Earnings Release • Mar 2, 2017
Earnings Release
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Mechelen, Belgium, 2 March 2017 – Biocartis Group NV (the 'Company' or 'Biocartis'), an innovative molecular diagnostics company (Euronext Brussels: BCART), today announces its operational highlights and financial results for 2016, prepared in accordance with IFRS as adopted by the European Union. Furthermore, the Company today provides its outlook for 2017 and announces a change in the Company's CEO position.
Rudi Pauwels has expressed his preference to focus on the longer term strategy of the Company, including a pathway towards a Next-Generation Sequencing based product offering. Therefore, the Board has decided that Rudi Pauwels will take on the role of Chairman of a new Strategy Committee of the Board and that he will pass on the role of CEO to a successor. The Company is confident that a successor can be announced in the next few months. Hilde Windels, currently Deputy CEO, will assume the role of CEO until a successor is on board.
Biocartis will host a conference call with live webcast presentation today at 14:00 CET / 13:00 BST (UK) / 08:00 EDT (US) to discuss the 2016 results. Click here to access the live webcast.
To participate in the questions and answers session, please dial 5-10 minutes prior to the start time the number +44(0)20 3427 1901 (standard international), followed by the confirmation code 9539312.
The conference call and webcast will be conducted in English. A replay of the webcast will be available on the Biocartis investors' website shortly after.
1 See further under 'Performance studies'. An overview of the publications can be found on www.biocartis.com.
2 The collaboration announced on 3 February 2016 focused on selected reference hospitals in Brazil, Canada, Colombia, Mexico, Saudi Arabia, Spain and Turkey.
3 The collaboration does not include the US, China and Japan.
4 It concerns a new set of mutations in the EGFR ectodomain. While the commonly known EGFR mutations reside in the kinase domain of the EGFR receptor, which is located inside the cell, the EGFR ectodomain is the portion of the receptor located outside the cell, and represents the true receptor function where EGF binds, and where anti-EGFR antibodies for the treatment of colorectal cancer such as cetuximab and panitumumab engage the EGFR receptor and prevent EGF binding. 5 The analysis is done based on a slice of FFPE (formalin fixed paraffin embedded) tumor.
Janku et al. BRAF Mutation Testing in Cell-Free DNA from the Plasma of Patients with Advanced Cancers Using a Rapid, Automated Molecular Diagnostics System. Mol Cancer Ther (2016) 15(6): 1–8; Schreuer et al. Quantitative assessment of BRAF V600 mutant cell-free tumor DNA from plasma as a diagnostic and therapeutic biomarker in patients with BRAF V600 mutant melanoma. ASCO 2015; De Biase et al. 'Fully Automated PCR detection of KRAS Mutations on Pancreatic Endoscopic Ultrasound Fine
performance of Idylla™ oncology tests, four of them were presented at the renowned international oncology conferences ASCO and ESMO. This included a comparative study7 organized by AstraZeneca, a global biopharmaceutical company, where 12 different KRAS mutation detecting technologies, including Next-Generation Sequencing (NGS) and quantitative Polymerase Chain Reaction (PCR), were compared for the detection of KRAS mutations, using blinded samples. This study confirmed the best-in-class status of the Idylla™ KRAS technology.
