DELRAY BEACH, Fla., April 24, 2017 (GLOBE NEWSWIRE) -- PositiveID Corporation (“PositiveID” or “Company”) (OTCQB:PSID), a life sciences company focused on detection and diagnostics, announced today it has published an updated report on market opportunities for its molecular diagnostics, mobile labs, and infrared thermometry businesses.
The Company’s molecular diagnostics business is focused on its Firefly Dx real-time polymerase chain reaction (PCR) detection system, which is being developed to be a handheld, fully automated, lab quality, real-time device able to detect pathogens at the point of need. Firefly's applications include point-of-need, lab-quality, detection of pathogenic organisms; agricultural and food screening in both domestic sectors and developing countries; and detection of biological agents associated with weapons of mass destruction. According to BCC Research, the global point of care diagnostics market is expected to grow from $19.3 billion in 2016 to $28.3 billion in 2021.
PositiveID’s mobile labs business, consisting of its wholly owned subsidiary, E-N-G Mobile Systems (“ENG”), is a leader in engineering and produces its proprietary MobiLab™ Systems, mobile labs for biological, chemical, radiological and nuclear testing applications. Over 400 ENG MobiLabs are in operation throughout the world. In addition to mobile labs, ENG also manufactures communications/command centers, broadcast news vehicles, radio frequency monitoring vehicles, infrared monitoring and video communications vehicle systems, and a wide range of mobile systems for emergency preparedness and threat response. According to Research and Markets, the global market for specialty commercial vehicle builders is expected to increase from $17.6 billion in 2015 to $21.2 billion in 2020.
The Company’s medical device business consists of its Caregiver infrared thermometer, which is FDA cleared for measurement of forehead temperature in adults, children, and infants, without contact. It delivers an oral-equivalent temperature directly from the forehead in one to two seconds. Since there is no skin contact and Caregiver does not require probe cover supplies, it reduces the risk of cross-contamination, and saves healthcare facilities the cost of covers (as much as $0.05 to $0.10 per temperature), storage space, and waste disposal costs. Research from Global Industry Analysts projects the global body temperature monitoring at $1 billion by 2020, with infrared/non-contact thermometry experiencing the fastest growth due to concerns over the spread of infectious diseases.
About PositiveID Corporation
PositiveID Corporation is a life sciences tools and diagnostics company with an extensive patent portfolio. PositiveID develops biological detection and diagnostics systems, specializing in the development of microfluidic systems for the automated preparation of and performance of biological assays. PositiveID is also a leader in the mobile technology vehicle market, with a focus on the laboratory market and homeland security. For more information on PositiveID, please visit http://www.psidcorp.com, or connect with PositiveID on Twitter, Facebook or LinkedIn.
Statements about PositiveID's future expectations, including the likelihood that the addressable markets for its molecular diagnostics, mobile labs and medical device businesses exceed $30 billion; the likelihood that the global point of care diagnostics market is expected to grow from $19.3 billion in 2016 to $28.3 billion in 2021; the likelihood that the global body temperature monitoring will reach $1 billion by 2020, with infrared/non-contact thermometry experiencing the fastest growth; the likelihood that the global market for specialty commercial vehicle builders is expected to increase from $17.6 billion in 2015 to $21.2 billion in 2020; the likelihood that since there is no skin contact and Caregiver does not require probe cover supplies, it reduces the risk of cross-contamination, and saves healthcare facilities the cost of covers (as much as $0.05 to $0.10 per temperature), storage space, and waste disposal costs; constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Litigation Reform Act of 1995. Such forward-looking statements involve risks and uncertainties and are subject to change at any time, and PositiveID's actual results could differ materially from expected results. These risks and uncertainties include, without limitation, the Company’s ability to target the professional healthcare market, as well as other risks. Additional information about these and other factors that could affect the Company's business is set forth in the Company's various filings with the Securities and Exchange Commission, including those set forth in the Company's 10-K filed on March 31, 2017, and 10-Qs filed on November 18, 2016, August 12, 2016, and May 16, 2016, under the caption "Risk Factors." The Company undertakes no obligation to update or release any revisions to these forward-looking statements to reflect events or circumstances after the date of this statement or to reflect the occurrence of unanticipated events, except as required by law.