Biometrics stocks wrap: Fingerprint Cards, FacePhi, Mitek, Thales, Unisys, ImageWare, Precise, Nuance

Biometrics stocks wrap: Fingerprint Cards, FacePhi, Mitek, Thales, Unisys, ImageWare, Precise, Nuance

Fingerprint Cards has reported financial results for the first quarter of its fiscal 2020, including revenues affected by capacity limits among subcontractors and goods transportation restrictions, but a higher market share of capacitive fingerprint sensors for mobile phones.

Revenues for FPC totaled SEK 310 million (US$31.5 million), down from SEK 342.9 million ($34.8 million) in the same quarter a year ago, but gross margin ticked up from 23 to 24 percent. EBITDA was SEK 11.6 million ($1.2 million), down from SEK 35.8 million ($3.6 million) in Q1 2019, and the company’s operating result was negative SEK 17.7 million ($1.8 million), compared to negative SEK 1.9 million ($193,000), which amounted to negative SEK 0.01 per share in both. Cashflow from operating activities was significantly improved from negative SEK 161.1 million ($16.4 million) in Q1 2019 to negative SEK 37.8 million ($3.8 million) in the last quarter.

Revenues for the company were negatively affected by supply chain issues in Asia, and inadequate access to production capacity among major semiconductor manufacturers is expected to persist, though the situation has improved somewhat, Fingerprint Cards President and CEO Christian Fredrikson says in the press release accompanying the results. Fredrikson also notes that external analysts have forecast dips in the global smartphone market for 2020 of between 10 and 20 percent.

“While we are working to manage the short-term challenges facing the operations, our long-term strategic priorities stand firm,” Fredrikson comments. “Our R&D organization has been able to maintain full focus on the development projects and we have continued to strengthen our position in the market, both in Mobile and in Payments & Access.”

The launch of the FPC1020 and FPC1024 sensors for the access segment and it’s deal with Feitian are also pointed out among positive developments.

FPC has also published its annual report for 2019. The company points to the first volume order of sensors for biometric payment cards as part of its deal with Gemalto, and its OEM deal with Samsung among the year’s highlights.

The company confirmed its previously-announced results, including a net loss of SEK 13.6 million ($1.4 million).

FacePhi confirms 2019 results and signs up another bank

FacePhi booked turnover of €8.19 million (US$8.93 million), EBITDA growth of over 140 percent, and a year-over-year increase in business volume of 83 percent last year the company has said in confirming its 2019 results.

The company attributed the improvement to a growing client portfolio, especially in Latin America, and its push into the Asian market, which includes its partnership with CaixaBank and the launch of a subsidiary in South Korea. FacePhi reached more than 10 deals in 2019 with banks and healthcare providers in Latin America.

FacePhi has also announced a new contract with Argentina’s Banco de Corrientes through its new partner Sigma, providing its Selphi and SelphID for biometric recognition and authentication. The deal marks the second Argentine bank FacePhi has signed up in 2020.

The company also raised €4 million in funding during the year to tackle global fintech markets.

CEO Javier Mira expressed optimism that FacePhi will have new opportunities to provide contactless biometric identification technology as the world economy recovers from the COVID-19 pandemic.

Mitek reports record Q2 revenues

Mitek has reported its revenues increased by 16 percent year-over-year to a record $23.2 million for its second quarter of 2020.

The companies Q2 GAAP net income was $0.9 million, or $0.02 per diluted share, and non-GAAP net income was $5.4 million, or $0.13 per diluted share.

“We are pleased to report record revenue, significantly improved profitability and solid cash flow generation for the fiscal second quarter,” says Mitek CEO Max Carnecchia. “In this challenging global business environment, where companies are making the digitization of their business a priority, we are seeing behavioral changes from both businesses and consumers that we believe will positively impact our mobile deposit and identity verification businesses in the long-term.”

Thales reports Q1

Disappointing order intake numbers for the first quarter of fiscal 2020 at Thales mask “good dynamics” from both its Defense & Security and Digital Identity & Security segments, the company’s CEO and Chairman said in an earnings announcement.

Order intake was €2.7 billion ($2.95 billion) in the quarter, up 17 percent but down 15 percent on an organic basis, while sales were €3.9 billion ($4.25 billion), up 16 percent on an absolute basis but down 4.7 percent on an organic basis.

The digital identity and security segment was buoyed in the quarter by the booking of two significant biometric orders.

Unisys announces 3 deals totalling $200M

Unisys has announced a series of contract agreed to in the first quarter of 2020 worth a combined $200 million for security software, digital workplace services and cloud and infrastructure services.

The contracts with new and existing clients include the company’s CloudForte, Inteliserve, and a $140 million deal to protect across classified and unclassified IT environments with its Stealth security software.

Unisys launched its biometric Stealth(identity) solution late last year.

ImageWare brings new CFO onboard

Jonathan D. Morris has been appointed Senior Vice President and Chief Financial Officer of ImageWare Systems, bringing more than 23 years of experience as a financial executive to the company.

Morris joins ImageWare from American Patriot Brands, where he was CFO, and has previously held key roles in financial management, mergers and acquisitions, private equity, and merchant and investment banking with several organizations.

“We are excited to have Jonathan join ImageWare. He brings savvy expertise in finance, as well as deep relationships in the global financial sector. His breadth of understanding of the tech sector, keen attention to detail and incredible execution, make him the best choice to lead our financial strategy as we drive towards key growth and profitability in the coming 24 months,” comments Kristin A. Taylor, CEO of ImageWare Systems.

Taylor joined the company as CEO in February.

Precise Biometrics to accept digital and postal votes for AGM

Precise Biometrics has instituted postal and digital voting for its annual general meeting on May 15, 2020, as part of its measures to carry on in the face of the pandemic with minimal disruption.

The company is providing a form through its website to be completed and signed, or sent digitally through BankID. The form must be delivered to the company no later than May 11.

Nuance announces virtual investor conference appearances

The management of Nuance Communications will participate in a pair of upcoming virtual investor conferences, the company has announced.

Nuance representatives will hold virtual one-on-one meetings, as well as a fireside chat from 2:20 to 2:50 pm ET on May 13 as part of the BofA Securities Health Care Conference. A live webcast and a replay will be available through Nuance’s investor relations site. Management will also participate in one-on-one meetings during the 17th Annual Craig-Hallum Institutional Investor Conference on May 27.

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