Needle Aspirates'. J Clin Pathol 2016; Reijans et al. ESMO 2016, published on 6 October 2016; De Luca et al., J Clin Pathol 2016; J.L. Sherwood et al., KRAS – ESMO Abstract 91 P: "Implications of key differences across 12 KRAS mutation detection technologies and their relevance in clinical practice", publically available on https://cslide.ctimeetingtech.com/library/esmo/browse/itinerary/5286/2016-10-10#2z95w; Ellen Vercauteren et al., NRAS – ESMO Abstract 1175P: "Ultra-rapid, sensitive, and fully automated extended RAS testing for metastatic colorectal cancer – evaluation of an NRAS/BRAF/EGFR492 module", publically available on
https://cslide.ctimeetingtech.com/library/esmo/browse/itinerary/5286/2016-10-10#2z95w; Preliminary Performance Study based on Research data. Martin Reijans et al., EGFR – ESMO Abstract 1173P: "Fully automated and sensitive detection of EGFR exon 18, 19, 20 and 21 mutational status in less than 2.5 hours from a single FFPE slice", publically available on https://cslide.ctimeetingtech.com/library/esmo/browse/itinerary/5286/2016-10-10#2z95w; Jérôme Solassol et al., "Multi-Center Evaluation of the Fully Automated PCR-Based Idylla™ KRAS Mutation Assay for Rapid KRAS Mutation Status Determination on Formalin-Fixed Paraffin-Embedded Tissue of Human Colorectal Cancer", available for download: http://journals.plos.org/plosone/article/asset?id=10.1371/journal.pone.0163444.PDF.
7 James L. Sherwood, "Implications of Key Differences Across 12 KRAS Mutation Detection Technologies and Their Relevance in Clinical Practice", first presented at ESMO in October 2016.
8 Section 510(k) of the Food, Drug and Cosmetic Act requires device manufacturers who must register, to notify FDA of their intent to market a medical device at least 90 days in advance. This is known as Premarket Notification - also called PMN or 510(k).
Commenting on the 2016 results, Rudi Pauwels, Chief Executive Officer of Biocartis, said: "Our 2016 performance and the continued feedback from our customers and their patients confirms our belief that with Idylla™ we can disrupt the global market of molecular diagnostics. We continue to see an increased interest by large pharmaceutical companies for easy and rapid molecular diagnostics testing needed for their high precision treatments, and to keep the healthcare model sustainable. We already saw this translated into valuable new longterm partnerships for Biocartis. Continued innovation around cancer treatments, such as liquid biopsy based monitoring, also indicates that the market for our current and future products is larger than initially thought. Still a lot of work is needed to materialize our ambitions. Starting commercialization in the US in 2017 is an important next step here. This not only because of the size of this market, but also due to the US' current centralized nature of MDx testing which will allow our clients to optimally benefit from the USPs Idylla™ has to offer. 2017 is definitely going to be another exciting year for Biocartis!"
Biocartis continuously monitors market, technological and scientific developments that have an impact on the competitive positioning of its current and future menu of Idylla™ tests. These reviews have resulted in a menu optimization as summarized below:
9 Research Use Only.
10 Merck KGaA, Darmstadt, Germany. 11 FFPE = formalin fixed paraffin embedded.
12 Disruptions in DNA repair pathways predispose cells to accumulating DNA damage. A growing body of evidence indicates that tumors accumulate progressively more mutations in DNA repair proteins as cancers progress. DNA repair mechanisms greatly affect the response to cytotoxic treatments, so understanding those mechanisms and finding ways to turn dysregulated repair processes against themselves to induce tumor death is the goal of all DNA repair inhibition efforts. Source: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC4125008/, last updated on 14 February 2017.
facilitated by capturing the potential of oncology test development with collaboration partners, including CDx partnerships; and
Additional background on the summarized menu update will be provided during today's webcast presentation at 14:00 CET.
After having fulfilled the CEO position for 10 years, Founder Rudi Pauwels has expressed his preference to the Board to focus on the longer term strategy of the Company, including a pathway towards a Next-Generation Sequencing based product offering. The board has decided that Rudi will take on the role of Chairman of a new Strategy Committee of the Board and that Hilde Windels will assume the role of CEO until a successor for Rudi Pauwels is on board. Since the appointment of Hilde Windels as Deputy CEO in 2015, Rudi Pauwels was already more focused on the strategy and vision of Biocartis, whereas the day to day execution was delegated to Hilde Windels. The Company is confident that a successor can be announced in the next few months.
