IDEX Picks Up Speed After 2022 ‘Inflection Point’ in Biometric Cards

“As for 2023, IDEX appears to be off to a strong start.”

IDEX Biometrics has issued its results for 2022 and the fourth quarter, framing the year as “an inflection point in the biometric payment card market”.

Revenues for Q4 of 2022 came in a little over $1 million, compared to revenues of $787,000 in Q4 of 2021. Revenues for the full year amounted to $4.09 million, a 44 percent increase year-over-year.

IDEX’s net loss for the year, meanwhile, was roughly the same as that of 2021, at about $32.66 million, compared to $32.55 million the year before. Yet IDEX is seeing a downtrend in its operating expenses, noting that they shrank from $7.9 million in the third quarter of 2022 to $7.0 million in the latest quarter.

“We expect to further decrease operating expenses in the first quarter of 2023,” the company said in a statement.

That isn’t the only positive trend highlighted in IDEX’s update. The company noted that until recently, there were four biometric card makers in the market with cards based on its fingerprint-scanning technology. Now, thanks to a ramp-up of activity over 2022, IDEX has notched a dozen design wins with card makers concerning its biometric solution.

“These card manufacturers are in the process of obtaining LOA’s (Letters Of Approval) from the major payment schemes and are preparing to launch biometric smart cards based on the certified IDEX Biometrics and Infineon Technologies solution offering, together with global and regional banks and issuers,” the company asserted.

As for 2023, IDEX appears to be off to a strong start. The company kicked off the new year with the announcement of its second bank partnership in Turkey, noting at the time that its latest partner was expected to start issuing biometric payment cards in the first half of this year. That was followed by the news that Sentry Enterprises would use IDEX’s biometric sensor solution together with Infineon Technologies’ SLC38 Secure Element in its next-generation digital access and cold storage wallets.

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February 23, 2023 – by Alex Perala