The development of PositiveID Corp (OTCMKTS:PSID)’s handheld diagnostic system known as Firefly Dx is progressing nicely. The company recently declared a milestone development in the creation of the system following the completion of its chip. More work is needed to complete the handheld test tool, but the company is now inching closer to success.
Firefly Dx is being offered a tool for rapid and more accurate testing of biological agents. The U.S. Department of Homeland Security is funding the development of Firefly Dx. PositiveID Corp (OTCMKTS:PSID) has said that the system will be able to yield test results in a short time of less than 20 minutes. Existing tests take several hours and even days to give results, which can be challenging in emergency situations.
Given its quick and accurate detection abilities, Firefly Dx can be applied in the screening of threats such as the Ebola Virus at strategic locations such as airports. Firefly Dx is also suitable for use in remote areas and by first response teams where large-scale tests are not accessible.
PositiveID Corp (OTCMKTS:PSID) has also developed large-scale detection system for lab and hospital settings, but the handheld Firefly Dx boost the fight against biological threats. The company expects to have the portable Firefly Dx out in the next several months.
As PositiveID Corp (OTCMKTS:PSID) continued to innovate for new products, the company expects its top-line to take a significant forward leap this year. The company guided for 2015 revenue in the range of $3-$6 million. PositiveID generated its first revenue in 2014 and tapped $745,000 of revenue in the first three quarters of 2014.
PositiveID Corp (OTCMKTS:PSID) has recognized various sales opportunities that will enable it to post significant revenue gain in 2015. The opportunities include licensing agreements, contracts with the government and a strong product pipeline.
Shares of PositiveID have dropped more than 61% over the past one year.