IDEX quarterly report says progress made towards commercializing biometric smart cards

8 November 2018

IDEX has made significant progress towards commercializing its biometric smart card products in Q3 2018, according to the company’s third quarter report. Product sales generated NOK 1.1 million (US$130,000) in revenue during the quarter, down from NOK 3.5 million ($420,000) in the same quarter a year earlier, as the company continues a transition towards serving the mass market for biometric payment cards under Stan Swearingen, who became CEO on April 1.

The company cut its operating expenses by just over 7 percent from NOK 62.6 million ($7.48 million) to NOK 58.1 million ($6.94 million), largely due to lower external development expenses. IDEX also trimmed its head-count from 118 full-time employees at the end of 2017 to 112 at the end of June, and then to 104 as of September 30. No further significant staffing changes are expected.

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