IDEX ASA - First quarter 2017 report
IDEX, a leading developer of advanced fingerprint solutions for mass markets, reports revenues of NOK 6.7 million in the first quarter of 2017, up from NOK 3.6 million in the corresponding quarter in 2016.
IDEX is making significant progress on commercialisation of its sensor solution for biometric cards. IDEX has been developing a new biometric card together with Mastercard, and in April 2017 the next generation biometric card was unveiled to the market. The programme has recently completed two successful end-user trials and additional trials will be conducted over the next months. Following the trials, the card will undergo final certification in advance of a rollout expected later in 2017.
In parallel, IDEX launched its next generation ASIC platform for off-chip touch sensors during the first quarter. The new sensor enabling contactless payment cards is expected to be sampling in the second quarter of 2017 and to be ready for production later in 2017.
In the mobile market, IDEX has continued to ship its Cardinal silicon sensor to LG in the first quarter. The market environment and pricing for silicon-based sensors remains highly competitive with build-up in inventories. Combined with lower than anticipated demand for one customer's handsets, these factors have impacted IDEX volumes.
The mobile market is evolving towards infinity displays, maximizing the viewable area of the displays. This requires the fingerprint sensor to either move to the back of the phone or to be integrated into the display, both representing unique opportunities for using the IDEX off-chip sensor.
IDEX's strategy is to drive adoption of its sensor technology across three mass markets: cards, mobile and Internet of Things (IoT). IDEX believes that the market opportunity for biometric cards is significant. The company has long-maintained a strong commitment and consistent focus on commercialising its sensors in the cards market and continues to make significant investments in its team and accelerating product development and technology innovation. More specifically, maintaining its existing leadership position in the biometric cards market is the company's highest priority.
Please find the first quarter 2017 report and presentation enclosed or linked at the end of this notice.
IDEX's CEO Dr. Hemant Mardia and CFO Henrik Knudtzon will present the report and a business review at 09:30 CEST today 12 May 2017. The presentation will include information about the company's biometric card programme with Mastercard. The presentation will be broadcasted live and is available at this link: http://webtv.hegnar.no/presentation.php?webcastId=52725751
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: Smartcards, mobile, 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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