IDEX Biometrics interim report for the nine months ended 30 September 2023
November 09 2023 - 2:00AM
Oslo, Norway – 9 November 2023 - The interim
report of IDEX Biometrics for the nine months ended 30 September
2023 is attached to this notice (link below). The interim report is
also available on the IDEX Biometrics website:
www.idexbiometrics.com/investors/interim-results/
WebcastA webcast presentation of the interim
report will be held by Vince Graziani, Chief Executive Officer, and
Catharina Eklof, Chief Commercial Officer, today, 9 November 2023,
at 09:00 CET. The webcast presentation can be viewed at the
following link:
https://channel.royalcast.com/landingpage/hegnarmedia/20231109_12/The
presentation slides are attached to this notice (link below).
Commercial UpdateDuring the third quarter, IDEX
added more manufacturing partners that are quickly mobilizing to
take our biometrics payment card platform, IDEX Pay, to the market.
This was happening in conjunction with IDEX receiving the critical
Mastercard certification for the IDEX Pay platform, on August
30.
The strategy with IDEX Pay is showing early success as
demonstrated by one of the major global card manufacturers who
already achieved their final biometric card certification based on
the IDEX platform. Several other card manufacturing partners are
now leveraging this fast-track route to certification and we expect
more Letters of Approval to be granted during the fourth
quarter.
Market availability of biometric smart card solutions continues
to expand globally with several new card-based solutions coming to
market for payment, cyber security, and identity manage¬ment. In
all, IDEX now has more than 20 card manufacturing partners and
solutions providers who have either launched or are in
commercialization to launch biometric card solutions.
In the payments space we are seeing strong initial demand in the
premium segment including metal cards. With three of the leading
global metal card manufacturers committed to IDEX Pay, we observe a
growing number of opportunities among card issuers and are well
positioned to take advantage of this market momentum particularly
in Asia where metal card is growing at + 30% CAGR.
Third Quarter Financial Performance
For the first three quarters of 2023 revenues
grew 21% when compared to the same period of 2022 driven primarily
from sales in the Payment Card market. For the third quarter,
year-over-year product revenue increased 12%. In the third quarter
of 2023, revenue declined compared to the second quarter of this
year reflecting the timing of shipments to our largest customers in
the payment card segment, and the delayed certification of IDEX Pay
which was caused by external factors, beyond the control of the
company. Our IDEX Pay platform was certified by Mastercard in
August, and we now have our first manufacturer to complete their
card certifications to begin volume manufacturing. This gives us
confidence that other manufacturers will be receiving their card
certifications in the near term as well.
Gross profit margin on products was 23% for the
third quarter of 2023 compared to 22% in the second quarter of
2023. The margin for the first nine months of 2023 was 24%, up from
16% in the corresponding period of 2022. Gross margin improvement
relates to product and production costs normalization.
Cost reduction initiatives impacted the costs
positively in the third quarter, reducing the operating expenses of
the organization by $0,7 million from $7.3 million in the
previous quarter to $6.6 million in the third quarter. Further cost
reduction effect from the optimization of the organization is on
track to reach full effect by the end of the year.
On 6 November, we entered into a non-binding
term sheet with a new institutional investor to issue a senior
convertible bond of up to NOK 100 million to fund our
commercialization efforts. Note 14 to the financial statements,
events after the balance sheet date, contains further details
regarding the convertible bond disclosed on 7 November 2023.
For further information contact:Marianne Bøe,
Head of Investor RelationsE-mail:
marianne.boe@idexbiometrics.comTel: + 47 918 00186
About IDEX Biometrics IDEX Biometrics ASA (OSE:
IDEX)) is a global technology leader in fingerprint biometrics,
offering authentication solutions across payments, access control,
and digital identity. Our solutions bring convenience, security,
peace of mind and seamless user experiences to the world. Built on
patented and proprietary sensor technologies, integrated circuit
designs, and software, our biometric solutions target card-based
applications for payments and digital authentication. As an
industry-enabler we partner with leading card manufacturers and
technology companies to bring our solutions to market. For more
information, visit www.idexbiometrics.com.
TRADEMARK STATEMENTIDEX, IDEX Biometrics and
the IDEX logo are trademarks owned by IDEX Biometrics ASA. All
other brands or product names are the property of their respective
holders.
About this noticeThis notice was published by
Erling Svela, Vice president of finance, on 9 November 2023 at
08:00 CET on behalf of IDEX Biometrics ASA. The information shall
be disclosed according to section 5‑6 of the Norwegian Securities
Trading Act (STA) and in accordance with section 5‑12 of the
STA.
- IDEX 2023 Q3 report pub
- IDEX 2023 Q3 presentation pub
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