Identiv Reports Q4, Fiscal Year 2016 Results
Revenues for the fourth quarter of 2016 were $14.6 million, compared to $15.6 million in the third quarter of 2016 and $13.1 million in the fourth quarter of fiscal year 2015.
FREMONT, Calif. – Identiv (NASDAQ: INVE) reported fourth quarter revenues of $14.6 million, a 6% sequential decrease compared to $15.6 million in the company’s seasonally adjusted third quarter. The Q4 revenues marked a 12% increase compared to $13.1 million during the same period in 2015.
Full year revenue was $56.2 million, compared to $60.8 million in 2015, an 8% decrease.
Identiv’s physical access control segment generated $6.8 million of revenue in the fourth quarter, ending Dec. 31, down 6% sequentially from the $7.3 million in the third quarter and up 43% from the $4.8 million recorded in the comparable quarter of 2015.
“The decline sequentially is primarily a result of the timing of orders from customers in the key U.S. federal government sector, whose business had generally remained strong for us,” Identiv CFO Sandra Wallach said during a March 9 earnings call. “Indeed, on a full year basis, we saw revenue grow from $20 million in 2015 to $24.7 million in 2016, and we’re continuing to focus on our strong Hirsch customer base and branded products, including our new FICAM solution in addition to further developing our commercial offerings through ICPAM to grow revenue in this segment in 2017.”
Revenue from the company’s identity products – primarily smart card readers, reader modules and chipsets – amounted to $4 million in the fourth quarter, representing an increase of 13% compared to Q3 in 2016. The performance reflected stronger sales primarily in the U.S. market and an increase of 34% over the $3 million recorded in quarter four of 2015.
For the full year, the identity segment revenues amounted to $12.9 million, up 8% from the $12 million achieved in 2015.
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