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IDEX, a leading developer of advanced fingerprint solutions for mass markets, reports revenues of NOK 2.5 million in the fourth quarter of 2017 and NOK 17.5 million in the full year of 2017. In the corresponding periods of 2016, the company reported NOK 12.5 million and NOK 38.6 million respectively.
The biometric card market is at an inflection point and IDEX is partnered with the market leaders in the ecosystem. The partners are rapidly progressing towards commercialisation, following the commencement of the certification process for its solution for contact-based payment cards in the fourth quarter. This process, representing the final stage before a full commercial rollout, is expected to complete in the second quarter of 2018, after which commercial bidding processes will commence. In addition, the partners have planned several additional customer trials the next few months.
During the fourth quarter 2017, IDEX announced the expansion of its long-time partnership with IDEMIA for contactless cards. The development of IDEX`s contactless cards solution has been progressing well and the company has been able to accelerate certain development activity as a result of the knowledge and feedback gained during end-customer trials with IDEX`s contact-based solution. The company now anticipates initial proof of concept pilots leveraging its contactless solution to commence in the first half of 2018.
In parallel with the commercial rollout in partnership with Mastercard, IDEX also experience strong interest for its solutions across the broader ecosystem, particularly in Asia. The company announced its partnership with Feitian Technologies for the commercialisation of dual interface (contact-based and contactless) biometric cards in November 2017 and multiple large Asian ecosystem partners are working to integrate IDEX`s sensors in their biometric cards during the first half of 2018.
During the fourth quarter of 2017, IDEX also introduced two innovations for biometric cards, including a proprietary remote enrolment solution and a new large area sensor for optimal usability.
IDEX`s top priority is to strengthen its leadership position in the biometric cards market. In addition, the company will continue to leverage its sensor solutions into the IoT market. IDEX`s off-chip technology is also uniquely suited for integration into the smartphone display, and the company considers this an exciting opportunity going forward.
IDEX will be hosting a presentation at the Felix Conference Centre at Aker Brygge in Oslo from 08:00 CET today, Thursday 22 February 2018. Management will be represented by CEO Dr Hemant Mardia, Chief Products Officer Stan Swearingen and CFO Henrik Knudtzon.