Rudi Pauwels, Founder of Biocartis, commented: "Ten years ago, we embarked on a journey to develop high precision molecular diagnostic solutions that by design would be more accessible to laboratories and healthcare settings around the globe. I had the pleasure to work intensely together with a great team on the development of the Idylla™ platform that has its roots at Philips. The CE-marking late 2014 was the beginning of the commercial phase and, fueled by a growing number of tests, the Idylla™ solution is now increasingly finding its way to customers in Europe and around the world. I am particularly pleased to see that the hard work during the development has translated into great performance of our first tests. Building further on these foundations, Biocartis must now increasingly focus on worldwide commercial expansion and on the pathway towards building significant top line revenue. I therefore feel it is time for me to hand over the torch as CEO and I am happy that Hilde Windels, with whom I have been working side-by-side over the last 6 years, is taking over from me as interim CEO. This will allow me to increase my focus on innovation and strategy even more, in another capacity. I look forward to continue to be involved with Biocartis and to assist the Company in its roll-out of innovative products and breakthrough solutions that I believe can make a significant contribution to the growing role of molecular diagnostics in healthcare."
Rudi Mariën, Chairman of Biocartis, added: "We are thankful for Rudi's dedication to Biocartis over the past years. Without him, Biocartis would not have been what it is today. Under his leadership, the Company launched its flagship program Idylla™, successfully raised EUR 115m in its IPO and established promising partnerships with healthcare leaders including amongst others Johnson and Johnson, Abbott, Amgen, Merck and Thermo Fisher Scientific. We are pleased to see that Rudi will remain active on the Board, which will enable Biocartis to continue to benefit from his visionary views and insights on how to continue to deliver on our promises while remaining at the forefront of innovation."
The tables below show an overview of the key figures and a breakdown of operating income for 2016. A consolidated income statement, balance sheet, cash flow statement and statement of changes in equity of Biocartis Group NV is presented in the paragraph 'Financial information' at the end of this press release.
| Key figures (EUR 1,000) | 2016 | 2015 | % Change |
|---|---|---|---|
| Total operating income | 13,772 | 14,951 | -8% |
| Cost of sales | -5,701 | -2,642 | 116% |
| Research & Development expenses | -42,091 | -36,554 | 15% |
| Marketing & Distribution expenses | -10,324 | -8,747 | 18% |
| General & Administrative expenses | -5,827 | -6,662 | -13% |
| Operating expenses | -63,943 | -54,606 | 17% |
| Operational result | -50,171 | -39,655 | 27% |
| Net financial result | -586 | -790 | -26% | |||
|---|---|---|---|---|---|---|
| Income tax | 980 | 648 | 51% | |||
| Net result | -49,777 | -39,797 | 25% | |||
| Cash flow from operating activities | -53,312 | -27,335 | 95% | |||
| Cash flow from investing activities | -9,342 | -5,436 | 72% | |||
| Cash flow from financing activities | 41,804 | 125,943 | -67% | |||
| Net cash flow | -20,850 | 93,172 | -122% | |||
| Cash and cash equivalents1 | 83,247 | 104,087 | -20% | |||
| Financial debt | 31,407 | 10,815 | 190% | |||
| 1 |
Including EUR 1.2m of restricted cash (as a guarantee for KBC lease financing)
| Breakdown operating income (EUR 1,000) | 2016 | 2015 | % Change |
|---|---|---|---|
| Collaboration revenue | 5,278 | 9,686 | -46% |
| Product sales revenue | 6,767 | 3,593 | 88% |
| Idylla™ system sales | 2,752 | 2,299 | 20% |
| Cartridge sales | 4,015 | 1,294 | 210% |
| Service revenue | 53 | 54 | -1% |
| Total revenue | 12,098 | 13,334 | -9% |
| Grants and other income | 1,674 | 1,617 | 3% |
| Total operating income | 13,772 | 14,951 | -8% |
In 2016, collaboration revenues, predominantly consisting of recognized upfront license revenues and milestone revenues from strategic partners, amounted to EUR 5.3m compared to EUR 9.7m in 2015, a decrease of approx. 46%. This was mainly driven by the fact that EUR 4.0m of one-off milestone payments were collected in 2015 versus EUR 332k of milestone payments that were received in 2016 (a decrease of approx. 92%). Recognized upfront license revenues amounted to EUR 4.7m, representing a decrease of approx. 7%. Product sales revenues on the other hand increased with approx. 88% in 2016 to EUR 6.8m from EUR 3.6m in 2015, predominantly driven by higher cartridge sales for commercial purposes.
