PositiveID Corp (OTCMKTS:PSID) enjoyed considerable upside as it finished the last trading session with a solid gain of 13.81%. It could be considered a definite breakout, especially as the strong move appeared after a prolonged phase of consolidation only if it didn’t hit the upper end of the short term range. The day high was formed at $0.0319, exactly inside the short term supply zone. If the next couple of sessions fail to show any extension of the rally above $0.0320 levels, then the entire rally can be retraced. On the other hand, bulls may take this opportunity and run with the ball.
With an objective to enhance its market presence and expertise, PositiveID Corp (OTCMKTS:PSID) has decided to acquire Thermomedics Inc. PositiveID has already entered into an agreement to ensure that it can acquire Thermomedics’ capital stock in a hassle-free way.
PositiveID is known for developing world-class diagnostics and biological detection and solutions while Thermomedics manufactures FDA-cleared Caregiver non-contact clinical-grade thermometer.
Ever increasing market competition in the bio-manufacturing industry has prompted PositiveID to alter its growth tactics. It seeks to shift its focus back to additional revenue generating opportunities, new products and enhanced market reach. The senior management team of the company finds Thermomedics as the perfect entity that can help PositiveID achieve its objectives.
The Caregiver thermometer was invented by those scientists who developed tympanic thermometry. It’s the first non-contact device in the world and comes with TouchFree technology. Caregiver thermometer is an infrared thermometer that can measure the forehead temperature in children, adults and infants, without any contact. Since there is no need for it to put in touch with the patient, the risk of cross-contamination is almost negligible. Additionally, it can also save the cost of covers, waste disposal and storage space.
Not long ago, it was used by the government and many other agencies to fight against Ebola.
Speaking of this acquisition, William J. Caragol, CEO & Chairman, PositiveID, told reporters that his company’s making efforts to commercialize Firefly Dx. The acquisition of Thermomedics will not only help it regarding excessive revenues, but also excellent product team and technical expertise.
Temperature monitoring industry has been growing at a rapid pace. If reports are to be believed, it’s going to surpass $1 billion annual revenue by 2020. Global industry experts claim that emergence of life-threatening diseases like Ebola will push the sales of infrared thermometers most. This trend will not change in the future, which is something PositiveID can look forward to.