Precise Biometrics CEO Highlights Three-pronged Progress in Q2 Update

“As previously communicated, we are expecting modest initial volumes of biometric smart cards to be delivered at the end of 2019, followed by larger volumes in 2020.” – Stefan K. Persson, CEO, Precise Biometrics

Precise Biometrics has issued its latest quarterly results, depicting a dip in revenues but continuing progress in the company’s three key strategic areas.

The second quarter of Precise Biometrics’ fiscal 2019 saw net sales of roughly SEK 13.4 million, compared to net sales of about SEK 18.7 million in the corresponding period last year. The biometric algorithm specialist is reporting an operating loss of about SEK 7.3 million, compared to an operating loss of SEK 3.3 million a year ago.

Commenting on the results in a statement, Precise Biometrics CEO Stefan K. Persson emphasized the “important progress” in the three key business areas outlined by the company’s leadership last autumn: digital identity, mobile devices, and biometric smart cards.

With respect to digital identity, Persson highlighted Precise Biometrics’ contract with Covr Security, which will see the organizations work together on a digital identity product based on Precise Biometrics’ YOUNiQ offering. In the mobile devices area, meanwhile, dropping ASPs continue to affect Precise Biometrics, but the company established an important partnership with sensor maker Egis Technology, and Persson says that a larger industry shift toward optical fingerprint sensors will help his firm to attain more market share.

As for biometric cards and biometric payment cards in particular – an area in which numerous players are expecting major payoffs down the road – Persson highlighted Precise Biometrics’ partnership with NXP and their success in attain CAST certification from Mastercard for their secure processing module. “As previously communicated, we are expecting modest initial volumes of biometric smart cards to be delivered at the end of 2019, followed by larger volumes in 2020,” he said.