DELRAY BEACH, Fla., Feb. 5, 2015 (GLOBE NEWSWIRE) -- PositiveID Corporation ("PositiveID" or "Company") (OTCQB:PSID), a developer of biological detection and diagnostics solutions, today issued revenue guidance of $3-6 million for 2015.
"We have a significant backlog and pipeline of revenue opportunities for 2015 and beyond, and we are working diligently to bring these opportunities to fruition," commented William J. Caragol, Chairman and CEO of PositiveID. "In the short-term, these opportunities are primarily based on a signed license agreement with a major commercial partner, government programs for operational testing and evaluation of M-BAND, and the further development of Firefly Dx."
M-BAND was developed under contract with the U.S. Department of Homeland Security ("DHS"), Science & Technology directorate, which included $30 million of contract funding, to detect an attack with a biological weapon. Firefly Dx is being developed to meet the growing need in the global PCR market for more rapid and accurate point-of-need diagnostics that will enable hospitals, first responders, and other providers to save lives. The global PCR market is projected to reach approximately $27.4 billion this year, according to a Research and Markets' report Polymerase Chain Reaction (PCR) - Products/Tools - A Global Market Watch, 2009-2015.
In 2014, the Company recorded its first revenue since launching its molecular diagnostics business in 2011, and reported total revenue of $745,000 for the nine months ended September 30, 2014. The Company plans to report its full year 2014 revenue in conjunction with the timely filing of its Form 10-K with the U.S. Securities and Exchange Commission. In addition, the Company has current backlog revenue more than double that which has been recognized to date.
"Based on our successes over the past year and our proven technology, we are confident that we are on track to deliver on this revenue estimate," concluded Caragol.
On January 28, 2015, the Company hosted a conference call and webcast to update its shareholders on its outlook for 2015, including its prospects for commercial and government contracts. To access the replay of the webcast, visit the Company's website at: http://www.positiveidcorp.com/investors_events.html.
About M-BAND
PositiveID's M-BAND (Microfluidic Bio-agent Autonomous Networked Detector) continuously and autonomously analyzes air samples for the detection of biological airborne threats in the form of bacteria, viruses, and toxins for up to 30 days. Results from individual M-BAND instruments are reported via a secure wireless network in real time to give an accurate and up-to-date status of field conditions. M-BAND is the only system of its kind successfully demonstrated in the field under the DHS' BAND Program (Bio-agent Autonomous Networked Detector).
About Firefly Dx
PositiveID's Firefly Dx is a point-of-need, handheld system designed to deliver molecular diagnostic results from a sample in less than 20 minutes, compared to two to four hours for a lab device, using real-time PCR (polymerase chain reaction) chemistry. The system is a two-part device consisting of a portable handheld instrument with wireless communication and disposable single-use cartridges containing all necessary analytical elements. The system is designed to process a variety of sample types, including whole blood, buccal and nasopharyngeal swabs, urine, and environmental field samples.
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.PositiveIDCorp.com.
Statements about PositiveID's future expectations, including the likelihood that the Company has a significant backlog and pipeline of revenue opportunities for 2015 and beyond; the likelihood that the Company is on track to deliver on this revenue estimate; the likelihood that the Company will report its full year 2014 revenue in conjunction with the timely filing of its Form 10-K; the likelihood that Firefly Dx is being developed to meet the growing need in the global PCR market for more rapid and accurate point-of-need diagnostics that will enable hospitals, first responders, and other providers to save lives; the likelihood that the global PCR market is projected to reach approximately $27.4 billion this year; 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 bio-threat detection and rapid medical testing sectors; the Company's ability to complete the development of its Firefly Dx system; 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 April 11, 2014, and 10-Qs filed on November 17, 2014, August 14, 2014, and May 20, 2014, 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.