IDEX announces Q4 and year-end 2017 results
IDEX has announced fourth quarter and year-end 2017 results at what it calls “an inflexion point” in the biometric card market. The company made revenues of NOK 2.5 million (US$0.3 million) in the quarter and NOK 17.5 million ($2.2 million) for the year, down from NOK 12.5 million ($1.6 million) and NOK 38.6 million ($4.9 million) respectively.
The company says it has partnered with biometric smartcard market leaders, who are rapidly progressing toward commercialization. It announced an extension of its partnership with IDEMIA for contactless cards in Q4, and expects initial proof of concepts to launch in the first half of 2018.
IDEX also has partnerships with Mastercard, Feitian Technologies, and multiple large Asian biometric card companies providing reasons for optimism going forward. In addition to the biometric smartcard market, the company will pursue integration in IoT devices, and considers its off-chip technology well suited for integration into smartphone displays.
The company has also announced the appointment of Chief Products Officer Stan Swearingen as its new CEO, following five years helmed by Dr. Hemant Mardia.