise with royalty revenues later on in 2019.

Precise is looking for a successor to CFO Göran Thuresson, who it announced in June will leave the company once his replacement is found. Stefan K Persson also took over as CEO on August 1.

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