IDEX Emphasizes Smart Card Progress in Q2 Update

IDEX Biometrics has issued its corporate update for the second quarter and first half of 2019, emphasizing the progress the fingerprint biometrics specialist has made in positioning itself in the emerging biometric payment cards market.

Highlights in the update include the establishment of IDEX’s largest customer commitment to date – a multi-year, multimillion dollar deal – as well as partnerships with payment and smart card specialists in the Asia region such as Tongxin Microelectronics and PAX Technology Limited. Also important are IDEX’s recent milestone achievements in smart card manufacturing and the certification processes for payment schemes and other smart card standards.

With its focus on developments in an emerging market that is not yet paying huge dividends for any of the major players involved, IDEX did not dwell on its financial metrics in its statement announcing the corporate results. But in a separate brief, IDEX reported Q2 revenues of NOK 0.4 million, an increase from revenues of NOK 0.3 million in Q2 of 2018; and for the full first half of the 2019 fiscal year, revenues came in at NOK 1.7 million, compared to revenues of NOK 2.1 million over the corresponding period in 2018.

Its net result for the second quarter of this year, meanwhile, was a loss of NOK 65.2 million, comparable to a similar net result in Q2 of last year. The first half of 2019 saw a net loss of NOK 132.9 million, compared to a loss of NOK 122 million in the first half of last year.

Looking ahead, though, IDEX is expecting brisk business in the biometric smart card market, with CEO Stan Swearingen expressing confidence in the company’s “important relationships with new customers in the ecosystem” and in the demonstrated effectiveness of IDEX’s technology.

“The evolution of the biometric smart card market is undoubtedly gathering pace and IDEX made great progress in the quarter,” he said. “Our pipeline of commercial opportunities continues to grow, and we expect sensor shipments to increase significantly.”

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August 15, 2019 – by Alex Perala