William J. Caragol, Chairman and CEO of PositiveID (PSID), called in to SmallcapVoice.com and discusses the Company’s 2015 accomplishments and 2016 goals, including an overview of its two recent acquisitions.
In December 2015, PositiveID acquired two complementary businesses, E-N-G Mobile Systems, Inc. (“ENG”) and Thermomedics, Inc., which bring new revenue streams with significant growth prospects to PositiveID, while the Company works to complete the development and testing of its Firefly Dx real-time pathogen detection system. The acquisitions bring synergistic product offerings, experienced management, and a strong customer and distribution network.
ENG is a leader in mobile labs, homeland security and communications vehicles, which has recorded average unaudited revenues annually of more than $4 million. Thermomedics markets the Caregiver® non-contact thermometer, which is a clinical grade, FDA-cleared, infrared thermometer for measurement of forehead temperature in adults, children, and infants, without contact, in under two seconds.
- Acquired E-N-G Mobile Systems, Inc., a growing business focused on mobile biological and chemical labs, with strong market share that has recorded average revenues of $4 million per year for the last decade
- Acquired the FDA-cleared Caregiver® non-contact thermometer, which has 80% gross margins and is targeting the largest growing segment of the temperature monitoring device market, which is forecast to reach $1 billion by 2020
- Reported record revenue of $2.7 million for the nine months ended September 30, 2015
- Completed the Firefly Dx benchtop prototype for point-of-need pathogen detection, including PCR capability, sample preparation and real-time optics, and filed associated patents
- Successfully detected multiple pathogens, including influenza, MRSA, MSSA, E.coli, C. diff and others, in less than 20 minutes on the Firefly Dx prototype PCR system, which is targeting the real-time PCR industry, estimated to be a $5.6 billion market by 2020
- Successfully completed Phase I of the Department of Homeland Security’s SenseNet program with Firefly Dx
- Completed successful testing of the M-BAND airborne bio-threat detector under the Department of Defense JUPITR program, a contract that generated over $1 million for the Company
“During the last month of 2015, PositiveID acquired two new businesses, which are very complementary to our detection and diagnostics business, helping us evolve into a much stronger, horizontally integrated company,” stated William J. Caragol, Chairman and CEO of PositiveID. “These two companies bring synergistic product offerings, experienced management, and a robust customer and distribution network. We now have multiple, new, near-term and sustainable revenue streams with growth and expansion opportunities, which we plan to build upon while we complete the development and testing of our Firefly Dx real-time pathogen detection system.”
This interview may include forward looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this release. Although the Company believes that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof.