PositiveID Corporation ("PositiveID" or the "Company") (NASDAQ: PSID) announced that it has reported financial results for the quarter ended March 31, 2010, its first full quarter of operations since its acquisition of Steel Vault Corporation in November 2009 and the resulting name change to PositiveID. The Company reported revenues of $673,000 for the first quarter of 2010, compared to revenues of $8,000 for the first quarter of 2009.
As of May 10, 2010 the Company has cash of $5.9 million, inclusive of the first tranche (gross proceeds of $2.3 million) of the recently announced $4.2 million non-convertible preferred stock purchase agreement with Socius Technology Capital Group. PositiveID has no debt.
The Company believes that with its cash on hand and access to further working capital, it is positioned to continue the development of all of its HealthID products, including its non-invasive glucose monitoring products, iGlucose real-time diabetes management system, rapid virus detection system, and its HealthLink personal health record.
The majority of the increase in revenue in the first quarter of 2010 compared to the first quarter of 2009 resulted from sales of the Company's identity security products through its subsidiary, NationalCreditReport.com.
Scott R. Silverman, Chairman and CEO of PositiveID, said, "As we continue to move ahead with the development of our HealthID product portfolio, we believe our strategic direction is well defined and the time has come to initiate quarterly results press releases. We have a strong balance sheet and expect to continue to build our HealthID business, focusing on rapid and unique medical testing devices for both humans and animals."