IDEX Emphasizes Strong Position on Biometric Cards in Q4/2018 Update

IDEX Emphasizes Strong Position on Biometric Cards in Q4/2018 Update

IDEX has issued its Q4 and year-end report for 2018, asserting that it’s well-positioned to take advantage of a biometric card market expected to boom.

In terms of financial results, IDEX saw NOK 373,000 in revenues in the fourth quarter, compared to revenues of NOK 2,464,000 in Q4 of 2017. Revenues for the full year came in at NOK 3,585,000, compared to revenues of NOK 17,470,000 in 2017.

IDEX’s net result for the fourth quarter was a loss of NOK 63,350,000, while its full-year result was a loss of NOK 246,097,000; both results were slight improvements over the comparable periods in 2017.

The numbers don’t tell the full story, however. Commenting on IDEX’s 2018 in a statement, CEO Stan Swearingen emphasized that the biometric cards market, which has been a key focus for the company’s R&D efforts, “is poised for significant growth” and that “IDEX has now become a key player in this market.” The company’s update went on to highlights IDEX’s partnerships with numerous Asia-based firms involved in the cards market including Chutian Dragon, Excelsecu, Goldpac, and XH Smart Tech.

Together with IDEX’s recent private placement of NOK 214 million, this all leaves the company poised to reap the rewards as the biometric payment cards market takes off. And on that note, IDEX noted that with respect to its dual-interface biometric cards, “multiple pilots and certification are anticipated, with volume orders in the second half of 2019.”

February 28, 2019 – by Alex Perala