IDEX Biometrics ASA Releases Interim Report for the Fourth Quarter
and Preliminary Result for 2021
Oslo, Norway – 24 February 20212- IDEX Biometrics
ASA (the Company), a leading provider of advanced
fingerprint authentication solutions for payment cards and adjacent
applications, today released financial results for the fourth
quarter ending December 31, 2021, and, on a preliminary basis, the
full year. Audited financial statements for the full year will be
presented in the Company’s Annual Report, which will be published
on April 20, 2022.
A webcast presentation of the interim report will be held by
Vince Graziani, Chief Executive Officer, today at 14:00 CET. The
webcast presentation can be viewed at the following link:
https://channel.royalcast.com/landingpage/hegnarmedia/20220224_10/
The interim report and the presentation slides to be used in the
webcast are available on the IDEX Biometrics website:
www.idexbiometrics.com/investors/interim-results/
The interim report and the presentation slides are attached to
this notice (as .pdf files).
IDEX 2021 Q4 Report
IDEX Biometrics Q4 Presentation 2021
Commercial Update
- First mass production volumes of TrustedBio® sensors were
shipped during the fourth quarter to IDEMIA Group, in support of
its F.CODE™ biometric smart card platform, which received
certification from Mastercard and VISA in November 2021.
- First shipments of the TrustedBio solution for use in an
advanced data access / cybersecurity application occurred during
the fourth quarter.
- First design win was announced during the fourth quarter for
the Company’s turnkey reference design, which integrates the
TrustedBio sensor solution with the SLC38 secure element from
Infineon Technologies AG. The customer, a leading global smart card
manufacturer, will be deploying payment cards using the Company’s
proprietary Card Operating System (COS) and customized Mastercard
and VISA applets. Card certification is expected to be
completed in the third quarter of 2022, with initial shipments
following in the fourth quarter of 2022.
- The second design win for the TrustedBio / SLC38 turnkey
reference design was announced after the close of the fourth
quarter, in January 2022. The customer is MKSmart, the
leading smart card manufacturer in Southeast Asia, and the
announced partnership calls for deployment of the reference design
across MKSmart’s targeted applications, including payment, ID, data
access, and digital currency storage. Using its own COS and
applets, MKSmart expects to begin shipping card solutions before
the end of 2022.
- Certification was approved during the fourth quarter for a
Hengbao smart card utilizing an IDEX Biometrics sensor solution,
integrated with the THD89 secure element from Tongxin
Microelectronics (TMC), an important development partner of the
Company. This is the second card design utilizing an IDEX
Biometrics / TMC solution approved for UnionPay certification,
allowing for its use on the largest payment network in China.
- Bookings momentum continued for the fourth quarter, with
significant orders from customers with applications in financial
payment cards, data access, and cybersecurity.
Fourth Quarter and Full Year Financial
Performance
For the fourth quarter ended December 31, 2021, the Company
recorded consolidated revenue of $787,000, a 7.6% sequential
increase and a 31.6% year-over-year increase. For the full
year 2021, the Company recorded consolidated revenue of $2.8
million, compared to $1.1 million for the full year 2020,
representing an increase of 159.4%.
Gross profit, as a percentage of revenue, was 45.4% for the
fourth quarter of 2021, compared sequentially to 59.1% for the
third quarter of 2021. For the fourth quarter of 2020, the
gross profit margin was 70.2%, which reflected a mix of product and
service revenue. For the full year 2021, the gross profit
margin was 55.9%, compared to 74.9% for the full year 2020,
reflecting the shift to product revenue in 2021 from service
revenue during 2020.
Results for the fourth quarter of 2021 were impacted by certain
non-cash expenses, including an increase in equity-based
compensation associated with the Company’s Employee Stock Purchase
Plan and recognition of a non-cash loss associated with a foreign
currency valuation adjustment to the proceeds from the Company’s
equity placement in November 2021. Results also were impacted by
the accrual during the fourth quarter of certain amounts associated
with performance-based compensation plans.
Net loss for the fourth quarter of 2021 totaled ($10.3 million),
representing a loss per share of ($0.02), in contrast to a net loss
of ($7.5 million) for the third quarter of 2021, representing a
loss per share of ($0.01), and a net loss of ($7.2 million) for the
fourth quarter of 2020, representing a loss per share of ($0.01).
Net loss for the full year 2021 totaled ($33.2 million),
representing a loss per share of ($0.04), in contrast to a net loss
of ($26.8 million) for the full year 2020, representing a loss per
share of ($0.03).
The Company’s cash balance totaled $33.8 million as of December
31, 2021, in contrast to $12.9 million as of September 30, 2021,
and $7.3 million as of December 31, 2020.
CEO Comments
Vince Graziani, Chief Executive Officer, remarked, “The
Company’s financial results for the fourth quarter were aligned
with our expectations, as revenue and bookings increased
sequentially. During the fourth quarter, IDEX Biometrics shipped
encouragingly higher volumes of fingerprint authentication
solutions to IDEMIA Group, which is in the early stages of
production of its F.CODE™ biometric smart card platform. The F.CODE
platform received certification from both Mastercard and VISA
during the fourth quarter and, immediately afterward, IDEMIA placed
with us the largest production order we have received to date.
Supported by the Company’s recent achievements, our confidence
in the long-awaited uptake of card-based fingerprint authentication
remains high. We are seeing steadily increased interest by
banks, challenger banks, and other payment card issuers in our
value proposition and, based on current dialog with card
manufacturers, we anticipate announcing additional design wins
across the coming months. The Company also is enjoying
momentum in the emerging data access / cybersecurity segment, as
well as the digital wallet segment.
Our opportunity pipeline continues its expansion, as reflected
by our increased backlog, which is at an all-time high. The
Company’s list of design wins lengthened during the quarter, with
promising developments across our targeted verticals.”
For further information contact:Marianne Bøe, Head of Investor
RelationsE-mail: marianne.boe@idexbiometrics.comTel: + 47 9180
0186
Brett L. Perry, U.S. Investor RelationsE-mail:
bperry@sheltongroup.comTel: +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
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
- IDEX Biometrics Q4 Presentation 2021
- IDEX 2021 Q4 Report
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