BIO-key International released its financial results for the third quarter of 2014 today and things are looking positive for the fingerprint biometrics company. Making good on its Q2 promise that this quarter would be impressive, BIO-key once again is reporting strong visibility for the coming financial period, aiming to close out the year on a high point.
The most impressive numbers are apparent when comparing Q3 2014 with the same period last year. Revenue increased by about 197 percent for the three month period when compared year over year. In 2013, the Q3 revenue was $431,576. This year that number is $1,283,847.
That doesn’t just look good on paper, it’s officially the best third quarter BIO-key has ever experienced according to CEO and chairman Michael DePasquale.
“We had a good third quarter,” he says. “In fact, it was the best Q3 on record for the Company, exceeding expectations. We have seen some volatility this year, but as the industry and we emerge into the mainstream, sales for the first nine months of 2014 have grown 84 percent, year over year. Importantly, we head into Q4 with a solid backlog, providing visibility and confidence. We expect 2014 to be a record year for BIO-key as a stand-alone biometric company.”
Q3 2014 has held a large number of notable news items centered around BIO-key. One of the common threads we’ve seen with BIO-key all year has been if focus on making biometric tech available at low cost. This quarter the company entered a strategic agreement with NEXT Biometrics that will see BIO-key’s software on low cost fingerprint readers. The company also launched its mega- affordable SideSwipe mini-USB fingerprint reader.
In conjunction with the release of these results, a conference call was held. The audio of the webcast will be available to stream shortly on the BIO-key website where you can find it for 30 days.
—
November 12, 2014 – by Peter B. Counter
Follow Us