IDEX ASA interim report for the first half 2014
IDEX ASA interim report for the first half 2014
· First touch fingerprint sensor design win for a flagship smartphone announced on 12 August 2014:
An Asian second-tier mobile OEM has selected IDEX’s new mobile touch fingerprint sensor for its smartphone flagship model
· Strategic partnership agreement with Cypress Semiconductor Corporation:
Volume opportunities in multiple markets: smartphone, tablets, wearables, identity cards and Internet of Things
· Secured volume order from world-class electronics manufacturer World Wide Touch Technology:
Product line with IDEX sensors showcased at Mobile Asia Expo in Shanghai
· Collaboration with CrucialTec to accelerate and sample first-generation small-area mobile touch sensor:
Responding to strong demand for higher-value touch sensors in flagship mobile devices
· Demonstrated the first functional glass fingerprint sensor at the Mobile World Congress in Barcelona:
Key step towards the ultimate sensor: integrated in the cover glass of mobile devices
· Entered into licence agreement with BIO-key to deliver advanced biometric software solutions for mobile market:
The next generation of secure identification solutions and algorithms for mass market consumer devices
· Funds managed by global asset manager Invesco invested NOK 300 million in IDEX:
Landmark investment accelerating development of IDEX as a global leader in fingerprint market
· Industry veterans joined IDEX’s board and Strategy Advisory Council:
Significant industry knowhow advising on strategic trends in rapidly developing fingerprint mass market
Outlook and key upcoming milestones
· Continue developing partnerships providing established high-volume manufacturing and market channels for fingerprint sensors
· Expect mobile devices with first-generation IDEX sensors will be launched later in 2014 or first quarter 2015 resulting from multiple customer evaluations
· Expect initial revenues in the second half of 2014 including deliveries to World Wide Touch Technology
· Developing second-generation two-part fingerprint touch sensors based on flexible circuit technology to meet demand for lower cost and improved biometric performance
· Planning to extend second-generation sensor family by implementation in glass
· Market development of the mass volume biometric card business leveraging initial orders and our unique flex sensor solution
· Continuously strengthening patent and IP position with significant R&D investment
· Resource expansion and hiring key staff to accelerate business execution
· Expecting to gain strong share of multibillion-dollar market for fingerprint sensors
IDEX expects rapid mass-market adoption of fingerprint sensors on a wide range of consumer devices resulting from the critical mass of smartphone adoption and driven by supporting megatrends like mobile payments, password replacement and increased security.
IDEX’s strategy is to leverage its core technology across three mass markets; mobile devices, ID & smart cards and devices being part of Internet of Things.
Following product sampling activity in the second quarter of this year, the first generation of sensors have been selected for qualification by a number of customers as part of the design in specific mobile device developments. This may lead to IDEX sensors being inserted in these devices, if and when these devices are launched by the OEM customers in the market.
As a result, IDEX expects mobile devices with IDEX sensors to be launched later in 2014 or the first quarter of 2015 based on the current customer plans. This means that IDEX continues to expect initial revenues to begin to flow in the second half of 2014 both from these opportunities and the volume order IDEX has already won from World Wide Touch Technologies.
The IDEX team is now rapidly commercialising the second-generation two-part fingerprint touch sensors based on the company’s patented flexible circuit technology. The partnership with Cypress ensures our ability to deliver this new family of sensors to first-tier handset manufacturers. This second generation of IDEX sensors will deliver market disruptive cost reduc-tion, dramatically improve form factor flexibility and contain accuracy and security features which will address the explosive growth of mobile payment transactions.
IDEX is already planning to extend this second-generation sensor family by implementing sensors in glass. The company believes that this revolutionary sensor implementation is unique to IDEX and will provide the ultimate solution for integration of fingerprint recognition in the mobile device.
IDEX is solidly funded to exploit this multibillion-dollar market opportunity in the near future leveraging our differentiated roadmap underpinned by a strong patent position that is building customer traction.
The full report with interim financial statements are enclosed in pdf file or use the link at the very end of this notice.
12 August 2014
Hemant Mardia, CEO, +44 7788 922 171, hm(at)idexbiometrics.com
Henrik Knudtzon CFO, +47 9302 2827, hk(at)idexbiometrics.com
IDEX ASA specialises in fingerprint imaging and recognition technology. IDEX’s vision is to ensure individuals a safe, secure, and user-friendly use of personal ID. IDEX has developed the award-winning SmartFinger technology platform based on the company’s core intellectual property, including the patented fingerprint imaging principle, sensing scheme and chip design. Combined with core software solutions for imaging and authentication, the SmartFinger technology enables on-device enrollment, template storage and verification within the very same module. SmartFinger solutions can be seamlessly integrated into a variety of embedded applications such as mobile phones, one-time password devices, Smartcards, payment and ID cards, payment terminals, access control devices and biometric security and login tokens.
IDEX ASA (ticker IDEX) is a Norwegian public company listed at the Oslo Axess marketplace on the Oslo Børs (Oslo stock exchange). For more information, please visit www.idexbiometrics.com or contact IDEX at email@example.com