IDEX issues Q3 2017 report, hosts Capital Markets Day

IDEX has issued its financial results for Q3 2017, which reports revenues of NOK 3.5 million (US$0.4 million) in Q3 2017 and NOK 15.0 million (US$1.8 million) in the first nine months of 2017.

In comparison, IDEX reported revenue of NOK 8.4 million (US$1.0 million) in Q3 2016 and NOK 26.1 million (US$3.2 million) in the first nine months of 2016, respectively.

During the first nine months of 2017, IDEX said it has made significant progress on commercialization of its sensor solution for cards.

IDEX’s market position is supported by the company’s fundamental off-chip advantage for card sensors.

Mastercard and IDEMIA both selected IDEX’s off-chip technology to develop and mass deploy a new generation of biometric smart cards.

The partners have completed several end-user trials in which they have received positive feedback regarding the convenience, security and ease of use of the card.

In August, IDEX received an initial order for its smartcard sensor from a large Asian authentication and security card customer for government identification and access control application.

IDEX sees significant interest for biometric cards from several companies, particularly in the Asian Pacific region.

After the end of the quarter, IDEX had revealed it entered into an innovation agreement with its global payment provider partner, by which IDEX will deliver a patented solution for low-cost, on-card remote enrolment and a compact matcher for commercial deployment in 2018.

Together, these advanced offerings are expected to provide IDEX’s customers with a complete and fully integrated solution to pursue a number of rapidly emerging opportunities in the biometric card market.

IDEX emphasized that its first priority is to reinforce its leadership position in the biometric cards market and to drive further adoption of its off-chip sensor technology in biometric applications.

The company said will continue to use its sensor solutions in the IoT market and further develop the solution for integrated display fingerprint sensors.

The biometric card solution developed in partnership with Mastercard is expected to achieve certification shortly with commercial roll-out expected in early 2018.

IDEX expects to secure additional customers on the back of strong commercial interest from customers, while it expects its sensor for contactless cards to be ready for volume shipments in H1 2018.

IDEX also hosted its Capital Markets Day event in London, UK at The Clubhouse Bank.

The presentations and discussion covered IDEX’s leading position in the biometric smartcard market; an overview of the company’s unique, flexible and cost-efficient off-chip solutions; IDEX’s complete system solutions approach, driving competitive differentiation and enabling a strong foundation to capture market growth; and the company’s path to revenue growth and profitability.

Last week, IDEX was approved by the EMVCo Board of Managers as a registered EMVCo vendor.

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