BIO-key Reports Strong Q3 Visibility In Latest Financial Results

Last week, BIO-key International – a company specializing in biometrics and cloud based mobile credentialing technology – announced its second quarter results for 2014 and the outlook is positive. The first half of this financial year saw the company reporting 44 percent sales growth and declaring strong visibility for the coming Q3.

Biometric Commerce

Last month our sister site published an interview with BIO-key’s Jay Meier on the state of mobile biometric commerce.

The strong Q3 visibility and optimism comes despite Q2 2014’s decrease in sales when compared to the same period last year. BIO-key reported total revenue of $402,788 for the quarter, a five percent decrease when compared to Q2 2013’s $422,257. The smaller number, according to BIO-key, is a result of lower license sales and expected orders pushing further out than June 30, 2014.

BIO-key remains optimistic in the face of this revenue report.

Michael DePasquale, BIO-key’s chairman and CEO, says, “Despite disappointing Q2 sales, our pipeline continues to grow and our visibility of large opportunities continues to improve. In Q1, we reiterated the variable nature of our business and the potential impact to individual quarterly results. Thus, it’s important to note that our sales for the first half of 2014 grew 44% year over year and our booked sales, thus far, for Q3’14 have already substantially exceeded total Q3’13 sales. Therefore we remain confident 2014 should represent a breakout year for BIO-key.”

Looking at Q3, BIO-key expects its revenue to fall somewhere between $800,000 and $1.2 million. If this turns out to be accurate, that will mark a massive improvement over 2013: a 100 to 200 percent increase over Q3 2013.

As has become expected with BIO-key, the conference call held in conjunction with the release of these Q2 results was webcast and recorded. To listen to the full webcast, visit BIO-key’s website. The recording will be available until mid-September.

August 18, 2014 – by Peter B. Counter