Recognized grants and other income in 2016 amounted to EUR 1.7m being a 3.5% increase compared to 2015. During 2016, Biocartis obtained two new grants for a total amount of EUR 3.9m, consisting of a EUR 2.5m strategic grant from the Flemish Agency for Innovation & Entrepreneurship under its Strategic Transformation Support ('STS') program to support manufacturing expansion capacity (18 October 2016) and a EUR 1.4m grant from VLAIO, the Flanders organization for Innovation & Entrepreneurship, to support development of its rapid NGS Prep Panels (31 October 2016). Of these grants, EUR 0.4m was recognized in 2016.
Total operating income in 2016 consequently amounted to EUR 13.8m compared to EUR 15.0m in 2015.
Total operating expenses in 2016 amounted to EUR 63.9m compared to EUR 54.6m in 2015, an increase of 17%. This included EUR 5.7m of cost of sales compared to EUR 2.6m in 2015, driven by the increase in product sales revenues in 2016. Excluding cost of sales, operating expenses increased in 2016 from EUR 52.0m in 2015 to EUR 58.2m, an increase of 12.1% driven by higher expenses in R&D and Marketing & Distribution and lower expenses for General & Administrative (G&A).
R&D expenses increased from EUR 36.6m in 2015 with 15.1% in 2016 to EUR 42.1m. This as the consequence of increased staffing (and related costs) as well as increased R&D activities for test and platform development which were partially offset by lower expenses for subcontracting. The increase in staffing and related costs was driven by the 38 headcount increase of the R&D team in 2015 (majority was only recruited towards the end of 2015, staffing costs for these employees consequently only had a full year impact as of 2016) as well as a headcount increase of the R&D team with 5 employees in 2016.
Marketing and Distribution expenses increased from EUR 8.7m in 2015 to EUR 10.3m in 2016 (18.0% increase)
as a result of an expansion of the Marketing & Distribution team and increased sales and promotional expenses. During 2016, the Marketing & Distribution team was expanded with 16 employees of which several were already externally sourced from Janssen Pharmaceutica NV since 2015. That has also been the main reason for the decreased subcontracting costs in 2016.
G&A expenses decreased in 2016 with 12.5% to EUR 5.8m (EUR 6.7m in 2015) due to lower expenses for external advice (2015 was exceptionally impacted by the Company's IPO in April 2015), facilities & office and human resources that were partially offset by increased staff costs.
The operational result in 2016 amounted to a loss of EUR 50.2m compared to a loss of EUR 39.7m in 2015. As a result of the foregoing, the loss for the year after taxes increased from EUR 39.8m in 2015 to EUR 49.7m in 2016.
Property plant & equipment predominantly consist, amongst others, of manufacturing equipment (including equipment owned by Biocartis, equipment held under lease and equipment that is under construction for the expansion of its current cartridge manufacturing line and for the building of its second cartridge manufacturing line), Idylla™ systems placed at clients (under operational lease contracts or rental contracts) or held for internal use as well as laboratory & ICT equipment. In 2016, property, plant & equipment increased with EUR 8.8m from EUR 14.2m in 2015 to EUR 23.1m as the results of investments (net, after disposals) of EUR 12.6m and depreciation of EUR 3.8m. Investments predominantly consisted of manufacturing equipment and Idylla™ systems for internal use and systems placed at clients under operational lease contracts or rental contracts.
Deferred tax assets per 31 December 2016 amounted to EUR 3.1m and relate to tax credits for research and development in Belgium.
Inventory increased from EUR 5.8m in 2015 to EUR 9.8m end of 2016 mainly driven by higher levels of raw materials and semi-finished products in view of the increased commercial cartridge volumes. Finished products included cartridges and systems held for expected commercialization, including systems placed at customers under the Company's early adopter program.
