IDEX issues financial results for H1 2017, reports $1.5M in revenues
IDEX ASA has issued its interim report for the first half of 2017 which reveals revenues of NOK 4.7 million (US$590,000 million) in Q2 2017 and NOK 11.5 million (US$1.5 million) in H1 2017.
In the corresponding periods of 2016, the company reported NOK 14.1 million (US$1.9 million) and NOK 17.7 million (US$2.2 million), respectively.
During H1 2017, IDEX has launched some notable technology innovations, as well as making significant commercial progress on its biometric card programs.
The company launched its latest ASIC platform enabled IDEX to introduce a new fingerprint sensor with power management, which supports dual-interface biometric card operation without an internal power source.
Earlier this week, IDEX released a new matcher algorithm for biometric cards, designed to improve performance for applications with greater power, processing and memory limitations. The matcher completes the company’s turn-key system solution for cards.
In April, Mastercard and IDEX unveiled its next-generation biometric card program after successfully completing end-user trials in South Africa and Europe.
IDEX has already begun further trials for the final card certification, with Mastercard planning for a commercial roll-out for late 2017.
Coinciding with the Mastercard program and responding to strong interest, IDEX has expanded its customer engagement, particularly in Asia Pacific.
The company said it recently received an initial order for its smart card sensor to a major Asian authentication and security card customer for government identification and access control.
IDEX expects several additional customers to begin sampling during H1 2017. The company has also continued to ship Cardinal sensors to the launched handsets in H1 2017.
There have also been lower volumes of shipped handsets for which IDEX have design wins than initially anticipated by the OEMs. As a consequence of being second source, IDEX’s sensors have not been included in these handsets.
IDEX has also recognized significant opportunities as a result of the mobile market’s rapid shift towards infinity displays, which requires the fingerprint sensor to be moved to the back of the handset or to be integrated into the display itself.
Based on this trend, IDEX’s new strategy is focused on driving the adoption of its sensor technology in three mass markets: cards, mobile and IoT.
IDEX said its main priority is to reinforce its leadership position in the biometric cards market as the company continues to make significant investments in its team and accelerating product development and technology innovation.