IDEX annual report says company poised for biometric smart card growth
IDEX Biometrics has established a volume production supply chain, expanded its direct sales capacity, and formed global partnerships to bring its fingerprint sensors to the biometric card market, according to the company’s annual report.
Final financial results for IDEX in 2018 were in line with the preliminary results announced in February. With revenues down significantly in a year of transition toward the biometric card market, the company’s board is proposing no dividend for 2018, and shareholders will vote on that and other matters at IDEX’ annual general meeting on May 9.
In addition to its previously reported manufacturing partnerships with Amkor Technology for sensor production and TSMC for ASIC platform production, IDEX has partnered with SPIL for sensor production. The ASIC made by TSMC is integrated into the IDX3200 sensor, which the company plans to embed in contact and contactless cards. IDEX has also invested in high-volume test equipment for its Rochester facility to reduce cycle time and external costs by accelerating the development and deployment of mass production testing.
Sales and customer relationship management efforts have given IDEX improved visibility into the sales channel and valuable customer feedback, according to the report, and the company now has sales and business development resources in Asia, the U.S., and Europe.
IDEX is developing a range of integrated display features for smart cards in collaboration with partners, including displays for dynamic CVV/CVC, user information such as account balance, or feedback on the enrollment process. In addition to its ongoing partnership with IDEMIA, IDEX says its collaborations with Huada, Mastercard, Visionix, Chutian Dragon Exelsecu, and XH Smart Tech which it agreed to or increased in 2018 position it well in the smart card market. Since the end of fiscal and calendar 2018, IDEX has also announced a partnership with Goldpac, the largest card manufacturer in China by volume, and the fifth largest smart card provider in the world.
“IDEX expects further commercial progress in 2019 as customers seek a differentiated biometric solution,” the company writes in the report’s outlook. “New customer collaborations and contract wins are forecast, leading to a material increase in sensor shipments. Also, having completed development of the sensor for dual-interface cards, multiple pilots and certifications are anticipated in the second half of 2019.”