IDEX Biometrics ASA interim report for the first half of 2023
10 Agosto 2023 - 3:00AM
IDEX Biometrics ASA interim report for the first half of 2023
Oslo, Norway – 10 August 2023 - IDEX
Biometrics ASA’s interim report for the first half of 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,
today, 10 August 2023, at 09:00 CET. The webcast presentation can
be viewed at the following link:
https://channel.royalcast.com/landingpage/hegnarmedia/20230810_7/The
presentation slides are attached to this notice (link below).
Commercial UpdateIDEX Biometrics continues its
positive momentum in the second quarter of 2023. Global demand for
secure identity solutions in a digital world is increasing
exponentially, driving demand for biometric technologies. A surge
in credential theft and cyber security incidents around the world
forces decision makers to implement new methods to improve security
while improving customer experiences. This trend is fueling demand
for biometric smart card solutions for payments and access
management from IDEX Biometrics, leading to strong second quarter
results for the company.
During the quarter, the IDEX Pay complete solution passed all
the required certification testing by Mastercard for use on its
payment network. A formal Letter of Approval is anticipated in the
coming weeks. This milestone provides smart card manufacturers and
end-customers an expedited route to producing fully certified
biometric payment cards, thereby minimizing the need for them to
undertake the entire certification process, which is time-consuming
and costly. We anticipate biometric payment cards based on this
solution will stimulate growth for the entire market, starting in
late 2023 and accelerating through 2024 and beyond.
The IDEX Pay complete solution has been selected by 17 card
manufacturers and resellers who will be bringing new biometric
payment cards to market. We are actively engaged in enabling our
card manufacturing partners, who collectively produce over 1.2
billion cards globally each year, to complete their card
certification process and begin production shipments by the fourth
quarter of this year. In the second quarter, IDEX Biometrics
received its first production order for IDEX Pay from a leading
European manufacturer, totaling nearly 1 million USD. This scale
order includes IDEX biometrics software operating system and sensor
technology will service banks launching biometric cards in
Bangladesh, India and Turkey.
With an increasing number of banks, issuers, and enterprises
adopting IDEX Biometrics, we are uniquely positioned as a leading
global biometric technology provider. Card manufacturers worldwide
are planning for biometric card program launches with their
customers. IDEX Biometrics and our eco system partners are set up
to respond to the accelerated demand for biometric payment cards in
Asia, the Middle East, and Europe, as well as for our enterprise
access management solutions across all regions.
Second Quarter Financial PerformanceIn the
second quarter of 2023, IDEX recorded a record $1.5 million of
quarterly revenue. Revenue increased 18% compared to the previous
quarter and 32% year-over-year. For the first six months of 2023,
revenues increased 29% compared to the same period in 2022.
Gross profit margin was 22% for the second quarter of 2023
compared to 26% in the first quarter of 2023. Gross margin in the
second quarter of 2023 was adversely impacted by inventory
adjustments. Absent the inventory adjustments, gross margin would
have been similar to the first quarter of 2023.
Operating expenses, excluding cost of materials and
depreciation, were $7.3 million in the second quarter and decreased
from the previous quarter. As the company continues to transition
from development to full commercial operations, further initiatives
to streamline operations have been implemented after the second
quarter of 2023. We aim to decrease operating expenses by
approximately 30% compared to the first quarter of 2023. The cost
reductions will impact the third quarter and take full effect by
the end of 2023. The streamlined organization and expense
optimization are aligned with the company’s strategy and focus on
commercial acceleration.
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 and Nasdaq: IDBA) 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 10 August 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 1H Interim Report v1
- Q2 2023 Presentation_Aug 10 2023 v1
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