PositiveID Corporation (PSID) is a groundbreaking life sciences and diagnostics company that develops biological detection and diagnostics systems. The corporation produces unique based on the development of microfluidic systems of automatic preparation and biological assays. William Caragol, PositiveID Chairman and CEO, took the time to sit for an interview with SmallcapVoice.com to discuss the company’s achievements and goals.
PositiveID reported 2015 revenue of $2.9 million, more than doubling its 2014 revenue. Overall, the company has seen an increase in assets of 360 percent from 2014 to a total asset value of $4.7 million in 2015. During this period of drastic revenue increase, PositiveID Corporation continued to invest in research and development, a strategy that is even more important for a life sciences brand than for the average company. The company also continue the testing and development of its Firefly Dx handheld pathogen detection system, opening its doors to a wider range of potential customers.
The Firefly Dx is a handheld unit designed to work in real-time to detect pathogens through a polymerase chain reaction system. The Firefly Dx breadboard prototype was created in 2015 and the Company’s technologies can revolutionize the sample purification and PCR detection process. This lab prototype was successful at detecting various pathogens in less than 30 minutes, including MRSA and E.coli.
The benefits of having a handheld pathogen detection system are many, especially as the world continues to face growing fears of disease outbreak and contamination. Outbreaks such as Ebola and the Zika virus have led to worldwide concerns about the way pathogens spread and demonstrated a lack of technology on the field in the most vulnerable areas. Technology such as the Firefly Dx could give pathogen response personnel more convenient and accurate equipment for assessing the presence of one or multiple pathogens on the go.
In 2015, a record-breaking year for the company, the Firefly technology successfully completed Phase I of the Department of Homeland Security’s SenseNet program. The company also successfully tested the M-BAND airborn bio-threat detector as part of the Department of Defense JUPITR program, which led to more than $1 million in revenues for PositiveID.
Two major acquisitions marked the success of PositiveID in 2015. The first acquisition was E-N-G Mobile Systems, Inc., an established business with a focus on mobile laboratories for biological and chemical needs. The company demonstrated an impressive market share with an average of $4 million in revenue each year for the last ten years.
The other major acquisition was Caregiver, an FDA-cleared non-contact thermometer that targets a rapidly growing market that is part of the overall $1 billion thermometry market by 2020. With high gross margins, this best-in-class brand was easy to integrate with PositiveID Corporation’s interests and current success. Infrared thermometers are leading the temperature monitoring device market in terms of sales and growth. The spread of diseases and the rise of epidemics like Ebola have increased the need for these highly-accurate and portable devices.
It is easy to see how both acquisitions add to the PositiveID portfolio. From identifying pathogen threats in the field, to the creation of mobile laboratories and highly-accurate temperature reading devices, PositiveID is an industry leader in terms of on-the-go medical technology. PositiveID expects to continue the momentum it saw in the last portion of 2015 due to these savvy acquisitions by keeping an eye on changing trends in the industry and acquiring when it sees fit. The synergy that has been created between PositiveID, Caregiver and E-N-G Mobile Systems is a great example of a network being created within a single corporation.
It is estimated that PositiveID will grow from revenues of $2.9 million in 2015 to $5-6 million in 2016. This projection is approximately doubling the company’s value within the span of a single fiscal year. This type of growth is possible due to the CEO’s focus on research and development. While some companies would focus solely on the pathogen detection systems that have earned the company its positive reputation, Caragol demonstrates a drive to pursue new research opportunities and acquire other companies that fit in well with his corporation’s portfolio.
PositiveID (PSID) is a great example of a brand that is changing the way an industry works while working to making a profit. Mobile medical technology that moves testing out of the laboratory is a growing market that until recently has been largely overlooked. PositiveID has assumed leadership in the mobile technology vehicle market, creating new and innovative products while coming alongside existing brands to provide the funding and guidance needed to take other products in the market to the next level. From real-time pathogen detection to mobile laboratories, observers of the mobile technology market should expect to see the PositiveID brand on an upward climb throughout 2016.
CEO for SmallCapVoice.com, Inc.
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