Idex Biometrics to supply dual-interface sensor for secure access card, reports Q3 amid changes

Idex Biometrics to supply dual-interface sensor for secure access card, reports Q3 amid changes

The biometric smart card market is coming online just as fingerprint companies transition their operations to survive the radical market shift related to the commoditization of fingerprint sensor technology. Idex Biometrics has won a contract with Asian specialist inlay and biometric algorithm supplier DongWoon Anatech to provide sensors for a line of biometric ID cards for access control, as well as reported its third quarter results and a grant of incentive subscription rights.

DongWoon Anatech chose the SmartFinger IDX 3200 dual-interface sensor due to its superior biometric performance, according to the announcement, and will work with a third-party card manufacturer on production, global promotion and supply. The agreement builds on Idex’ recent successes in the secure access market, the company says.

“DongWoon Anatech have long been at the forefront of secure access solutions and we are excited to be joining forces and sharing our biometric expertise,” says Idex Biometrics SVP of Sales and Marketing David Orme.

“Idex’s superior fingerprint technology and systems expertise made them the obvious partner of choice,” DongWoon Anatech SVP Young Kyu Han comments. “This technology represents the next generation of secure access solutions and I’m looking forward to offering this unique solution to our customers.”

Idex recorded revenues of NOK 1.3 million (US$140,000) in Q3, up from NOK 1.1 million ($120,000) in Q3 2018. Revenues for the first nine months of the year were NOK 3.1 million, just NOK 0.1 million off of the first three quarters of last year, and were mostly related to smart cards, according to the announcement. Gross margin on product sales increased from 23 percent in the first three quarters of last year to 60 percent so far this year, though the company notes that the margin at small volumes may not mean much. Net loss was NOK 65.5 million ($7.13 million).

“IDEX made substantial progress in this quarter. In the biometric payment card market, our largest potential revenue opportunity, we’re seeing positive developments in manufacturing and certification, whilst our remote enroll solution has the potential to become the industry-standard,” comments Idex Biometrics CEO Stan Swearingen. “In the access control market, we’re seeing the beginning of shipments and design-in wins and it’s my strong belief that both these markets will fully materialize in 2020.”

Idex has just begun a restructuring process it hopes will reduce operating expenses by 30 percent, and also joined the OTCQB Market to gain easier access to capital resources in the U.S..

Operating expenses in the quarter were NOK 62.2 million ($6.77 million), up from NOK 58.1 million ($6.32 million) in the same quarter a year ago.

For employees that survive the restructuring, the board of directors of Idex has approved the issuance of 1,253,700 incentive subscription rights. The grant is made under the company’s previously agreed-to 2019 plan, with an exercise price of NOK 0.71 ($0.08) per share.

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