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Idex Biometrics revenue growth streak continues, Next Biometrics down, Ping Identity up

Idex Biometrics revenue growth streak continues, Next Biometrics down, Ping Identity up

The long-awaited uptick in revenues for Idex Biometrics continues, with the company reporting $732,000 in consolidated revenue in the third quarter of its fiscal 2021.

The company reported consolidated revenue of $697,000 in the second quarter, and of $258,000 in Q3 2020, for increases of roughly 5 percent sequentially, but 195 percent year-over-year. The revenue growth over the last nine months is above 300 percent, with Idex reporting $2.1 million.

Not loss remained mostly steady at $7.2 million, or $0.01 per share.

Idex CEO Vince Graziani highlighted the company’s new reference design jointly-developed with Infineon, progress made by its partner Idemia with Visa and Mastercard certifications, and the company’s work with Union Smart on a stored-value biometric payment card.

“Based on these accomplishments and our ongoing work with manufacturers and issuers worldwide, we are very encouraged regarding the long-awaited uptake in card-based fingerprint authentication is underway,” he concludes.

Next weathering chip shortage

Next Biometrics reports total revenues for Q3 of NOK 12.4 million (US$1.45 million), down from NOK 15.2 million ($1.77 million) in the same period a year earlier, as the semiconductor shortage continued to impact the company’s top line.

Operational cash flow was negative NOK 1.7 million ($200,000). Gross margin, however, provided reason for optimism, increasing to 22 percent from 14 percent in Q3 2020.

Next CEO Peter Heuman notes that the company has secured 21 design wins in the last 21 months, and continued momentum in the PC space.

“Despite the present challenges we remain very confident that we are on the right track to make this company successful,” Heuman writes.

The company booked an NOK 5.5 million ($640,000) purchase order in September for FAP20 sensors from an unnamed customer based on a General Frame Agreement reached in March.

Ping Identity revenues headed for the clouds

Ping Identity revenues were up 27 percent y-o-y to $76.2 million, with revenue from its software-as-a-service business increasing by 56 percent.

Growth was similarly robust in cash flow over the past nine months, and Ping achieved a dollar-based net retention rate of 112 percent.

The company expects revenues between $67 million and $73 million in Q4.

Ping acquired Singular Key during the quarter to bring no-code digital identity to its enterprise customers.

A project in which Ping centralized identity access management (IAM) for more than 300,000 employees, contractors and customers of logistics provider DB Schenker is considered as a case study in Intelligent CIO. DB Schenker CISO Eberhard Haug says Ping’s FIDO2-enabled and risk-based two-step authentication has increased the company’s security posture and contributed to a Zero Trust architecture.

Ping has also been named to Gartner’s Magic Quadrant for Access Management as a Leader for the fifth year in a row, and won the 2021 Global Competitive Strategy Leadership Award from Frost & Sullivan.

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