Oslo, Norway - 29 February 2024 - IDEX Biometrics ASA's interim report for the fourth quarter and preliminary annual result for 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 at 09:00 CET. The webcast presentation is attached to this notice (link below) and can be viewed at the following link:
https://idexbiometrics.videosync.fi/q4-2023/
2023 was a year of transformation as we continued to execute on our strategy to evolve IDEX Biometrics from a component company into a biometric solution company. This year has been focused on laying the foundation for biometric smart cards at scale. Bringing to market a suite of scalable enrollment solutions and working closely with our manufacturing partners around the world getting them ready to launch solutions with IDEX Pay and IDEX Access.
IDEX also partnered with a first Asian bank offering the best customer the world's first biometric metal card. During the year, we introduced IDEX Pay, certified by Mastercard, and IDEX Access, further advancing our position as a full solution company for biometric smart card manufacturers and partners.
As a result of this new customer-centric solutions approach, our portfolio of customers and partners has grown from seven customers in 2022 to more than 25 in 2023. With several of our manufacturing partners in the process of obtaining their certification, we anticipate our partners worldwide to launch biometric payment and authentication solutions in the coming quarters.
Fourth quarter revenue amounted to $0.5 million, down from $1.0 million in the prior quarter. The decline in revenue is primarily related to lower component sales with two of our legacy customers.
Gross profit margin for the fourth quarter of 2023 when excluding the one-time inventory write-off for end-of-life products, was 44% compared to 33% for the fourth quarter of 2022.
Fourth quarter operating expenses, excluding cost of products sold, were $4.7 million, a decrease by $1.9 million from $6.6 million in the previous quarter. As previously announced, we are targeting operating expense levels below $4 million per quarter through implementing further cost reductions in the first quarter of 2024, and to be completed during the second quarter of 2024.
For further information contact:
Marianne Bøe, Head of Investor Relations
E-mail: marianne.boe@idexbiometrics.com
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
TRADEMARK STATEMENT
IDEX, TrustedBio, 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 Marianne Bøe, Head of investor relations, on 29 February 2024 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 published in accordance with section 5-12 of the STA.
