IDEX Concludes AGM, Emphasizes Biometric Cards Progress in Q1 Update

IDEX has concluded its Annual General Meeting, and issued its results for the first quarter of 2019.

The AGM was a successful one, with all resolutions having been made in accordance with the Board’s proposals. That includes an official name change to “IDEX Biometrics ASA”, aimed at offering a better indication of what the company does. Meanwhile, Deborah Davis, Hanne Høvding, and Lawrence John Ciaccia were re-elected to IDEX’s Board of Directors, with Morten Opstad retaining his position as Chairman; and Stephen Skaggs was elected as the Board’s fifth member, for a period of two years.

As for IDEX’s Q1 results, the company reported revenues of approximately NOK 1.4 million, compared to revenues of NOK 1.8 million in the first quarter of 2018. Its net result was a loss of about NOK 67.7 million, compared to a net loss of NOK 56.8 million a year ago.

Nevertheless, IDEX is bullish about its prospects with respect to biometric payment cards, an emerging market area in which the company has established a solid foothold with its off-chip fingerprint sensor technology and key partnerships with Mastercard and major Asia-based card integrators including Hengbao, Goldpac, and Chutian Dragon.

Forthcoming “contract wins are anticipated,” the company wrote in its Q1 update, “leading to an increase in sensor shipments towards the second half of the year.” IDEX added that it “remains focused on helping its cusotmers achieve high quality, mass produced biometric smart cards and expects to report material progress throughout 2019.”

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May 9, 2019 – by Alex Perala