Trade receivables decreased in 2016 with EUR 2.9m from EUR 5.9m in 2015 to EUR 2.9m mainly driven by collection of milestone and upfront payments from strategic partners. Other receivables related to VAT receivables and capital grants and amounted EUR 2.2m as per end of 2016. Other current assets included accrued grant income and deferred charges and increased in 2016 to EUR 1.9m compared to EUR 1.3m in 2015.
The Company's cash and cash equivalents end of 2016 amounted to EUR 83.2m compared to EUR 104.1m end of 2015.
Total financial debt amounted to EUR 31.4m as per end of 2016, representing an increase of EUR 20.6m compared to the EUR 10.8m of total financial debt outstanding end of 2015. The increase is for EUR 12.6m related to obtained lease financing for the funding of investments for Biocartis' current and second cartridge manufacturing line. Furthermore, EUR 8.1m is related to the new subordinated loan of EUR 15.0m that the Company attracted in July 2016 to refinance an existing subordinated loan (nominal amount of EUR 5m, excluding accrued interest charges) that was due end of 2016. The current portion of financial debt as per 31 December 2016 amounted to EUR 3.7m and the non-current portion to EUR 27.7m.
Trade payables end of 2016 amounted to EUR 6.3m, representing a decrease of EUR -7.6m compared to the EUR 13.9m that was outstanding end of 2015. This decrease was predominantly driven by invoices received in 2015 for manufacturing expansion that were paid for in 2016. Deferred income decreased in 2016 to EUR 2.1m (EUR 5.2m end of 2015), mainly because of recognized upfront payments from Janssen Pharmaceutica in relation to the strategic licensing, development and commercialization collaborations.
The cash flow from operating activities amounted to EUR -53.4m in 2016 compared to EUR -27.3m in 2015 driven by an increased loss for the period (predominantly due to higher operational expenses) in combination with investments in working capital in 2016 compared to significant positive moments in working capital for 2015.
The cash flow from investing activities in 2016 amounted to EUR -9.3m compared to EUR -5.4m in 2015 principally driven by increased investments for the cartridge manufacturing expansion and higher investments in intangible assets, mainly consisting of software and IP licenses.
The cash flow from financing activities in 2016 amounted to EUR 41.8m driven by the net proceeds from the private placement in November 2016 and proceeds from new borrowings, as well as the proceeds received from the Company's lease financing provider related to manufacturing equipment that was initially paid for by Biocartis and afterwards re-financed with lease financing. The cash flow from financing activities in 2015 amounted to EUR 125.9m, which was exceptionally impacted by the net proceeds from the Company's IPO in April 2015.
Driven by the aforementioned, the total net cash flow in 2016 amounted to EUR -20.9m compared to EUR 93.2m in 2015.
Biocartis will host a conference call with live webcast, during which the 2016 results will be presented, followed by a Q&A session. This event will be held today, 2 March 2017 at 14:00 CET / 13:00 BST (UK) / 08:00 EDT (US). Access the webcast by clicking here. If you would like to participate in the Q&A, please dial +44(0)20 3427 1901 (standard international) with confirmation code 9539312. A replay of the webcast will be available on the Biocartis investors' website shortly after.
The consolidated financial statements have been prepared in accordance with IFRS, as adopted by the EU. The financial information included in this press release is an extract from the full IFRS consolidated financial statements, which will be published on 30 March 2017. The statutory auditor, Deloitte Bedrijfsrevisoren /Reviseurs d'Entreprises, represented by Gert Vanhees, has substantially completed the audit procedures on the IFRS consolidated statements as of and for the year ended 31 December 2016, and has confirmed that the consolidated balance sheet, the consolidated statements of comprehensive income, cash flow and changes in shareholders' equity, included in this press release, are consistent in all material aspects with the consolidated accounts from which they have been derived.
