IDEX Biometrics - Interim Report for the Third Quarter of 2021
November 04 2021 - 2:00AM
Oslo, Norway – 04 November 2021 - IDEX Biometrics
ASA, a leading provider of advanced fingerprint
identification and authentication solutions for payment cards and
adjacent applications, today released its financial results for the
three and nine months ended September 30, 2021. A
webcast presentation will be held by Vince Graziani, Chief
Executive Officer, at 15:00 CET. The webcast presentation can be
viewed at the following link:
https://channel.royalcast.com/landingpage/hegnarmedia/20211104_13/
The interim report and the presentation to be used in the
webcast are available on the company’s website:
www.idexbiometrics.com/investors/interim-results/
The interim report and the presentation are attached to this
notice (as .pdf files).
IDEX 2021 3Q Report
IDEX Presentation Q3 2021
Commercial and Market Updates
Recent achievements reflect accelerating progress toward
large-scale smart card deployment with card manufacturers and
issuers:
- In July, IDEX Biometrics and Infineon Technologies AG jointly
announced a card reference design integrating the company’s
TrustedBio fingerprint authentication solution with Infineon’s
latest generation secure element, the SLC38BML800 security
controller. This reference design allows card manufacturers to
produce biometrically-secured cards with high performance, low
costs, and accelerated time-to-market. During the third quarter,
the Company delivered development kits for this reference design to
numerous customers of Infineon, which enjoys the largest share of
the global market for secure elements.
- In September, Union Smart Card Co., Ltd., a leading Chinese
vendor of smart cards and related products, released its Cold
Wallet Visual Payment Card, a “cold wallet,” stored-value solution
for use in implementation of China’s Digital Currency/Electronic
Payment (DCEP) initiative. The Cold Wallet Visual Payment Card,
secured by an IDEX Biometrics solution, offers a secure and
convenient alternative to mobile wallets on smartphones for
managing digital currency. It also brings secure digital
currency solutions to the portion of the Chinese population without
banking relationships or mobile phones, which is a major priority
of the People’s Bank of China, the country’s central bank.
- In November, the company received the largest order to date for
its TrustedBio® solution, in support of mass production of IDEMIA’s
best-in-class F.CODETM payment card. Immediately prior to
this order from IDEMIA, VISA and Mastercard notified IDEMIA of
their respective certifications of the F.CODE payment card. The
certifications confirm that the card, including the company’s
latest fingerprint authentication solution, had passed each
organization’s respective requirements for performance,
interoperability, and security.
IDEX Biometrics continues to enjoy sustained demand from its
initial customer for a card-based access control solution for
computer networks, addressing the vulnerabilities of password-based
credentials with an easy-to-use, cost effective, and highly secure
solution based on the company’s technologies.
Vince Graziani, Chief Executive Officer, commented, “My
colleagues and I are pleased to report the recent accomplishments
of the company. Order backlog continued its expansion, driven
by our partner IDEMIA, which received important certifications from
VISA and Mastercard. With our partner Infineon, we introduced
a game-changing reference design enabling manufacturers to rapidly
reach cost-effective production of high-performance cards. We
also are proud of our role in the development of Union Smart’s new
multi-function, stored-value payment card. In collaboration
with the six largest domestic banks, this card is an important
element of the digital currency initiative of the People’s Bank of
China. Based on these accomplishments and our ongoing work
with manufacturers and issuers worldwide, we are very encouraged
regarding the long-awaited uptake in card-based fingerprint
authentication is underway.“
Third Quarter and Year-to-Date Financial
Performance
For the third quarter ended September 30, 2021, IDEX Biometrics
recorded consolidated revenue of $732 thousand. Sequentially,
third quarter revenue increased approximately 5% from the second
quarter of 2021, reflecting higher shipments of the company’s
current generation solutions. By comparison, third quarter
2020 revenue was $258 thousand, with current period revenue
representing a year-over-year increase of 195%. For the first
nine months of 2021, the Company recorded consolidated revenue of
$2.1 million, compared to $497 thousand for first nine months of
2020, representing an increase of approximately 313%.
Gross profit (i.e., revenue less Purchases, net of inventory
change), as a percentage of revenue, was approximately 59% in the
third quarter of 2021, compared sequentially to approximately 56%
in the second quarter of 2021. In the third quarter of 2020,
a similarly calculated gross profit margin was approximately 82%,
with the higher figure reflecting product mix and a relatively high
amount of service revenue. On a year-to-date basis, a
similarly calculated gross profit margin for the nine months ended
September 30, 2021, was approximately 60%, compared to
approximately 80% for the nine months ended September 30, 2020,
reflecting the shift to product revenue from service revenue during
the prior year-to-date period.
Net loss for the third quarter of 2021 totaled approximately
($7.2 million), representing a loss per share of ($0.01), in
contrast to approximately ($7.2 million) for the second quarter of
2021, representing a loss per share of ($0.01), and ($6.8 million)
for the third quarter of 2020, representing a loss per share of
($0.01).
For further information contact:
Marianne Bøe, Investor RelationsE-mail:
marianne.boe@idexbiometrics.comTel: + 47 9180 0186
Brett L. Perry, U.S. Investor RelationsE-mail:
bperry@sheltongroup.comTel: +1 214 272 0070
About IDEX BiometricsIDEX Biometrics ASA (OSE:
IDEX and Nasdaq: IDBA) 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, or unlock devices 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
Trademark Statement
The wordmark ‘IDEX’, the trade name TrustedBio, and the IDEX
logo are registered trademarks of IDEX Biometrics ASA. All other
brands or product names are the property of their respective
holders.
This information is subject to the disclosure requirements
pursuant to Section 5-12 the Norwegian Securities Trading Act
- IDEX 2021 3Q Report
- IDEX Presentation Q3 2021
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