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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/
(http://www.idexbiometrics.com/investors/interim-results/)
The interim report and the presentation are attached to this notice (as .pdf
files).
IDEX 2021 3Q Report (http://ml-eu.globenewswire.com/Resource/Download/a675a9ee-
1552-4026-a9ce-90f736e224e3)
IDEX Presentation Q3 2021 (http://ml-
eu.globenewswire.com/Resource/Download/73415cd4-311c-4912-bba5-aa9cebd87843)
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.CODE™ 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 Relations
E-mail: marianne.boe@idexbiometrics.com
Tel: + 47 9180 0186
Brett L. Perry, U.S. Investor Relations
E-mail: bperry@sheltongroup.com
Tel: +1 214 272 0070
About IDEX Biometrics
IDEX 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
(http://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
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