| Years ended 31 December, | ||
|---|---|---|
| In EUR000 | 2016 | 2015 |
| Revenue | ||
| Collaboration revenue | 5,278 | 9,686 |
| Product sales revenue | 6,767 | 3,593 |
| Service revenue | 53 | 54 |
| 12,098 | 13,334 | |
| Other operating income | ||
| Grants and other income | 1,674 | 1,617 |
| Total operating income | 13,772 | 14,951 |
| Operating expenses | ||
| Cost of goods sold | -5,701 | -2,642 |
| Research & Development expenses | -42,091 | -36,554 |
| Marketing & Distribution expenses | -10,324 | -8,747 |
| General & Administrative expenses | -5,827 | -6,662 |
| -63,943 | -54,606 | |
| Operating loss for the year | -50,171 | -39,655 |
| Financial income | 86 | 107 |
| Financial expense | -674 | -819 |
| Foreign exchange gains/(losses), net | 2 | -78 |
| Financial result, net | -586 | -790 |
| Loss for the year before taxes from | ||
| continuing operations | -50,757 | -40,445 |
| Income taxes | 980 | 648 |
| Loss for the year after taxes from | ||
| continuing operations | -49,777 | -39,797 |
| Loss for the year | -49,777 | -39,797 |
| Attributable to owners of the Company | -49,777 | -39,797 |
| Attributable to non-controlling interest | ||
| Earnings per share | ||
| Basic and diluted loss per share from continuing and discontinued operations |
-1.21 | -1.07 |
| Basic and diluted loss per share from continuing operations |
-1.21 | -1.07 |
| Years ended 31 December, | ||||
|---|---|---|---|---|
| In EUR000 | 2016 | 2015 | ||
| Loss for the year | -49,777 | -39,797 | ||
| Actuarial gain (loss) on defined benefit plan | 19 | 0 | ||
| Tax impact actuarial gain (loss) | -6 | 0 | ||
| Total comprehensive loss for the year | -49,764 | -39,797 | ||
| Attributable to owners of the Company Attributable to non-controlling interest |
-49,764 0 |
-39,797 0 |
| As of 31 December, | |||
|---|---|---|---|
| In EUR000 | 2016 | 2015 | |
| Assets | |||
| Non-current assets | |||
| Intangible assets | 9,921 | 8,987 | |
| Property plant and equipment | 23,088 | 14,245 | |
| Participating interests | 5,052 | 5,052 | |
| Other long term receivables | 11 | 11 | |
| Deferred tax assets | 3,090 | 1,986 | |
| 41,162 | 30,281 | ||
| Current assets | |||
| Inventory | 9,829 | 5,837 | |
| Trade receivables | 2,935 | 5,852 | |
| Other receivables | 2,201 | 1,063 | |
| Other current assets | 1,932 | 1,258 | |
| Cash and cash equivalents | 83,246 | 104,087 | |
| 100,143 | 118,097 | ||
| Total assets | 141,305 | 148,378 | |
| Equity and liabilities | |||
| Capital and reserves | |||
| Legal share capital | 446 | 405 | |
| Historical share capital adjustment | -221,232 | -221,232 | |
| Share premium | 554,065 | 522,708 | |
| Share based payment reserve | 1,716 | 1,345 | |
| Accumulated deficit | -238,088 | -188,310 | |
| Other comprehensive income | -19 | 0 | |
| Total equity attributable to owners of the | |||
| Company | 96,889 | 114,916 | |
| Non-current liabilities | |||
| Provisions | 47 | 0 | |
| Financial debt | 27,709 | 2,662 | |
| Deferred income | 142 | 1,342 | |
