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Implant Sciences Corp. (IMSC) develops and manufactures advanced detection capabilities to counter and eliminate the ever-evolving threats from explosives and drugs.
IMSC's explosives trace detection solutions have received approvals and certifications from several international regulatory agencies including the TSA in the U.S., ECAC in Europe, CAAC and the Ministry of Public Safety in China, Russia FSB, STAC in France, and the German Ministry of the Interior.
IMSC receives 2016 DHS Small Business Achievement Award
On Monday, IMSC announced that it is one of the 16 companies that have been selected by the Department of Homeland Security to receive the 2016 DHS Small Business Achievement Award for its outstanding work in support of the DHS' stated mission to help ensure a homeland that is safe, secure, and resilient against terrorism and other hazards.
According to DHS, Implant Sciences was honored for its "excellent support to TSA and being responsive to a changing environment and working hard to meet requirements while providing excellent service," a May 2 press release stated.
"The fact that we were nominated for this award due to our work with TSA, our biggest customer to date, is something we are truly excited about," said IMSC's president Robert Liscouski, in the May 2 press release. "We aim to be responsive to the needs of our customers, and our commitment to them extends far beyond shipping the order."
IMSC announces follow-on orders for European nations
In late March, IMSC announced that it shipped approximately $1M of its QS-B220 desktop explosives and drugs trace detectors and its QS-H150 handheld explosives trace detectors.
A large portion of the sales, which were previously unannounced, were shipped to fulfill additional demand for aviation security in European nations. Over the past year, IMSC has been selected by high profile airports across 14 EU nations and has deployed over 1,000 units to support ECAC regulations, according to a Mar. 31 press release.
"Implant Sciences continues to perform as the market leader, selected time and again by the busiest airports in Europe," said IMSC's Executive Vice President Dr. Darryl Jones in the Mar. 31 press release. "We are pleased by our ongoing success in this market and we look forward to continuing to deliver to these customers as we work to develop new solutions and product offerings to meet their critical security needs."
IMSC reports 500 percent increase in revenue for six months ended Dec. 31
Last February, IMSC reported results for the three and six-month periods ended Dec. 31, 2015.
Revenues for the three-month period ended Dec. 31 increased 380.7 percent to approximately $10.3M, from $2.1M in the same period a year earlier. In addition, IMSC cut its net loss for the period to $3.3M as compared with a net loss of $6.2M for the same period a year earlier, according to a Feb. 11 press release.
For the six-months ended Dec. 31, IMSC's revenue increased 515.6 percent to $24.7M, compared to $4M for the same six-month period a year earlier. The company was also able to cut its net loss for the six-month period ended Dec. 31 to $4.2M, compared to a net loss of $11.6M for the same period a year earlier.
"We are extremely pleased with the results of our recently completed quarter, a quarter in which we recorded revenues in excess of prior fiscal years revenues, a quarter in which we continued our penetration in the European aviation market with additional follow-on orders following the successful ECAC deployment in our first quarter and the initial delivery to U.S. airports under the delivery order with the Transportation Security Administration," said IMSC's CEO Dr. William McGann in the Feb. 11 press release. "The production ramp we experienced in our first quarter continued unabated this quarter, demonstrating our capabilities from not only a manufacturing and supply chain perspective, but from a working capital management perspective. In prior earnings releases and conference calls, we discussed our need to become self-sufficient and generate the cash flow required from internal operations. Thus far this year, we have successfully self-funded the significant working capital required to deliver the record revenues being reported today. We're continuing to invest and expect to increase our investment in technology, with the intent introduce new product that will increase the size of the security market we can penetrate."
To learn more about IMSC, visit: http://www.implantsciences.com/
Disc laimer:
Do not base any investment decision upon any of the materials found in this publication or on our Web site.
The information contained on our website or in any of our newsletters is for informational purposes only, and is not intended to be advice, nor a recommendation and/or guidance for investment decisions. In preparing our publications, we rely upon publicly available information including articles written and published by third parties, corporate Web sites, filings, and press releases which we believe to be reliable, but have not verified. Past performance does not guarantee future results. We are engaged in the business of profiling companies for monetary compensation. All direct and third party compensation received has been disclosed in our newsletter and/or our website in accordance with section 17 (b) of the Secu rities Act of 19 33.
Co mpen sation: We have not been compensated for this publication. We do not own any shares of Implant Sciences Corp.
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