IDEX ASA – Fourth quarter and preliminary year-end 2018 results
Oslo, Norway, 27 February 2019 – IDEX Biometrics (IDEX ASA), the leading provider of advanced fingerprint identification and authentication solutions, today announces a strong end to the 2018 financial year. CEO Stan Swearingen commented:
“The biometric smart card market is poised for significant growth and IDEX has now become a key player in this market. We made great progress in 2018 with our leading technologies and solutions and we are well positioned to create substantial long-term value for shareholders.”
Fourth quarter and recent highlights
- Strong demand for IDEX’s biometric card technologies
- Multiple new customers in fast moving Asian markets; Chutian Dragon, Excelsecu, Goldpac and XH Smart Tech. These come in addition to Feitian, Hengbao and JINCO.
- Operational momentum building
- Partnerships with Visionox to integrate biometric sensors for smart cards employing state-of-the-art display technology
- Partnerships established with leading secure element providers Infineon and CEC Huada Electronic Design Co. to integrate IDEX sensors with enhanced card security solutions
- IDEX’s unique remote enrollment solution ready for commercial adoption
- Robust financial position
- Recent funding of NOK 214 million will enable IDEX to fulfil increasing customer demand and ensure the Company achieves profitability
Continued evolution of the biometric card market
Over the last twelve months the market for biometric cards has gained considerable momentum. Companies right across the smart card ecosystem, such as card integrators, payment scheme providers and component vendors, have expanded development efforts, customer engagements and commercial deployments. Card issuer interest has also become stronger as consumers, who are familiar with the security and convenience of biometrics in mobile, increasingly recognize the benefits that biometrics can bring to payment cards.
This belief is supported by a significant increase in customer interest across EMEA, Americas and Asia for IDEX’s biometric payment card solutions. In the last quarter, IDEX has forged strong commercial partnerships in the fast-growing Asian markets where there is considerable demand for biometric solutions in smart cards.
As a pioneer and thought leader in biometric technology solutions, IDEX is continuously driving the education and widespread adoption its technologies amongst its customers and partners. This strategy is paying off as the market for biometric cards evolves. Major global corporations and financial institutions are increasingly investing in the smart card ecosystem. IDEX is set to augment its leadership position within this market through its unique off-chip technology coupled with its systems approach.
IDEX expects further commercial progress in 2019 as customers seek a differentiated biometric solution. New customer collaborations and contract wins are forecast, leading to a material increase in sensor shipments. Also, having completed development of its sensor for dual-interface cards, multiple pilots and certification are anticipated, with volume orders in the second half of 2019.
IDEX is hosting a presentation of the results today, Wednesday 27 February 2019, at 09:00 CET at the Vika Atrium Conference Centre in Munkedamsveien 45 in Oslo. The presentation will be given by the CEO Stan Swearingen and CFO Henrik Knudtzon.
Please find the fourth quarter 2017 report and the presentation of the results attached or linked at the end of this notice.
For further information contact:
Stuart Hunt, Head of Investor Relations & Communications
+44 1276 534 632
About IDEX Biometrics
IDEX Biometrics, legal name IDEX ASA (OSE: IDEX), is the leading provider of fingerprint identification technologies offering simple, secure and personal authentication for all. We help people make payments, prove their identity, gain access to information, unlock devices or gain admittance to buildings with the touch of a finger. We invent, engineer and commercialize these secure, yet incredibly user-friendly solutions. Our total addressable market represents a fast-growing multi-billion-unit opportunity.
For more information, visit www.idexbiometrics.com and follow @IDEXBiometrics
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.