IDEX ASA - First half year 2017 report
IDEX, a leading developer of advanced fingerprint solutions for mass markets, reports revenues of NOK 4.7 million in the second quarter of 2017 and NOK 11.5 million in the first half of 2017. In the corresponding periods of 2016, the company reported NOK 14.1 million and NOK 17.7 million respectively.
During the first half of 2017, IDEX has launched some ground-breaking technology innovations, as well as making significant commercial progress on its biometric card programmes. The launch of the company's latest ASIC platform enabled IDEX to introduce a new finger print sensor with state-of-the-art power management. The new sensor supports dual-interface biometric card operation without an internal power source. In addition, in August 2017 IDEX has introduced a new matcher algorithm for biometric cards, specifically designed to improve performance for applications with acute power, processing and memory limitations. The matcher completes IDEX's turn-key system solution for cards.
In April, Mastercard and IDEX unveiled its next-generation biometric card programme. The programme has successfully completed end-user trials in South Africa, and most recently in Europe with UniCredit Bulbank. Going forward, further trials will be conducted and preparations for the final card certification are well underway. Mastercard has announced that a commercial roll-out is targeted for late 2017.
In parallel with the Mastercard programme and in response to strong interest, IDEX has broadened its customer engagement, in particular in Asia Pacific. The company recently announced that it had received an initial order for its smart card sensor to a major Asian authentication and security card customer for government identification and access control. IDEX expects several additional customers to commence sampling during the second half of 2017.
IDEX has continued to ship Cardinal sensors to the launched handsets in the first half of 2017. Certain of handsets for which IDEX have design wins have shipped in lower volumes than anticipated by the OEMs and as a consequence of being second source, IDEX's sensors have not been included in these handsets.
The mobile market is rapidly evolving towards infinity displays, which maximizes the viewable area on smartphones. This structural design requires the fingerprint sensor to be moved to the back of the handset or to be integrated into the display itself, both representing unique opportunities for using the IDEX off-chip sensor.
IDEX's strategy is to drive adoption of its sensor technology in three mass markets: cards, mobile and IoT. The company's highest priority is to reinforce its leadership position in the biometric cards market. IDEX continues to make significant investments in its team and accelerating product development and technology innovation.
Please find the first half 2017 report and the presentation of the results enclosed or linked at the end of this notice.
IDEX's CEO Dr. Hemant Mardia and CFO Henrik Knudtzon will present the report and a business review at 09:00 CET today 10 August 2017. The presentation will be broadcasted live and is available at this link: IDEX first half 2017
IDEX develops and sells advanced fingerprint sensor technology and products. The company's technology is used in a range of biometrically enabled applications within three core markets: Smart cards, mobile, and Internet of Things (IoT). IDEX's addressable market represents a fast-growing multi-billion unit opportunity.
IDEX's technology includes both the conventional silicon sensor and a unique off-chip technology, which means that the company can offer its partners solutions which are flexible and cost efficient.
IDEX ASA (ticker IDEX) is a Norwegian company, founded in 1996 and listed on the Oslo stock exchange in 2010.