Business
Identiv Reports Second Quarter 2020 Results
FREMONT, Calif., Aug. 06, 2020 (GLOBE NEWSWIRE) -- Identiv, Inc. (NASDAQ: INVE), a global provider of secure identification and physical security, reported
About this update from Identiv, Inc.
[{"type":"text","content":"FREMONT, Calif., Aug. 06, 2020 (GLOBE NEWSWIRE) -- Identiv, Inc. (NASDAQ: INVE), a global provider of secure identification and physical security, reported financial results for the second quarter ended June 30, 2020. \n Recent Financial and Operational Highlights Revenue in Identity increased 18% sequentially to $11.6 millionRFID grew 36% year-over-yearFederal access control increased 28% 1st half 2020 over 1st half 2019Recurring revenue was 8% of total revenue, or $1.5 millionSoftware and services revenue was 11% of total revenue, or $2.0 millionTotal revenue increased sequentially 5%Backlog for orders requested to ship in the 3rd quarter totaled $13 million, up 140% year-over-yearCash and cash equivalents totaled $13.1 millionDeveloped NFC-enabled, wearable body temperature measurement patch, which supports the reopening of public venues and facilitates simple patient monitoringLaunched 3VR Prime, the industry’s first complete video management hardware and software system as a serviceCOVID-19 solutions gaining traction with more than 200 requests for Cirrus and MobilisID demos as well as requests for over 75,000 body temperature measurement tag sample units as of July 31, 2020. Second Quarter 2020 Financial ResultsRevenue for the second quarter of 2020 was $19.1 million, an increase of 5% from $18.1 million in the prior quarter and a decrease of 14% from $22.2 million in the second quarter of 2019. Revenues in the Identity segment were driven by higher sales of readers and RFID transponder products, which were offset by lower access card sales. Revenues in the Premises segment were affected by lower sales of access control and video hardware, partially offset by higher Hirsch Velocity software product sales and related support services. The hardware revenue decrease was largely due to the inability of commercial dealers to access customer sites and delays in purchases from retail and hospitality customers, both due to COVID-19, partially offset by continuing access and sales to federal government customers. GAAP gross margin was 40.4% in the second quarter of 2020, a decrease from 41.4% in the prior quarter and a decrease from 44.4% in the second quarter of 2019. The sequential and year-over-year gross margin decline was primarily attributable to a higher number of lower margin RFID transponder products sold, which decreased ...