IDEX ASA interim report for the first half of 2015
Highlights in the first half
- Ground-breaking off-chip touch sensors currently being actively sampled by select top-tier mobile customers with positive feedback
– Volume manufacturing established in partnership with Cypress Semiconductor and AMKOR supporting product competitive advantage
- Executed commercial agreement with world leading Fortune 500 company in July
– Will accelerate commercialisation, enable mass production and wide distribution of IDEX’s transformational in-glass fingerprint sensor modules
- Entered into strategic partnership with global payments company
– Strong validation of the massive market potential in the card market and the joint biometric payment card program will leverage IDEX technology in Cards market
- Formed collaborative partnership with Nok Nok Labs
– Combines best-in-class security and fingerprint sensor technologies for superior online security solutions and will strengthen IDEX’s ability to supply secure end-to-end online solution
- Strengthened management team and board of directors
– Further enhances technological and business expertise across IDEX
- Private placement of NOK 297 million completed
– Represents strong recognition from blue chip fund manager and enhances long-term funding
- Transferred IDEX listing from Oslo Axess to Oslo Børs
– Traded on the main list from 11 May providing investors enhanced visibility
Outlook and key upcoming milestones
- Positive feedback from sampling of new generation off-chip touch sensor and expect to secure design wins in the second half of 2015 with subsequent sensor shipments
- Accelerated commercialisation of best-in-class sensor technology through announced partnerships in mobile and card market
- Begin sampling in-glass sensor in late 2015 enabled through strategic partnership with Fortune 500 company accelerates time-to-market
- The strategic partnership with the global payments company expected to deliver initial trials in the second half of 2015 which should lead to shipments from late 2016
- Expand existing and new partnerships providing established high-volume manufacturing and market channels to exploit identified market opportunities
- IDEX is now positioned to capture significant share of the multi-billion dollar market opportunity for fingerprint sensors based on strong product portfolio and partners
IDEX’s strategy is to leverage its core technology across three mass markets: mobile devices, ID & smart cards and devices powering the Internet of Things.
In the short term, our major push is the new generation touch sensor developed with our partner Cypress Semiconductor. This is currently being sampled to select leading mobile customers. The feedback has been very positive, and we expect design wins in the second half of 2015, with shipments thereafter.
Within the mobile market, our partnership with the global tier-one company will accelerate adoption and mass commercialisation of IDEX’s in-glass fingerprint sensor modules, which we consider the ultimate solution for the mobile market. Responding to a huge pull for in-glass sensors from mobile OEMs, we expect to be sampling our in-glass fingerprint sensors by the end of 2015.
While mass adoption of fingerprint sensors is being achieved in the mobile market, IDEX is seeing increased interest for payment and ID appli-cations in the smart card market. In the second half of 2015, IDEX and an undisclosed global payments company will commence a worldwide biometric payment card programme.
IDEX expects to continue strengthening the organisation going forward, especially in the USA and the Far East.
The huge commercial opportunities combined with the robust development of both our products and partners and enhanced funding give us confidence that we now have an ex-cellent base from which we can deliver strong growth in a market that will expand strongly over the next 5 years.
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 2015
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. The company has a strong patent portfolio consisting of 25 patent families including more than 215 granted patents, as well as cross licenses with Apple. IDEX has a highly competitive product road map including swipe sensors, touch sensors with disruptive cost positions, and a unique in-glass solution. The company is currently in the process of commercialising the products.
IDEX’s addressable market represents a multi-billion unit opportunity, centred on three core markets: Mobile, ID & smart cards and the Internet of Things. IDEX has seen a substantial increase in interest from global OEMs in the last quarters, and is positioned as of three independent players with the relevant IP to capture market share.
IDEX ASA (ticker IDEX) is a Norwegian public company listed at the Oslo Børs (Oslo stock exchange). For more information, please visit www.idexbiometrics.com or contact IDEX at email@example.com