IDEX On Track for Q4 Pilots, 2019 ‘Volume Deliveries’ in Q3 Update

“In a statement announcing the results, IDEX emphasized its “significant progress in commercializing biometric smart cards in the third quarter,” noting that it had started shipping for its first order of biometric payment card sensors received in September…”

IDEX On Track for Q4 Pilots, 2019 'Volume Deliveries' in Q3 Update

IDEX Biometrics has issued its Q3 update for 2018, in which the company is once again emphasizing the potential to be tapped in the emerging biometric payment cards market.

The company’s leadership are intently focused on what’s to come at least in part because the current state of the mobile biometrics market has affected IDEX in much the same way that it has affected other fingerprint sensor providers. Revenues for Q3 came in at NOK 1.08 million, compared to revenues of NOK 3.51 million a year ago; and the company’s cost of goods sold landed at NOK 830,000, compared to about NOK 3.16 million in Q3 of last year. That appears to be indicative of the falling ASPs seen by other fingerprint sensor specialists in an increasingly saturated market.

IDEX’s net result, meanwhile, showed improvement, coming in at a net loss of about NOK 60.7 million, compared to a loss of NOK 64.2 million a year ago. For the first nine months of the year, IDEX saw a net loss of about NOK 182.7 million, compared to a net loss of NOK 190.5 million for the same period in 2017.

In a statement announcing the results, IDEX emphasized its “significant progress in commercializing biometric smart cards in the third quarter,” noting that it had started shipping for its first order of biometric payment card sensors received in September, and that Fransabank had launched the first Mastercard payment cards featuring IDEX sensors in Lebanon during the quarter. The company added that its sensors for dual-interface cards “are currently being integrated into cards by a range of vendors”, and said that it expects to be involved in “multiple pilots” in the next quarter, with “volume deliveries by mid-2019.”

IDEX presented its results this morning at an event in Oslo helmed by CEO Stan Swearingen and CFO Henrik Knudtzon.

November 8, 2018 – by Alex Perala