IDEX Biometrics interim report for the nine months ended 30 September 2023
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/
A 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:
The presentation slides are attached to this notice (link below).
During 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 Relations
Tel: + 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.
IDEX, 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 notice
This 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.
AttachmentsTo view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.
About GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire by notified
Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire by notified
Fjárhagsáætlun Sveitarfélagsins Árborgar 2024 og þriggja ára áætlun 2025 – 202729.11.2023 19:50:00 CET | Press release
FjárhagsáætlunSveitarfélagsins Árborgar 2024 og þriggja ára áætlun 2025 – 2027 Fjárhagsáætlun Sveitarfélagsins Árborgar fyrir árið 2024 og þriggja ára áætlun fyrir tímabilið 2025 – 2027 var lögð fram í bæjarstjórn Árborgar til fyrri umræðu í dag. Gert er ráð fyrir að seinni umræða og afgreiðsla fjárhagsáætlunar í bæjarstjórn verði miðvikudaginn 13. desember 2024. Fjárhagsáætlun ársins 2024 gerir ráð fyrir að rekstrarniðurstaða A- og B- hluta verði jákvæð um 30 millj.kr. og EBITDA verði 3,09 ma.kr. Gert er ráð fyrir að í lok árs 2024 nemi eignir samtals 31,4 ma.kr. Gert er ráð fyrir að skuldaviðmið skv. reglugerð 502/2012 lækki niður í 144,0% árið 2024. Útkomuspá fyrir árið 2023 gerir ráð fyrir að skuldaviðmið verði 164,9%. Veltufé frá rekstri er áætlað 2,276 ma.kr árið 2024, 2,697 ma kr. árið 2025, 2,105 ma kr. árið 2026 og 2,367 ma kr. árið 2027. Framlegðarhlutfall er áætlað 16,4% fyrir árið 2024 sem er hækkun um 9,5% frá útkomuspá fyrir árið 2023.Framlegðarhlutfall er áætlað 16,7% fy
Iveco Group N.V. publishes its 2024 Corporate Calendar29.11.2023 18:30:00 CET | Press release
Turin, 29th November 2023. Iveco Group N.V. (EXM: IVG) announces the following corporate calendar dates for 2024: DateEarnings releases9th FebruaryResults for 4th quarter and preliminary annual results 202310th MayResults for 1st quarter 202425th JulyResults for 2nd quarter and 1st half 20247th NovemberResults for 3rd quarter 2024 The Annual General Meeting for the approval of Iveco Group N.V.’s Financial Statements at 31st December 2023 is scheduled to take place in mid April 2024 (*). The 2024 corporate calendar is available on the corporate website: www.ivecogroup.com. (*) In compliance with the requirements set forth by the lnstructions of the Regulation of Borsa Italiana S.p.A., please note that, should the Annual General Meeting resolve a dividend related to the 2023 financial year, the month planned for the dividend detachment (ex-date) would be April. This information is provided for the aforesaid regulatory provisions only and it cannot be interpreted in any way as a forecast
PUBLICATION OF A TRANSPARENCY NOTIFICATION29.11.2023 18:30:00 CET | Press release
Publication on November 29, 2023 at 18:30 CET after market closing Regulated information EVS Broadcast Equipment S.A.: Euronext Brussels (EVS.BR), Bloomberg (EVS BB), Reuters (EVSB.BR) PUBLICATION OF A TRANSPARENCY NOTIFICATION (Article 14, first paragraph, of the Law of 2 May 2007 on disclosure of major holdings) On November 27, 2023, EVS Broadcast Equipment has received a transparency notification indicating that Otus Capital Management Limited now holds 4.99% of the voting rights of the company. Otus Capital Management Limited has therefore crossed down the threshold of 5%. The notification, dated November 27, 2023, contains the following information: Reason for the notification: acquisition or disposal of voting securities or voting rightsNotification by: A parent undertaking or a controlling personPersons subject to the notification requirement: Otus Capital Management Limited, 29 Queen Anne’s Gate, London SW1H 9BU, UK; Andrew GibbsTransaction date: November 24, 2023Threshold that
IDEX - Disclosure of large shareholding - 29 Nov 202329.11.2023 18:30:00 CET | Press release
Reference is made to the announcement by IDEX Biometrics ASA on 15 November 2023 regarding a private placement of shares, and the announcement by Sundt AS on 16 November 2023 regarding lending of shares. As a result of the re-delivery of shares, Sundt AS discloses the following information pursuant to Section 4-2 of the Norwegian Securities Trading Act and the Securities Trading Act Regulations: On 29 November 2023, following re-delivery of 45,000,000 shares in IDEX, Sundt AS’s holdings of shares increased from 61,512,922 shares to 106,512,922 which represents 7.6% of the share capital based on 1,396,621,040 shares in issue following the private placement. This notice was published by Erling Svela, Vice president of finance, on 29 November 2023 at 18:30 CET on behalf of IDEX Biometrics ASA.
SMISS launched its electronic vapor gadgets technology platform TempSure™, the world's 1st cannabis vape hardware featuring intelligent duplex communication29.11.2023 18:00:00 CET | Press release
SHENZHEN, China, Nov. 29, 2023 (GLOBE NEWSWIRE) -- As one of the largest exhibitions in the global cannabis industry, the MJBizCon 2023 CBD/THC/Cannabis Expo opened in Las Vegas as scheduled. On November 29th local time, SMISS officially launched the World's 1st Cannabis Vape Hardware Featuring Intelligent Duplex Communication, TempSure™ at the event. The platform utilizes advanced technology to provide users with the best intelligent vaporization experience. The name TempSure™ implies precise vaporization temperature control, offering users the perfect CBD vaporization experience. TempSure™ has developed an intelligent MCU control chip and a proprietary PID dynamic compensation technology solution. By accurately monitoring the heating state of CeramicMesh™ coil vaporization (oil conductivity, oil temperature, and smoke signal), it dynamically adjusts the optimal power energy output to achieve accurate heating temperature control for scientific vaporization. This enables users to exper