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Genomic Vision
Earnings Release • Jul 26, 2019
1363_iss_2019-07-26_5e979c70-f8da-4f67-a0e7-3480218f6f13.pdf
Earnings Release
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GENOMICS | GENETICS | R&D | DIAGNOSTIC TESTS
Financial Information for the First Half of 2019
Bagneux (France) - Genomic Vision (FR0011799907 - GV), a company specialized in the development of in-vitro diagnostic (IVD) tests for the early detection of cancers and genetic diseases and applications for life sciences research (LSR), today announced its revenue and cash position1 at June 30, 2019.
Revenue for the first half and second quarter of 2019
| In € thousands – IFRS | st half 1 |
nd quarter 2 |
||
|---|---|---|---|---|
| 2019 | 2018 | 2019 | 2018 | |
| Revenue from R&D collaboration with Quest Diagnostics |
150 | 150 | 75 | 75 |
| Sales of products and services |
631 | 461 | 211 | 289 |
| of which: life sciences research (LSR) |
502 | 319 | 182 | 191 |
| of which: in-vitro diagnostics (IVD) |
129 | 143 | 29 | 99 |
| Total revenue from sales | 781 | 611 | 286 | 364 |
| Other revenue | 354 | 872 | 136 | 492 |
| Total revenue from activity | 1,135 | 1,484 | 422 | 857 |
Sales of products and services increased by +37% to €631 thousand in the first half of 2019, notably thanks to the sale of a FiberVision® platform to the laboratories of University of Oxford in the first quarter of the year.
1 Unaudited data
By market, the sales analysis is as follows:
- on the LSR segment: +57% to €502 thousand thanks to the sale of the FiberVision® platform to the University of Oxford;
- on the IVD segment: -10% to €129 thousand, due to the temporary slowdown of the FSHD test at Quest Diagnostic, despite a substantial increase in sales in China via the Company's partner AmCare.
Total revenue from sales for the first half of 2019 was €781 thousand (+28%), including €75 thousand from Quest Diagnostics corresponding to the distribution throughout the year of license payments.
Total revenue from activity for the first half of 2019 was €1,135 thousand, once other revenue of €354 thousand corresponding to tax credits (research tax credit, innovation tax credit) and the end of the R&D subsidy relating to the H2020 BeyondSeq program are taken into account, down 24% compared with the first half of 2018.
Financial structure at June 30, 2019
Genomic Vision had cash and cash equivalents of €0.6 million at June 30, 2019 compared with €3.2 million at December 31, 2018. This figure takes into account:
- the reimbursement of the interest-free loan from Quest Diagnostics in the fall of 2018 for €0.3 million;
- a €1.5 million bridging loan granted by Winance, repaid via a capital increase through the offsetting of loans subscribed to by Winance within the framework of the drawdown of the first €1.5 million tranche of the reserved ABSA (shares with equity warrants attached) issue in April 2019.
Cash burn over the half year was €3.8 million, including the social restructuring costs provisioned at December 31, 2018 for €0.4 million.
On July 9, 2019, Genomic Vision carried out a €1 million capital increase via the issuance of 10,000,000 new shares at the nominal price of €0.10 within the framework of the second tranche of ABSA warrants. The Company has a remaining balance of €2.5 million on this equity financing line that can be exercised in accordance with the characteristics indicated in the Prospectus granted visa number 19-122 by the AMF French stock market authority on March 29, 2019, and notably under the contractual and legal conditions whose schedule and share price conditions are described in paragraph 4.1 of the Prospectus.
Genomic Vision is studying various options to secure additional means of financing in order to extend its financial visibility over the next 12 months.
The Company is postponing the publication of its full first-half results until the end of September 2019, once the accounts have been approved by the Management Board and reviewed by the Supervisory Board.
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ABOUT GENOMIC VISION
GENOMIC VISION is a company specialized in the development of diagnostic solutions for the early detection of cancers and serious genetic diseases and tools for life sciences research. Through the DNA Molecular Combing, a strong proprietary technology allowing to identify genetic abnormalities, GENOMIC VISION stimulates the R&D productivity of the pharmaceutical companies, the leaders of the diagnostic industry and the research labs. The Company develops a robust portfolio of diagnostic tests (breast, ovarian and colorectal cancers, myopathies) and analysis tools (DNA replication, biomarkers discovery, gene editing quality control). Based near Paris, in Bagneux, the Company has approximately 30 employees. GENOMIC VISION is a public listed company listed in compartment C of Euronext's regulated market in Paris (Euronext: GV - ISIN: FR0011799907). For further information, please visit www.genomicvision.com
CONTACTS
Genomic Vision Aaron Bensimon Co-founder, Chairman & CEO Tel.: +33 1 49 08 07 50 [email protected]
Ulysse Communication Press Relations Bruno Arabian Tel.: +33 1 42 68 29 70 [email protected]
NewCap Investor Relations & Strategic Communications Tel.: +33 1 44 71 94 94 [email protected]
Membre des indices CAC® Mid & Small et CAC® All-Tradable
FORWARD LOOKING STATEMENT
This press release contains implicitly or explicitly certain forward-looking statements concerning Genomic Vision and its business. Such forward-looking statements are based on assumptions that Genomic Vision considers to be reasonable. However, there can be no assurance that such forward-looking statements will be verified, which statements are subject to numerous risks, including the risks set forth in the "Risk Factors" section of the reference document dated March 28, 2017, available on the web site of Genomic Vision (www.genomicvision.com) and to the development of economic conditions, financial markets and the markets in which Genomic Vision operates. The forward-looking statements contained in this press release are also subject to risks not yet known to Genomic Vision or not currently considered material by Genomic Vision. The occurrence of all or part of such risks could cause actual results, financial conditions, performance or achievements of Genomic Vision to be materially different from such forward-looking statements.
This press release and the information contained herein do not constitute and should not be construed as an offer or an invitation to sell or subscribe, or the solicitation of any order or invitation to purchase or subscribe for Genomic Vision shares in any country. The distribution of this press release in certain countries may be a breach of applicable laws. The persons in possession of this press release must inquire about any local restrictions and comply with these restrictions.