Precise Biometrics has released its results for the second quarter of the year. The company reports net sales of SEK 23.6 million, which is up from SEK 13.4 million for the same quarter in 2019.
Those figures led to an operating loss of SEK 1.1 million. That represents a dramatic improvement on the SEK 7.3 million loss that Precise experienced one year ago. The company reported a positive cash flow of SEK 2.3 million, as opposed to last year’s negative cash flow of SEK -1.1 million.
In the meantime, Precise reported two major highlights for the quarter. The first is the extension of the company’s licensing agreement with Egis Technology, which is expected to bring in SEK 60 million in 2020 alone. The other is a new contract with Temporary Space Nordics AB. According to the terms of the three-year deal, Precise will provide Temporary Space with YOUNiQ biometric technology to enable biometric access control for its modular facilities.
The company credited its success in the mobile sphere for the strong performance, noting that the COVID-19 pandemic has created a greater demand for contactless technologies.
“All in all the pandemic has highlighted the resilience of our business model,” said Precise CEO Stefan Persson. “Even though it is difficult to judge the situation with regard to macroeconomic effects and demand for consumer cyclicals in future, we expect sales over the next two quarters to be in line with the second quarter, enabling continued investments in future growth.”
Persson also indicated that Precise has moved forward with proof-of-concept deployments at several hospitals, which could lead to commercial contracts in the future. The company has signed a collaborative agreement with NVSS Security, which will act as a service and support partner while helping to drive sales of Precise YOUNiQ as an access control solution.
(Originally posted on FindBiometrics)