IDEX ASA interim report for the first quarter 2014
Highlights in this report
- Secured volume order from world-class electronics manufacturer World Wide Touch Technology:
First commercial launch of IDEX sensor embedded in consumer electronics devices
- 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 following launch of iPhone 5S
- Demonstrated the first functional glass fingerprint sensor at the Mobile World Congress in Spain:
Key step towards integrating sensor in cover glass of mobile devices
- Entered into licence agreement with BIO-key to deliver advanced biometric software solutions for mobility 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 veteran Larry Ciaccia, former CEO of AuthenTec, joined IDEX’s Strategy Advisory Council:
Significant industry knowhow advising on strategic trends in rapidly developing fingerprint mass market
Outlook and key upcoming milestones
- CrucialTec partnership provides established high-volume manufacturing and OEM channels for fingerprint sensors
- Evaluation of IDEX sample sensor by multiple mobile device OEMs underway
- Swipe and touch sensor sample deliveries for insertion in consumer devices in the second quarter of 2014
- Showcase of IDEX sensors in commercial product launches for mobile accessories by World Wide Touch Technologies
- Initial revenues from swipe and new touch sensors expected in second half of 2014
- IDEX’s disruptive cost touch sensor and enhanced swipe development to expand market applications in 2015
- IDEX expects to secure market share as one of three vendors with strong IP for low cost capacitive fingerprint sensors
- Focus on strategic tier-one partnerships within the consumer electronics market to drive product insertion
- Setting up scalable supply chain and multiple sourcing for high volume capability and cost efficiency
- Continuously strengthening patent and IP position with significant R&D investment
- Funding for resource expansion and hiring key staff to accelerate business execution is in place
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 the megatrend for mobile payments.
The board of directors of IDEX expects 2014 to show exceptional growth for biometric devices with IDEX gaining market traction as a key contributor:
- The company has received its first volume order, entered into strategic partnerships, demonstrated a glass sensor, and brought key industry experience into its Strategy Advisory Council.
- IDEX is now solidly funded to exploit significant commercial opportunities and market share.
- IDEX has commenced sampling of its mobile sensor products including the acceleration of a small area touch sensor in response to high demand from OEMs.
- IDEX is investing in enhanced technology to deliver competitive advantage and leverage its strong patent position. IDEX is receiving strong customer validation of its unique product roadmap.
- The global sales activities are rapidly increasing, with focus on strategic tier-one partnerships in the consumer electronics market.
- Multiple mobile OEM evaluations are expected to lead to mobile design wins in the second quarter of 2014 and volume shipments starting during second half of 2014.
Industry leaders have underlined the need for touch sensors in addition to low-cost swipe sensors. The relative value of the touch sensors is several times that of swipe sensors and will lead to significant market scale increase for IDEX. Touch sensors offer the desired user experience for flagship products whereas swipe sensors offer cost efficient solutions for low-/mid-end devices. Together this is expected to drive adoption across the complete mobile product portfolio.
IDEX is now one of only three principal vendors of capacitive sensors, which is the preferred sensing principle for consumer devices as a proven mass deployed solution.
With the launch of the Apple iPhone 5s with a touch sensor, followed by multiple Android device launches with swipe sensors and culminating recently in the Samsung Galaxy 5 implementation, the rapid adoption of fingerprint biometric sensors represents a multi-billion dollar mass-market opportunity for IDEX.
The full report and interim financial statements are enclosed in pdf file or use the link at the very end of this notice.
7 May 2014
Hemant Mardia, CEO, +44 7788 922 171, hm(at)idexbiometrics.com
Erling Svela, acting CFO, +47 4062 1040, erling.svela(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 firstname.lastname@example.org