Precise touts access control biometrics and digital identity gains in year-end results
Net sales for Precise Biometrics grew by 7.7 million Swedish Kronor (approximately US$730,00) to SEK 91 million ($8.67 million) for full-year 2022, as the company extended its reach in access control biometrics and digital identity.
Precise earned SEK 19.3 million ($1.84 million), declining nearly 30 percent in the fourth quarter of 2022.
Earnings before interest, taxes, depreciation and amortization swung from SEK 1.7 million ($160,000) in Q4 2021 to negative SEK 2 million ($190,000), and the company’s operating loss widened from SEK 2.7 million ($260,000) to SEK 7.8 million ($740,000) compared to the same quarter a year earlier.
The picture was much more stable for the full year, however. Precise booked EBITDA of SEK 1.1 million ($100,000) and an operating loss of SEK 20 million ($1.91 million), the former down from SEK 1.9 million ($180,000) and the latter an increase from a loss of SEK 14.1 million ($1.34 million) in 2021.
“The same high level of activity as before continued in the final quarter with the purpose of developing the company for long-term success,” comments Precise CEO Patrick Höijer. “During the quarter, we were able to present clear progress in line with our strategy, including new partnerships with sensor manufacturers such as the French company Isorg and the Korean company CanvasBio.”
The company’s annual recurring revenue from digital identity products increased by roughly a quarter on the year to SEK 16.2 million ($1.54 million). Precise began re-organizing its Digital Identity unit at the start of calendar-2023.
Precise also highlighted its advance into the U.S. access control market, capped by a partnership recently announced with Genetec.
New algo leader appointed
The company also announced the appointment of Joakim Nydemark as its new executive vice president and chief commercial officer of algorithms.
Nydemark’s previous role was as CEO and COO of Crunchfish subsidiary Crunchfish Gesture Interaction AB. He replaces Fredrik Sjöholm, who departs from Precise to take the CEO role with another company.
“We have a clear growth strategy within Algo where we support our partners to win deals in the mobile segment and support new sensor vendors, while also exploring new verticals and new types of sensors for our algorithms,” says CEO Höijer. He adds that Nydemark’s experience in senior management for innovative tech companies makes him a good fit for the tasks.
Nydemark will start in the role by June 1, 2023.