Last $0.33 USD
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flexpoint sensor systems inc (FLXT) Snapshot

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01/20/15 - $0.35
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flexpoint sensor systems inc (FLXT) Details

Flexpoint Sensor Systems, Inc., a development stage company, designs, engineers, manufactures, and sells bend sensor technology and products using its patented Bend Sensor flexible potentiometer technology. The Bend Sensor technology is a flexible potentiometer bend sensor product consisting of a coated substrate, such as plastic that changes electrical conductivity as it is bent in a consistent manner. It provides various products for automotive industry applications, including horn switches, seat belt reminders, pedestrian impact detection sensors, comfort seats, and braking systems, as well as alertness detection systems for incorporation into steering wheel assembly. The company also offers products for use in shoes, emergency vehicles, flow control applications, medical beds, disposable colonoscope devices, industrial control systems, medical equipment and instrumentation, computer peripherals, automotive transmission equipment, and commercial vending equipment. In addition, it licenses its Bend Sensor technology. The company sells its products to original equipment manufacturers, manufacturers, or suppliers worldwide. The company was formerly known as Micropoint, Inc. and changed its name to Flexpoint Sensor Systems, Inc. in July 1999. Flexpoint Sensor Systems, Inc. was founded in 1992 and is based in Draper, Utah.

3 Employees
Last Reported Date: 04/2/14
Founded in 1992

flexpoint sensor systems inc (FLXT) Top Compensated Officers

Chief Executive Officer, President, Director,...
Total Annual Compensation: $50.9K
Chief Financial Officer, Controller, Treasure...
Total Annual Compensation: --
Compensation as of Fiscal Year 2013.

flexpoint sensor systems inc (FLXT) Key Developments

Flexpoint Sensor Systems, Inc. Provides Units to Haemoband Surgical, Ltd. for Clinical Trials

Flexpoint Sensor Systems Inc. announced the company shipped additional sensors for the colonoscope to Haemoband Surgical Ltd. on Monday. With the sensors and the display units Haemoband Surgical Ltd. can now begin its clinical trials of the product and they plan to share the system with a number of eminent doctors in the field. Flexpoint delivered screen readers and sensor units, including electronic PCB components, which will be tested and evaluated by selected doctors. Under the terms of the agreement, Flexpoint is to receive a milestone payment upon completion of delivery. Flexpoint is also making requested changes to the base unit and plans to ship the modified units before the end of the year. Haemoband will continue to use the base units they have for the clinical trials until the modified units arrive. At that time, the original base units will be returned to Flexpoint for the requested modifications. The final phase of production, Phase Five, will incorporate the signing off on final specifications and plans. Final production agreements will be completed during early 2015. A full product launch is expected by mid-year 2015. There are about 5 million procedures per year in the US alone with growth expected as population ages in industrial nations. Each phase of production results in payments to Flexpoint from Haemoband Surgical Ltd. The contract totals for the deliverables will result in record revenues for the company. Once the product is completed and available for market, Haemoband Surgical Ltd. and Flexpoint will cooperate to bring other medical device products to market. Flexpoint Sensor Systems Inc. has been appointed as principle subcontractor for the project as a result of their unique expertise in bend sensor technology. Haemoband Surgical Ltd., with assistance of QUB, identified this company as a primary source of applicable technology. A contractor with the desired skills and experience could not be found in the UK or Europe.

Flexpoint Sensor Systems Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014

Flexpoint Sensor Systems Inc. reported earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported total revenue of $124,464 compared to $33,407 in total revenue during third quarter of 2013. This represents a 273% increase in revenue. Net loss was $232,434 or $0.00 EPS versus a net loss of $188,229 or $0.00 EPS during third quarter of 2013. The increase in revenue during this quarter was primarily due to the company entering into a development agreement with Bend Tech and the work with Haemoband Surgical Ltd. For the first nine months, revenues totaled $221,117 versus $75,182 during the first nine months of 2013. Net losses were $728,915 or $0.01 EPS compared to net losses of $688,183 or $0.01 EPS.

Flexpoint Sensor Systems, Inc. Announces Delivery of Sensors

Flexpoint Sensor Systems Inc. announced that they had received several orders from a variety of companies and universities. Flexpoint announced that they have completed the manufacturing of the vast majority of the sensors and that the sensors have been shipped. Mower also indicated that Flexpoint is on schedule with completion of the sensors and electronics for the Haemoband Surgical Ltd., and for the shoe sensors and associated electronics and software.


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