IDEX ASA - Fourth quarter and preliminary year-end
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2016 marked the definitive commercial breakthrough for IDEX, a leading developer of advanced fingerprint solutions for mass markets. The company recorded revenues of NOK 38.6 million in 2016, up from NOK 0.3 million in 2015. In the fourth quarter of 2016, the revenues amounted to NOK 12.5 million, up from 0.2 million in the corresponding period of 2015.
IDEX's ongoing biometric smartcard programme with strategic eco-system partners is making significant progress.. During the fourth quarter of 2016, IDEX's global payments partner has completed several trials internally. Following this, end-customer trials have commenced in the first quarter of 2017.
In addition, IDEX's has had a good momentum in the mobile market during the fourth quarter of 2017, with multiple design wins and launches of new handsets featuring its fingerprint sensor.
In the first quarter of 2017, IDEX launched its next generation ASIC platform for off-chip touch sensors. The new ASIC chip delivers an impressive combination of enhanced performance and reduced power consumption at a lower price point. Designed specifically to be flexible across multiple product applications in IDEX's target markets, the chip's low power consumption also makes it ideally suited for contactless card applications.
IDEX is continuously strengthening its organisation to adapt to the rapidly evolving market for fingerprint sensors. During the fourth quarter, the company has attracted and employed several key technical hires to accelerate product development, specifically in prioritised areas such as card development and mobile display integration.
Going forward, IDEX expects its commercial traction to continue with several key upcoming milestones across the company's target markets. IDEX and its partners expect to complete several trials with multiple end-customers for banking and financial inclusion initiatives during the first half of 2017. Once completed, IDEX expects the card programme to move into the formal certification process, and then become available for mass production starting in the second half of 2017.
In parallel, IDEX expects to launch the industry leading contactless card touch sensor during the second quarter of 2017, which can function without requiring an extra battery or supercapacitor.
In the mobile market, the company expects the design wins achieved in 2016 to convert into volume shipments during 2017. The company launched its glass and ceramic variants of this silicon sensor in the first quarter of 2017, and expects to continue securing design wins with the Cardinal sensor.
The qualification of the Eagle off-chip sensor with a tier one mobile OEM is ongoing and IDEX will continue to market the off-chip sensor to mobile OEMs who need premium biometric performance. In addition, IDEX will prioritise to invest in extending this technology for use in next generation flexible products, including re-focussing its development resources from in-glass to in-display sensor solutions.
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 results for the fourth quarter and preliminary year-end 2016, as well as the presentation of the results enclosed.
Contact: Charlotte Knudsen, Director of IR and Communications, +47 9756 1959, ck@idex.no Henrik Knudtzon, CFO, +47 9302 2827, hk@idex.no
Twitter: http://www.twitter.com/idexasa
About IDEX IDEX develops and sells advanced fingerprint sensor technology and products. The company's technology is used in a range of biometrically enabled applications within three core markets: Mobile, Smartcards and Internet of Things (IoT). IDEX's addressable market represents a fast-growing multi-billion unit opportunity.
IDEX's technology includes both the conventional silicon sensor and a unique off-chip technology, which means that the company can offer its partners 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.
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