IDEX ASA issues Q4 2016 and year-end 2016 financial results

February 23, 2017 - 

IDEX has issued its Q4 2016 and year-end 2016 financial results, which recorded revenues of NOK 38.6 million (US$4.6 million) in 2016 compared to NOK 0.3 million (US$36,000) in 2015.

In Q4 2016, the revenues amounted to NOK 12.5 million (US$1.5 million), which represents a significant increase over the NOK 0.2 million (US$24,000) in recorded revenues for Q4 2015.

IDEX said its ongoing biometric smartcard program with strategic eco-system partners is making considerable progress.

The company’s global payments partner completed several trials internally during Q4 2016, followed by new end-customer trials at the beginning of Q1 2017.

In terms of the mobile market, IDEX experienced strong momentum during Q4 2016 with multiple design wins and launches of new smartphones featuring its fingerprint sensor.

In Q1 2017, IDEX launched its next generation ASIC platform for off-chip touch sensors delivering a combination of enhanced performance and reduced power consumption at a lower price point.

The company said it is continuously trying to adapt to the rapidly changing market for fingerprint sensors. During Q4 2016, IDEX made several key technical hires to accelerate product development, specifically in the key areas of card development and mobile display integration.

Moving forward, IDEX and its partners expect to complete several trials with multiple end-customers for banking and financial inclusion initiatives during H1 2017.

Once completed, IDEX expects the card program to move into the formal certification process, and then become available for mass production starting in H2 2017.

The company will also launch its new contactless card touch sensor during Q2 2017, which does not require an extra battery or supercapacitor.

IDEX also expects its design wins achieved in 2016 in the mobile market to convert into volume shipments during 2017.

The company launched its glass and ceramic versions of this silicon sensor in Q1 2017, and expects to continue securing design wins with the Cardinal sensor.

IDEX will continue to market the Eagle off-chip sensor to mobile OEMs, as well as invest in extending this technology for use in next generation flexible products.

Overall, the company said it has a leading-edge IP, is highly knowledgeable with an expanded direct sales team, has tier one industry partners, and is in a solid financial position.

Based on these key advantages, IDEX expects to “capture a significant share of the expanding, multi-billion dollar market opportunity for fingerprint sensors”.

Yesterday, IDEX revealed that the first end-customer trials for smartcards incorporating IDEX’s biometric sensors have commenced.

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About Justin Lee

Justin Lee has been a contributor with Biometric Update since 2014. Previously, he was a staff writer for web hosting magazine and website, theWHIR. For more than a decade, Justin has written for various publications on issues relating to technology, arts and culture, and entertainment. Follow him on Twitter @BiometricJustin.