IDEX Biometrics has released its corporate report for the first quarter of 2020. The company called particular attention to its accomplishments in the biometric card space, noting the demand for contactless technologies has gone up during the COVID-19 pandemic.
With that in mind, IDEX has advanced several biometric card projects in the intervening months. The company’s sensors are featured in cards that have been certified by two global payment networks, and IDEX has also embarked on a new biometric card pilot with Zwipe and IDEMIA. That pilot will feature IDEX’s TrustedBio line, which debuted earlier in the quarter. The dual-interface products are designed to reduce the manufacturing cost of biometric cards.
“In my first two months with IDEX, the team has continued to work productively under Covid-19 constraints and met our commitments,” said CEO Vince Graziani, who joined IDEX in February. “I am excited to lead IDEX to the next phase of growth as I believe we have the strongest team in the industry and the best technology.”
IDEX posted a net loss of $6.3 million for the quarter, which compares favorably to the company’s $7.9 million loss for the first quarter of 2019. IDEX credited the improvement to lower operating costs after the company restructured in November. The company recently raised $10.3 million through a private placement of new shares.
May 14, 2020 – by Eric Weiss