DELRAY BEACH, Florida, February 11, 2016 /PRNewswire/ --
PositiveID Corporation ("PositiveID" or "Company") (OTCQB: PSID), a life sciences company focused on detection and diagnostics, announced today that its Thermomedics subsidiary, which markets the Caregiver® FDA-cleared non-contact thermometer, made significant progress on its growth plan in January 2016, including entering into agreements with five new healthcare products distributors, increasing sequential monthly sales growth, and establishing several near-term pipeline opportunities.
Thermomedics' Caregiver thermometer is targeting the fastest growing segment of the global temperature monitoring device market, estimated at $1 billion by 2020. Caregiver is a clinical grade, infrared thermometer for measurement of forehead temperature in adults, children, and infants, without contact. It delivers an oral-equivalent temperature directly from the forehead in 1-2 seconds. Since there is no skin contact and Caregiver does not require probe cover supplies, it reduces the risk of cross-contamination, which is an increasing concern, and saves healthcare facilities the cost of covers (as much as $0.05 to $0.10 per temperature), storage space, and waste disposal costs.
It is estimated that Caregiver can offer savings of $250 or more per year per device in probe cover supplies alone. Other methods of clinical thermometry, which include predictive oral/rectal/axillary electronic, infrared tympanic, temporal artery contact scanner, etc., may require expensive protective probe covers, intensive technique concentration, which make them prone to mistaken placement or dwell time, and many have the potential to need replacement metal probes, cords, or other parts.
"January 2016 was the first full month of Thermomedics operations under PositiveID's management control," stated William J. Caragol, Chairman and CEO of PositiveID. "We already see that by better capitalizing the business, entering into new distribution agreements, managing inventory, and planning for the future, we can generate immediate results in this business operationally and financially. We expect Caregiver to be an important contributor to PositiveID's 2016 total revenues, and with extremely attractive gross margins for this product we are looking to ramp Caregiver sales as quickly as possible."
Caregiver is the world's first non-contact thermometer with TouchFree™ technology and was developed by the inventors of tympanic thermometry, who continue to lead the sales effort for Caregiver. The Company markets and sells the Caregiver thermometer primarily through healthcare products distributors.
The global market for temperature monitoring devices is forecast to reach $1 billion by 2020, with infrared thermometers experiencing the fastest growth driven in part by concerns over the spread of highly infectious diseases like Ebola, according to Global Industry Analysts, Inc.
About PositiveID Corporation
PositiveID Corporation is a life sciences company focused on detection and diagnostics, with an extensive patent portfolio. PositiveID specializes in the development of microfluidic systems for the automated preparation of and performance of biological assays. PositiveID is also a leader in the mobile technology vehicle market, with a focus on the laboratory market and homeland security. For more information on PositiveID, please visit http://www.psidcorp.com, or connect with PositiveID on Twitter, Facebook or LinkedIn.
Statements about PositiveID's future expectations, including the likelihood that the temperature monitoring device market will reach $1 billion by 2020; the likelihood that Caregiver can offer savings of $250 or more per year per device in probe cover supplies alone; the likelihood that Caregiver will be an important contributor to PositiveID's 2016 total revenues; and others made in this press release, 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 successfully integrate Thermomedics into its operations; the Company's ability to gain market share in the global temperature monitoring device market; 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 March 30, 2015, as amended on December 31, 2015, and 10-Qs filed on November 12, 2015, August 13, 2015, and May 15, 2015, 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.
SOURCE PositiveID Corporation