IDEX ASA – Interim report for the third quarter 2016
IDEX, the developer of advanced fingerprint solutions for mass markets, has a strong commercial momentum in the mobile market with a total of eight design wins and to smartphones launches the last year. Following the launch of the LG Stylus 2 Plus in June this year, which was the first smartphone with an IDEX fingerprint sensor integrated, IDEX has announced seven new design wins for several mobile OEMs.
IDEX has a technology leadership for biometric smart card sensors. During and after the third quarter the company has made significant progress on the commercialisation of its card sensor. This includes entering into a strategic partnership with Safran Identity & Security, a global leader in identity and security systems, to commercialise the first mass deployable biometric smart cards. The partners have successfully completed a live trial of these cards at the global payment company that IDEX has been working with since June 2015.
Also, IDEX is gaining market traction in the third of its core markets, the Internet of Things (IoT) market, as the company has shipped sensors to three customers in the third quarter.
During the first nine months of 2016, IDEX has strengthened its organisation with a total of 15 new employees or on-going individual contractors. The company has appointed a Chief Products Officer, SVP Worldwide Sales, a Director of the Cards product line and several other key roles.
IDEX recorded revenues of NOK 8.4 million in the third quarter, up from NOK 0.1 million in the third quarter last year. For the first nine months, the company recorded revenues of NOK 26.1 million compared to NOK 0.2 million for the corresponding period last year.
Going forward, IDEX expects to see a continued stream of design wins in mobile, which in turn convert into revenues as the design wins convert into handset launches. IDEX also expects to launch glass and ceramic sensors in the first quarter 2017.
The company expects to pass major commercial milestones for its biometric card sensor in the first quarter 2017. Several customer pilots are scheduled for the fourth quarter 2016 and into the first quarter 2017. Once the pilots have successfully been completed, further details about the programme will be announced.
IDEX has developed a growing portfolio of high-performance and cost-effective products. The company has leading-edge IP, a highly knowledgeable organisation with an expanded direct sales team, tier-one industry partners, and a solid financial position. With these assets, the company expects to capture a significant share of the expanding, multi-billion dollar market opportunity for fingerprint sensors.
Please find the full report for the third quarter 2016 enclosed.
Hemant Mardia, CEO, +44 7788 922 171, hm(at)idex.no
Henrik Knudtzon, CFO, +47 9302 2827, hk(at)idex.no
IDEX develops advanced fingerprint sensor technology and products. The technology is used in a range of biometrically enabled applications within three core markets: mobile devices, ID security and smart cards and the internet of things (IOT). IDEX addressable market represents a fast growing multi-billion unit opportunity.
IDEX’ technology includes both silicon and polymer based capacitive sensors, which means that the company can offer its partners unique solutions which are flexible and cost efficient.
IDEX ASA (ticker IDEX) is a Norwegian company, founded in 1996 and listed on the Oslo stock exchange in 2010.
For more information, please visit www.idex.no
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.