IDEX ASA interim report for the third quarter of 2015
Third quarter highlights – Continuing strong progress:
- The Eagle off-chip sensor is now in volume production for World Wide Touch Technology, which validates both IDEX’s technology and our supply chain capabilities
- Activity across IDEX’s sensor portfolio continues with major mobile OEMs with progress beyond validation to deep integration and compatibility testing at lead prospective customers. In parallel sales efforts with a wider customer base are being ramped-up with partners – demonstrating the high credibility of IDEX’s offerings and the advantage of a channel partner structure
- Customer roadshow conducted with IDEX’s world-leading Fortune 500 glass technology partner resulted in a very positive reaction to new in-glass sensor technology from top-tier mobile OEM customers
- Solid progress on development of card programme with top-tier global payments partner
- Entered into collaborative partnership with California-based on-line security leader Nok Nok Labs, a key supplier to Samsung and Paypal, which will strengthen and deepen end-to-end solution capabilities
Outlook – Design wins expected:
- Expects that recently increased sampling and integration activity will lead to design wins in the near future, leading to orders for commercial volumes
- Anticipates sampling of in-glass sensors in early 2016 and volume ramp-up commencing in the second half of 2016 given the excellent progress made in product development with IDEX’s Fortune 500 partner
- Similar progress in our global payments partnership expected to result in biometric card trials in the next few months, leading to initial commercial shipments in late 2016
- Tangible progress on products demonstrates that IDEX is in a very strong position to secure a significant share of multi-billion dollar market opportunity for fingerprint sensors in both the mobile device and payment card markets
The full report is attached in pdf file/link at the very end of this notice.
IDEX’s strategy continues to be focused on exploiting its unique flexible, off-chip based sensor technology across three mass markets: mobile devices, ID and smart cards and the Internet of Things. In the near term, the goal is to drive sales of the new generation Eagle polymer touch sensor and semiconductor solution. Heightened levels of evaluation and integration testing activity in recent months is encouraging and is increasing the likelihood of securing mobile device design wins in the near future.
IDEX considers in-glass fingerprint sensing the ultimate solution for the mobile market, as it enables both superior biometric performance and excellent industrial design flexibility on the front of the device. The excellent progress achieved on IDEX’s joint in-glass sensor programme with a major Fortune 500 partner is accelerating development timescales and providing proven world-class high volume manufacturing, capable of serving an industry-wide distribution network. IDEX fully expects that this momentum and the recent roadshow activity will lead to trials of IDEX’s in-glass sensors in early 2016 and a volume ramp-up commencing in the second half of 2016.
Mass adoption of fingerprint sensors has begun to proliferate the mobile market as a result IDEX is now seeing increased interest in its technology for the secure identification and payment card markets. IDEX is developing solutions for this segment within the strategic partnership announced in June with a major global payments company. This development programme is progressing very well and the company expects to deliver trials in the first half of next year and initial volumes in late 2016.
Adoption of fingerprint sensors is clearly expanding rapidly across mobile and other application areas, and it is now readily acknowledged that there will be significant growth and demand for the technology to support increasing demands for secure identity management in the virtual world. IDEX believes that its portfolio of high performance, cost-effective products, supported by a deeply competent organisation, first-tier partners, and a solid financial position, will allow the company to capture a significant share of the fast growing, multi-billion dollar market opportunity for fingerprint sensors.
11 November 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 225 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 firstname.lastname@example.org