| Accrued charges | 1,610 | 1,580 | |
| 29,508 | 5,585 | ||
| Current liabilities | |||
| Financial debt | 3,698 | 8,152 | |
| Trade payables | 6,293 | 13,927 | |
| Deferred income | 1,963 | 3,812 | |
| Other current liabilities | 2,954 | 1,986 | |
| 14,908 | 27,877 | ||
| Total equity and liabilities | 141,305 | 148,378 |
| Years ended 31 December, | |||
|---|---|---|---|
| in EUR000 | 2016 | 2015** | |
| Operating activities | |||
| Loss for the year | -49,777 | -39,797 | |
| Adjustments for | |||
| Depreciation and amortization | 4,848 | 5,021 | |
| Loss on disposal of fixed assets | 207 | 73 | |
| Tax income in profit and loss | -980 | -648 | |
| Financial result, net | 813 | 688 | |
| Net movement in retirement benefit obligation | 47 | 0 | |
| Share based payment expense | 371 | 179 | |
| Other comprehensive income | -28 | 0 | |
| Changes in working capital | |||
| Net movement in inventories | -3,991 | -2,254 | |
| Net movement in trade and other receivables and other current assets |
1,105 | 10,574 | |
| Net movement in trade payables & other current liabilities | -2,659 | 4,003 | |
| Net movement in deferred income | -3,049 | -4,479 | |
| Interests paid | -105 | -304 | |
| -53,198 | -26,944 | ||
| Taxes paid | -114 | -391 | |
| Cash flow used in operating activities | -53,312 | -27,335 | |
| Investing activities | |||
| Interest received | 79 | 106 | |
| Purchases of property, plant & equipment | -9,123 | -5,263 | |
| Purchases of intangible assets | -1,927 | -371 | |
| Proceeds from sale and lease back of property, plant and equipment |
1,629 | 18 | |
| Proceeds from the sale of fixed assets | 0 | 74 | |
| Cash flow from / (used in) investing activities | -9,342 | -5,436 | |
| Financing activities | |||
| Proceeds from borrowings | 15,000 | 600 | |
| Proceeds from the lease financing of property, plant and | |||
| equipment | 3,978 | 1,217 | |
| Proceeds from issue of preference shares F | 0 | 21,513 | |
| Proceeds from the issue of common shares, net of transaction costs |
31,398 | 107,688 | |
| Repayment of borrowings | -8,539 | -5,057 | |
| Bank charges | -33 | -18 | |
| Cash flow from financing activities | 41,804 | 125,943 | |
| Net increase / (decrease) in cash and cash equivalents | -20,850 | 93,172 | |
| Cash and cash equivalents at the beginning of the year | 104,087 | 10,919 | |
| Effects of exchange rate changes on the balance of cash held in foreign currencies |
10 | -4 | |
| Cash and cash equivalents at the end of the year* | 83,247 | 104,087 | |
| Supplementary cash flow disclosures New finance leases |
8,494 | 1,216 |
* Including EUR 1.2 million restricted cash related to KBC Lease financing
** The presentation of the consolidated cash flow statement of the year ended 31 December 2015 has changed compared to what has been published in the annual report of 2015, predominantly related to activities for cartridge manufacturing expansion. The implemented changes were all qualified as reclassifications. Details will be included in the 2016 annual report.
