NEW YORK, NY / ACCESSWIRE / June 4, 2015 / SeeThruEquity, a leading independent equity research and corporate access firm focused on smallcap and microcap public companies, today announced that it has issued an update note on PositiveID Corporation (OTCQB: PSID) highlighting the substantial progress made by the company on its second phase Firefly Dx product.
The note is available here: PSID Company Note. SeeThruEquity is an approved equity research contributor on Thomson First Call, Capital IQ, FactSet, and Zack’s. The report will also be available on these platforms.
PositiveID Corporation (OTCQB: PSID, “PositiveID”) develops proprietary molecular diagnostic systems for bio-threat detection and rapid medical testing, as well as fully automated pathogen detection systems and assays to detect a range of biological threats at high-value locations. The company has two key product lines, the M-BAND (Microfluidic Bio-agent Autonomous Networked Detector) system, an airborne bio-threat detection system developed for the homeland defense industry, and the Firefly Dx, a real-time, handheld polymerase chain reaction (PCR) automated pathogen detection system designed to be used in the field to detect biological threats without the use of bulky lab equipment. Founded in 2001, PositiveID has a seasoned management team led by Chairman & CEO, William J. Caragol, who has over 25 years of industry experience and has served as the company’s leader since its inception.
Highlights from the note are as follows:
Substantive progress on Firefly Dx in 2015
PositiveID has made nice progress developing the second-phase Firefly Dx, which we believe is a critical product enhancement for the company. The Firefly Dx is a handheld, point-of-need, real-time polymerase chain reaction (PCR) pathogen detection system designed to provide results in less than 20 minutes. So far during the first half of 2015, PositiveID has completed a Firefly Dx breadboard prototype and prototype PCR chip, with successful detection of influenza and E.coli.
Firefly Dx a highly differentiated technology
The Firefly uses much of the same patented and patent-pending technology as PositiveID’s M-BAND product line, but is a two-part miniaturized system consisting of a portable handheld instrument with wireless communication and disposable single-use cartridges. The Firefly Dx technology is supported by four patents and pending patents, and PositiveID’s total patent and pending patent tally covering both M-BAND and FireflyDx is 18. The Firefly is highly differentiated by its flexibility and ability to provide rapid sample purification, accurate biological analysis and test results at the point of need – with results in less than 20 minutes.
Large market opportunity for Firefly Dx
We see the second-phase Firefly Dx as a product with high potential for PositiveID given its ease of use and widespread applications in both military and commercial markets. We also see Firefly Dx as particularly well suited to helping monitor health outbreaks such as Ebola, influenza, Dengue Fever, among others. The global PCR market is estimated to approach $27.4Bn in 2015, according to a recent report by ResearchandMarkets.com.
Price target remains $0.48
Our price target for PositiveID is $0.48, which represents significant potential for upside if achieved. We view the company as significantly undervalued relative to peers, and are encouraged by the substantive progress the company has achieved on its all-important Firefly Dx product line, as well as strong guidance for growth in 2015E of $3mn-$6mn. We note that the midpoint of PositiveID’s guidance compares favorably to our estimate of $4.2mn.
Please review important disclosures on our website at www.seethruequity.com.
About PositiveID Corporation
PositiveID Corporation is an emerging growth company and developer of biological detection systems for America’s homeland defense industry as well as rapid biological testing. PositiveID is focused on the development of microfluidic systems for the automated preparation of and performance of biological assays in order to detect biological threats and analyze biological samples. For more information on PositiveID, please visit http://www.psidcorp.com.
SeeThruEquity is an equity research and corporate access firm focused on companies with less than $1 billion in market capitalization. The research is not paid for and is unbiased. We do not conduct any investment banking or commission based business. We are approved to contribute our research to Thomson One Analytics (First Call), Capital IQ, FactSet, Zacks and distribute our research to our database of opt-in investors. We also contribute our estimates to Thomson Estimates, the leading estimates platform on Wall Street.
For more information visit www.seethruequity.com.