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IDEX Biometrics ASA — Earnings Release 2019
Feb 27, 2020
3633_rns_2020-02-27_cec9661c-6d4d-47de-b8a0-8887b1867052.html
Earnings Release
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IDEX Biometrics's report for the fourth quarter of 2019
IDEX Biometrics's report for the fourth quarter of 2019
2019 and Recent Highlights
Commercial and Sales
* Secured largest design win and supply agreement in the company's history, a
NOK 56 million, minimum commitment to supply the company's sensors and
software to a major global financial news and IT services company
* Selected by a leading global Tier 1 smartcard manufacturer to supply the
TrustedBio(TM) sensor for use in the manufacturer's next generation biometric
payment cards
* Selected by Feitian, a leading Chinese smartcard manufacturer for
exclusivity on biometric payment card opportunities in China
* Entered into license agreements for remote enrollment with two leading
smartcard manufacturers, IDEMIA and Chutian Dragon
* Secured additional design wins in Asia for both access control, payment and
brand loyalty smartcards
Product Development
* Launched TrustedBio(TM) - a new family of dual-interface products and solutions
designed to dramatically reduce biometric smartcard cost while improving
performance, security, and manufacturability
* IDEX's dual-interface technology including the sensor, software and
reference design was validated by independent labs to meet multiple global
payment schemes' certification requirements
* Received EMVCo security certification for IDEX's development site in the
U.K.; the first and only biometric sensor company to be EMVco security
certified
* Formed supply chain partnerships with Feitian, Silone Cardtech and others to
bring cost effective, mass produced biometric smartcards to market
* Strengthened its patent portfolio with granted broad patents for biometric
systems-on-chip and remote enrollment in key geographies
Financial
* Raised 304 million NOK (296 million NOK, net of expenses) in additional
capital during 2019
* Completed cost reductions expected to lower annual operating expenses by
30% and the company intends to re-invest these savings into critical
development projects and customer facing activities
* IDEX shares were listed on the U.S. OTCQB Venture Market (ticker: IDXAF)
Organizational
* Added individuals with significant experience in semiconductor technology,
payments, and global public companies
* Steve Skaggs joined the board of directors
* Derek D'Antilio joined as CFO, Pascal Dufour joined as Director of European
Sales, Marianne Boe joined in investor relations, and, just recently, the
company announced the addition of Vince Graziani as CEO
Market and Ecosystem Update
* Market interest in biometric smartcards continues to grow and leading
issuers have conducted pilots in Europe, Asia and the United States
* 2019 also marked the first commercial launch of biometric payment cards by
an issuer
* Many smartcard manufacturers have overcome the complexities associated with
the integration of a biometric sensor into the card
* The first dual-interface biometric payment card was certified by a major
global payment scheme
CEO Stan Swearingen's comment
Stan Swearingen, CEO of IDEX, commented: "I am proud of the progress we have
made at IDEX Biometrics during 2019 and in the first two months of 2020, we
significantly strengthened the team, helped solve some of the gating issues to
mass adoption of biometric smart cards, launched major product platforms, and
had our first significant customer wins. I am excited about the company's
prospects as IDEX moves forward in 2020, with a new CEO, a strong team, a
supportive shareholder base, and a family of products with demonstrated
technology and cost leadership."
Investor conference call
IDEX Biometrics' CEO Stan Swearingen and CFO Derek D'Antilio will host a
conference call today at 15:00 CET/14:00 GMT/09:00 EST. Dial-in numbers:
Norway: +47 2350 0296
United Kingdom: +44 (0) 330 336 9411
United States: +1 929 477 0402
Confirmation code: 2993911
For further information contact:
Marianne Bøe, Investor Relations
E-mail: [email protected] (mailto:[email protected])
Tel: + 47 918 00186
Derek D'Antilio, Chief financial Officer
E-mail: [email protected]
(mailto:[email protected])
Tel: +1 197 827 31344
About IDEX Biometrics
IDEX Biometrics ASA (OSE: IDEX and OTCQB: IDXAF) is a leading provider of
fingerprint identification technologies offering simple, secure and personal
authentication for all. We help people make payments, prove their identity,
gain access to information, unlock devices or gain admittance to buildings with
the touch of a finger. We invent, engineer, and commercialize these secure, yet
incredibly user-friendly solutions. Our total addressable market represents a
fast growing multi-billion-unit opportunity.
For more information, visit www.idexbiometrics.com
(http://www.idexbiometrics.com) and follow on Twitter @IDEXBiometrics
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act