IDEX Biometrics has released its report for the fourth quarter of 2019. The company raised 304 million NOK in capital during the quarter, which translates to 296 million NOK (roughly $31.45 million USD) after expenses, and paired that with cost reductions that will lower operating expenses by as much as 30 percent per year.
IDEX plans to invest that money in new development and customer-oriented operations. In the meantime, the company has advanced many of its corporate and technological objectives in the past few months. For example, IDEX recently achieved EMVCo certification, and launched the TrustedBio line of dual-interface products.
The company is hoping that those developments will encourage the more widespread adoption of biometric smart cards, and has already forged numerous licensing and supply chain partnerships in anticipation of that emerging market. In 2019 alone, IDEX has embarked on card-based projects with Feitian, Silone Cardtech, Chutian Dragon, and IDEMIA. It also made its debut on the OTCQB Venture Market in the United States in November.
“I am proud of the progress we have made at IDEX Biometrics during 2019 and in the first two months of 2020,” said outgoing IDEX CEO Stan Swearingen. “We significantly strengthened the team, helped solve some of the gating issues to mass adoption of biometric smart cards, launched major product platforms, and had our first significant customer wins. I am excited about the company’s prospects as IDEX moves forward in 2020.”
To that end, Swearingen will be handing the CEO reins over to Vince Graziani as IDEX looks to drive sales as the market enters a more commercial phase. That strategy is in keeping with the company’s previous fiscal reports. IDEX has argued that its latest accomplishments will pave the way for future revenues as the market for biometric smart cards continues to mature.
February 28, 2020 – by Eric Weiss