VFC's Stock House: Implant Sciences Primed For Growth With TSA Approval
TSA approval places IMSC in the mainstream of homeland defense.
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it was revealed in a spontaneous conference call that the United States Transportation Security Administration (TSA) had approved Implant's Quantum Sniffer (QS)-B220 explosive trace detector for use in air cargo screening. This ruling could be considered the 'holy grail' of the validation process for Implant Sciences as it allows the QS technology to be listed in the next edition of the 'Air Cargo Screening Technology List' and opens up a new - and potentially very lucrative - avenue for revenue. It also offers a huge round of validation for the technology, as many government agencies - both in the US and around the globe - follow TSA validation guidelines in regards to their purchases. It's quite possible that now, with TSA approval in the bag, orders from these countries and agencies will start flowing in.
As noted by company officials during the conference call, the QS-B220 can now be sold to "everyone, everywhere," with this approval, "and that wasn't the case before."
Of note, as of December 3rd, the TSA has mandated that all cargo in-bound to the US on passenger aircraft will be screened for explosives and this is a market that Implant Sciences intends to exploit. Given the benefits that the QS technology holds over the competitive standard currently on the market, there is reason to believe that market penetration could materialize quickly.
Possibly the most significant advantage is that the ionization process used to detect explosives - and/or narcotics - contains no radioactive particles. That not only eliminates any safety concerns for personnel using or being inspected by Sniffer technology, but it also eliminates the added layers of licensing and regulatory concerns that would be included in any implementation plans.
Just as significant a benefit is the quick "clear down" process for the QS. "Clear down" is the amount of time needed for a system to 'reset' itself after use before it is available for another round of inspection and detection. Implant's Sniffers can complete this process within seconds, while the standard for the competition is minutes. That's huge, when considering the need for speed and efficiency in meeting today's high demand for bulk cargo inspections, let alone the demands implemented the TSA's air cargo mandate.
Implant can also be considered a 'patriotic play,' as it is the only American company to have passed the rugged TSA validation process in this arena. In a time when American companies and the US government are looking for internal otpions, Implant stands to make a competitive play in the homeland defense and air security markets.
Additional advantages, as outlined on Implant's website, are very high ratings for accuracy - especially when compared to x-ray - and extremely low 'false positive' rates. In noting these distinct advantages, there's reason to believe that Implant is positioned to make a jump to the big leagues and mainstream of global defense, and compete head-to-head with the likes of the UK's Smith's Detection (SMGZY).
Such a jump may be swift, as this company has been laying a foundation for some time. Some key additions to the management team have been added over the past year or so and not only added an extra layer of credibility to the still-growing company, but provided an 'in' with relevant entities in the homeland defense arena and ensured that the right personnel were in place to complete the mission of growth, once/if full TSA validation became a reality.
Dr. Bill McGann, for example, a pioneer of trace detection technology was appointed just months ago as the Chief Operating Officer and was added as a member of the company's Board. Dr. McGann co-founded Ion Track Instruments, the first ETD provider to receive TSA certification, and subsequently sold that company to General Electric (GE) for nearly $200 million before becoming the Chief Technology Officer for GE Security.
Implant also added Dr. Darryl Jones as the VP of Sales and Marketing. Dr. Jones was another addition also heavily-embedded in the homeland security market and is also a veteran of GE Security. He also has a tour under his belt of leading sales and marketing for Safran's Morpho Detection.
Implant also took care of some financial housekeeping late last year when a credit agreement with its primary secured lender, DMRJ Group LLC, was extended until the end of March of this year. DMRJ holds over $20 million in Implant debt and the extension provided the company a full two quarters of development and progress before Implant had to worry about the debt coming due.
The pieces had already been falling into place in terms of revenue growth lately, as numerous orders have been announced over the past months with increasing lot sizes, and there's reason to believe that the pace of new orders will pick up even more rapidly now, with TSA approval in the bag.
Implant Sciences may have just entered the mainstream.
Disclosure: Long IMSC.
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