Precise Biometrics Issues Second Quarter Update

Precise Biometrics has issued its corporate update for the second quarter and first half of the year.

For the quarter, the company saw net sales of SEK 21.9 million, and after-tax profit of SEK 4.4 million. For the year so far, net sales amounted to SEK 46.1 million, and profit after tax reached SEK 10.7 million.

While the company saw a dip in net sales from the first quarter of this year, which brought in SEK 24.2 million, in a statement announcing the corporate results CEO Håkan Persson pointed out that over the last 12-month period Precise Biometrics net sales increased by 176 percent, reaching SEK 87.9 million, adding, “I am convinced that we will have continued growth ahead.”

Persson celebrated the company’s new client agreements in Q2, and also highlighted a deal with Qualcomm engaged at the start of the third quarter as “a partnership that we feel holds great potential.” And while the company’s efforts in mobile smart cards produced disappointing results, Persson said the company’s management “expect continued growth over time in this business area.”

As for its strong suit—licensing biometric algorithm software to the mobile market—Persson asserted that the company’s Precise BioMatch Mobile technology was used in 40 mobile devices and laptops during Q2, and pointed to growth in the mobile biometrics market that offers “opportunities for growth in both the short term and the long term.”

(Originally posted on FindBiometrics)