Idex sees sales gains as Apple spurs biometric-sensor market

“Idex ASA (IDEX), a Norwegian maker of fingerprint-imaging technology whose stock rose almost eightfold since the start of 2013, is projecting customer and revenue gains as phonemakers add biometric sensors to their devices,” Adam Ewing reports for Bloomberg. “The company expects a ‘significant’ pickup in sales next year as volumes increase, Chief Executive Officer Hemant Mardia said in an interview. Idex received its first volume order for 300,000 sensors in January.”

“Smartphone manufacturers are adding sensors to devices after Apple Inc. (AAPL) unveiled its iPhone 5s with fingerprint detection last year,” Ewing reports. “Idex is targeting the other smartphone makers to pick its technology, competing against rivals such as Synaptics Inc. (SYNA) of the U.S. ‘The biometric market is exploding,’ Mardia said. ‘We are now at a critical-mass point where there is significant momentum behind mass adoption of fingerprint sensors.'”

“Apple spent $350 million buying fingerprint-sensor maker AuthenTec Inc. in 2012,” Ewing reports. “Fornebu, Norway-based Idex, founded in 1996, and Gothenburg, Sweden-based Fingerprint Cards AB (FINGB) are two Nordic suppliers who see opportunity in robust smartphone sales and the need for greater security. Fingerprint’s shares more than quadrupled last year, while Idex added 527 percent and has continued gains this year. Idex fell 3.4 percent to 7.44 kroner at 10:05 a.m. in Oslo, valuing the company at 3 billion kroner ($500 million).”

Read more in the full article here.

Reader Feedback

This site uses Akismet to reduce spam. Learn how your comment data is processed.