DRAPER, Utah, May 31, 2017 /PRNewswire/ -- Flexpoint Sensor Systems, Inc. (FLXT) today announces increased purchase order volume is being realized from multiple sources and industries. The company remains on a growth path consistent with previous projections and expects that record revenue recognition will result from this growth.
"As expected, at this stage of 2017, the most significant growth is coming from the VR/AR (Virtual Reality/Augmented Reality) market segment. This is being driven by rapidly increasing market demand coming from B2B, gaming and military customers, among others. Key customer contributions in the form of production PO's are coming from previously announced relationships such as Manus VR, CaptoGlove and Virtual Motion Labs," commented Paul Sexauer, Flexpoint VP Sales & Marketing. "There are many others we are still developing. As a result, we see exponential growth in this vertical throughout 2017 and well beyond."
The medical and medical IoT device market segment is also providing consistent order volume. Q2 and Q3 2017 will prove to be the most significant in Flexpoint history as it relates to medical device related revenue contribution. Contributors in this vertical include Neofect (CES 2017 award winner), Haemoband, Gloreha, 11Health and more.
The robotics market is also a pleasant surprise as adoption of the Bend Sensor® is significant among various companies and inventors as this market segment continues its positive expansion. Much of this order and revenue growth is being realized in large part through the increasing number of channel resellers Flexpoint has partnered with since the beginning of 2017 such as NoDNA, RobotShop, and Karlsson Robotics, just to name a few.
As anticipated, the toy market segment is a steadfast contributor to our results. Production PO's are being received with regularity and sensor volumes are increasing based on expanded adoption across an increasing number of product types and models.
Commenting on the wearables marketspace, Sexauer states, "Shoe applications will play a key role in our success in wearables throughout the rest of 2017 and 2018. Athletic and medical applications are the key drivers. We couldn't be more pleased to be seeing these positive developments."
The company remains positioned for a record setting year in both sensor production and revenue.
About Flexpoint Sensor Systems, Inc.
Flexpoint Sensor Systems, Inc. (FLXT) is an innovative technology firm specializing in developing products that feature the Company's patented Bend Sensor® and related technology. The Bend Sensor® is a groundbreaking sensing solution that is revolutionizing applications in many industries such as sports/fitness, automotive, safety, medical and industrial; some of which can be further categorized in the rapidly growing "wearables" space. The Bend Sensor's single-layer, thin film construction cuts costs and mechanical bulk while introducing a range of functions and stylistic design possibilities that have never before been available in sensing technology. Flexpoint's technology and expertise have been recognized by the world's elite business and academic innovators for over 17 years. The company is setting a new standard for sensing solutions in the "smart" age of technology.
This press release contains certain forward-looking statements. Investors are cautioned that certain statements in this release are "forward-looking statements" and involve both known and unknown risks, uncertainties and other factors. Such uncertainties include, among others, certain risks associated with the operation of the company described above. The Company's actual results could differ materially from expected results.
Flexpoint Sensor Systems
Clark Mower, President
Brokers and Analysts
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