Genomic Vision: Revenue from Sales for the First 9 Months of 2017 up 103% to €1.3 Million
October 24 2017 - 01:00AM
Business Wire
- Acceleration in revenue growth in the
third quarter of 2017: +122% to €512 thousand
- Strong increase in quarterly sales of
products and services (+193% to €437 thousand), driven by the first
sale of a FiberVision® platform in China for FSHD
Regulatory News:
Genomic Vision (Paris:GV) (FR0011799907 – GV), a company
specialized in the development of diagnostic tests for the early
detection of cancers and genetic diseases, today announced its
revenue and cash position1 at September 30, 2017.
Revenue for the third quarter and first
9 months of 2017
9 months 3rd
quarter In thousands of euros – IFRS
2017
2016 ∆ 2017
2016 ∆ Revenue from Quest
Diagnostics R&D 225 236 -5% 75
82 -9%
Sales of products and
services 1,104 421
+162% 437 149
+193% of which: life sciences research (LSR) 751
342 +120% 161 133
+21% of which: in-vitro diagnostics (IVD) 353 79
+347% 276 16 +1,625%
Total revenue from sales 1,329
656 +103% 512
231 +122% Other revenue 885
1,166 -24% 189 319
-41%
Total revenue from activity 2,214
1,822 +22% 701
550 +27% 1 Unaudited data reviewed by
the Supervisory Board on October 23, 2017.
Sales of products and services jumped by +193% to €437
thousand in the third quarter of 2017, including:
- €161 thousand generated on the LSR
market, up +21% compared to the third quarter of 2016 thanks to the
ramping up of consumables, small equipment and services sales,
especially for studying DNA replication;
- €276 thousand generated on the IVD
segment, mainly related to the sale of a FiberVision® platform to
AmCare Genomics Laboratory in China in order to deploy the FSHD
test, as well as the gradual ramping up of sales of FSHD probes to
longstanding clients, notably to Quest Diagnostics in the US.
Total revenue from sales for the third quarter of 2017
increased by +122% to €512 thousand, and includes €75 thousand of
R&D income corresponding to the distribution throughout the
year of license payments by Quest Diagnostics.
Total revenue from activity for the third quarter equaled
to €701 thousand (+27%), taking into account other revenue of €189
thousand corresponding to tax credits (research tax credit,
innovation tax credit) and R&D subsidies.
Over the first 9 months of the year:
- sales of products and services jumped
by +162% to €1.1 million;
- total revenue from sales doubled to
€1.3 million;
- total revenue from activity increased
by +22% to €2.2 million.
Financial structure at September 30, 2017
At September 30, 2017, Genomic Vision had cash and cash
equivalents of €1.0 million, versus €2.9 million at June 30, 2017.
This figure does not include the reimbursement of €1.4 million in
research and innovation tax credits pertaining to 2016 cashed-in on
October 19, 2017. The cash position at September 30, 2017 – which
includes €0.5 million from the drawdown of a tranche of convertible
notes with warrants during the third quarter – gives net
third-quarter cash burn of €2.4 million, partially affected by
payments relating to non-recurrent costs associated with the
rationalization initiated in the second quarter of 2017.
Given the €7.5 million in additional financing available in the
form of convertible notes with warrants (drawdown of a fifth
tranche on October 3, 2017) and measures taken to reduce operating
costs, Genomic Vision has the necessary resources to continue, for
the next 12 months, its targeted expansion in the replication
markets for the pharmaceutical industry, safety control in genome
editing and the sale of molecular combing equipment and services
for academic research, while continuing to step up the marketing of
its innovative IVD diagnostic solutions.
Fréderic Tarbouriech, CFO of Genomic Vision, commented:
“In the third quarter, our growth stepped up thanks to a solid
traction on all the markets we are targeting with our innovative
offer in the field of genomics. This gradual ramp up is the result
of the work undertaken by our sales teams, who sold several
FiberVision® platforms to international clients in various life
sciences sectors during the first 9 months of 2017. This
substantial demand for our innovative solutions demonstrates the
polyvalence and reliability of molecular combing, which makes us
confident that our growth will accelerate in the coming quarters,
while we ensure the allocation of our financial resources to
projects with the greatest added value.”
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 60
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
Member of CAC® Mid & Small and
CAC® All-Tradable indexes
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 in its Document de
Reference filed with the French Autorité des Marchés Financiers
(AMF) on March 28, 2017, under number R.17-009, 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.
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Genomic VisionAaron Bensimon, +33 1 49 08 07
50Co-founder, Chairman &
CEOinvestisseurs@genomicvision.comorUlysse
CommunicationPress RelationsBruno Arabian, +33 1 81 70 96
30barabian@ulysse-communication.comorNewCapInvestor
RelationsDušan Orešanský / Emmanuel Huynh, +33 1 44 71 94
92gv@newcap.eu
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