| in EUR000 | Legal share capital |
Historical share capital adjustment |
Share premium |
Share based payme nt reserv e |
Gains and losse s on defin ed contr ibuti on |
Accumulate d deficit |
Total equity attributa ble to the owners of the Compan y |
Total equity |
|---|---|---|---|---|---|---|---|---|
| Balance as at 31 | plans | |||||||
| December 2014 | 222,268 | -221,232 | 166,592 | 1,166 | 0 | - 148,513 |
20,280 | 20,280 |
| Loss for the year | ||||||||
| Share issue - tranche 2 | -39,797 | -39,797 | -39,797 | |||||
| of round F on 15 January 2015 Share issue - |
20,488 | 1,025 | 21,513 | 21,513 | ||||
| contribution in kind of the participation in MyCartis on 15 January |
||||||||
| 2015 Capital increase by incorporation of share premium on 15 January |
4,812 | 241 | 5,052 | 5,052 | ||||
| 2015 | 8 | -8 | - | - | ||||
| Capital decrease by conversion into share premium on 13 April 2015 |
||||||||
| Share issue -Initial Public Offering on 28 April |
-247,272 | 247,272 | - | - | ||||
| 2015 Share issue - exercise of over-allotment warrant on 19 May 2015 |
87 | 99,913 | 100,000 | 100,000 | ||||
| 13 | 14,987 | 15,000 | 15,000 | |||||
| Cost related to Initial Public Offering Share issue - exercise of |
-8,124 | -8,124 | -8,124 | |||||
| stock options on 3 June 2015 Share issue - exercise of |
171 | 171 | 171 | |||||
| stock options on 6 October 2015 Share issue - exercise of |
313 | 313 | 313 | |||||
| stock options on 23 December 2015 |
||||||||
| Costs related to capital | 295 | 295 | 295 | |||||
| increase Share-based payment |
33 | 33 | 33 | |||||
| expense Balance as at 31 |
179 | 179 | 179 | |||||
| December 2015 | 405 | -221,232 | 522,707 | 1,345 | 0 | -188,310 | 114,916 | 114,916 |
| Loss for the year | ||||||||
| Other comprehensive income |
-19 | -49,777 | -49,777 -19 |
-49,777 -19 |
||||
| Total comprehensive income |
||||||||
| Share issue - exercise of stock options on 7 April 2016 |
0 | 0 | 0 366 |
0 | -19 | -49,777 | -49,796 366 |
-49,796 366 |
| Share issue – private placement 21 November |
||||||||
| 2016 Cost related to private placement |
41 | 32,634 | 32,674 | 32,674 | ||||
| Share-based payment expense |
-1,642 | 371 | -1,642 371 |
-1,642 371 |
||||
| Balance as at 31 December 2016 |
446 | -221,232 | 554,065 | 1,716 | -19 | -238,088 | 96,889 | 96,889 |
Renate Degrave Manager Corporate Communications & Investor Relations e-mail [email protected] tel +32 15 631 729 mobile +32 471 53 60 64 @Biocartis\_ www.linkedin.com/Biocartis
Biocartis (Euronext Brussels: BCART) is an innovative molecular diagnostics (MDx) company providing next generation diagnostic solutions aimed at improving clinical practice for the benefit of patients, clinicians, payers and industry. Biocartis' proprietary MDx Idylla™ platform is a fully automated sample-to-result, real-time PCR (Polymerase Chain Reaction) system that offers accurate, highly reliable molecular information from virtually any biological sample in virtually any setting. Biocartis launched the Idylla™ platform in 2014. Biocartis is developing and marketing a rapidly expanding test menu addressing key unmet clinical needs in oncology and infectious diseases. These areas represent respectively the fastest growing and largest segments of the MDx market worldwide. Today, Biocartis has eight oncology tests and two infectious disease tests in its product menu. More information: www.biocartis.com. Press Photo Library available here. Follow us on Twitter: @Biocartis_.
Certain statements, beliefs and opinions in this press release are forward-looking, which reflect the Company or, as appropriate, the Company directors' current expectations and projections concerning future events such as the Company's results of operations, financial condition, liquidity, performance, prospects, growth, strategies and the industry in which the Company operates. By their nature, forward-looking statements involve a number of risks, uncertainties, assumptions and other factors that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties, assumptions and factors could adversely affect the outcome and financial effects of the plans and events described herein. A multitude of factors including, but not limited to, changes in demand, competition and technology, can cause actual events, performance or results to differ significantly from any anticipated development. Forward-looking statements contained in this press release regarding past trends or activities are not guarantees of future performance and should not be taken as a representation that such trends or activities will continue in the future. In addition, even if actual results or developments are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in future periods. As a result, the Company expressly disclaims any obligation or undertaking to release any update or revisions to any forward-looking statements in this press release as a result of any change in expectations or any change in events, conditions, assumptions or circumstances on which these forward-looking statements are based. Neither the Company nor its advisers or representatives nor any of its subsidiary undertakings or any such person's officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors nor does either accept any responsibility for the future accuracy of the forward-looking statements contained in this press release or the actual occurrence of the forecasted developments. You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release.
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