Precise Biometrics is focusing on the future with a realigned business strategy in its latest quarterly update.
The company has reported net sales of SEK 16.8 million in its Q3 report, a significant increase against its net sales in Q3 of 2017, which came in at a little under SEK 10.1 million. It also reported an operating loss of SEK 367,000, an improvement over the operating loss of almost SEK 6.5 million reported a year ago.
CEO Stefan K. Persson, who took the helm on August 1st, highlighted the increased sales and reduced loss in his commentary on the results. And he focused on the major structural changes that Precise Biometrics’ management has recently implemented in the company, with Precise Biometrics having announced last month that it would expand beyond the fingerprint recognition that has been is mainstay and into multimodal biometrics; and having announced about a week ago that it will close its second Swedish office in order to consolidate resources at its headquarters in Lund, while opening a new office in Shanghai to better serve the company’s large roster of clients in China and the broader APAC region.
Persson also noted the important developments in the emerging area of biometric payment cards, where Precise Biometrics is one of multiple biometrics specialists vying for a foothold in anticipation of significant returns. “The first contact-based biometric payment cards are approaching their commercial launch,” he said, adding later, “We are expecting initial smaller volumes in the field of smart cards during the second half of 2019, with higher volumes during 2020.”
(Originally posted on FindBiometrics)