Precise Biometrics Reports 178% Sales Improvement in Q4 Update

Biometrics News - Precise Biometrics Reports 178% Sales Improvement in Q4 Update

Precise Biometrics‘ upswing continues in its latest fiscal report. The update covers the biometric software specialist’s fiscal fourth quarter for 2019, and the full fiscal year.

Net sales for the quarter came in at a little over SEK 38.8 million, compared to net sales of roughly SEK 13.9 million in Q4 of 2018. That’s an increase of 178 percent; and it’s also an improvement over the preceding quarter, with Precise Biometrics’ having seen net sales of about SEK 27.5 million in Q3 of 2019.

Looking to Precise Biometrics’ net result, it’s a mirror image compared to Q4 of 2018. The company is reporting a profit of SEK 13,180,000 for the latest quarter, compared to a loss of SEK 13,870,000 a year ago. For the full fiscal year, the net result for 2019 was a profit of SEK 590,000, compared to a net loss of SEK 20,228,000 in 2018.

“I am delighted to be able to present a strong quarter for Precise,” commented the company’s CEO, Stefan K. Persson, in a statement announcing the results. “Our new strategy of working in a more focused way and getting close to the end customer – combined with positive market development – has contributed to a high rate of growth for the company during 2019. We are also seeing the result of the cost savings carried out during the year, which have had a positive impact on profits.”

Persson went on to explain that the company’s increase in net sales was primarily attributable to its partnership with Egis Technology, and that this partnership is expected to continue to produce positive results in 2020 – though the coronavirus outbreak has led to an “uncertain situation in Asia” and that is expected to have an impact on Precise and its partners’ business going forward.

Persson also highlighted Precise Biometrics’ partnership with facial recognition specialist Innovatrics and the opportunities this is opening up in the access control market; and its partnership with Infinity Optics to develop sophisticated cyptographic technology – “an example of our innovative ability, where Precise holds a leading position,” he said.

February 14, 2020 – by Alex Perala