When the closing bell rang indicating the close of Friday’s trading session, the stocks of PositiveID Corp (OTCMKTS:PSID) were sitting nearly 2% in the green zone. Although the outcome of the trading session was positive, the same cannot be stated for the actual performance of PSID. The stock opened with a gap down moved to a high of the day of $0.03 but ultimately declined and closed flat at $0.0285.
Back in October, 2014, PositiveID was able to cross $0.08 level thanks to the Ebola that attracted the public when the initial cases of the disease were reported in the US. The company claimed that they had an effective device that could assist in the prevention of a outbreak. The device was named as the FireflyDX.
FireflyDx is a handheld polymerase chain reaction pathogen detection device capable of providing results faster than the standard method of sending the probes to a laboratory. Unfortunately for all those investors who rushed to invest in the company impressed by the news of the device were disappointed as the device is still under development. PositiveID said that the final field testable prototypes will be carried out in 2016 and then it will be followed by commercialization.
The financial performance
There are a lot more news surrounding PositiveID Corp (OTCMKTS:PSID). In other news, it paid $2.5 million to acquire the rights to manufacture and commercialize its other product,’ the M-BAND,’ in North America. The main issue with the company is its financial results. As per the latest report for the quarter ended September 30, 2014, PositiveID had cash of $418,000 thousand, $432,000 as total current assets and $7.8 million in total current liabilities. The revenue in the quarter was $325,000 and net loss was $1.3 million. The working capital deficit stood at more than $7million.