BAGNEUX, France--(BUSINESS WIRE)--Regulatory News:
Genomic Vision (Paris:GV) (Euronext: FR0011799907 – GV), the DNA molecular combing specialist that develops diagnostic tests and advanced DNA analysis platforms, today reports its revenue and cash position1 at December 31st, 2016.
Revenue from sales for the 4th quarter and full year 2016
|In thousands of euros – IFRS||2016||2015||2016||2015|
|Revenue from R&D Collaboration with Quest Diagnostics||315||2,066||79||936|
|Sales of Products and Services||1,240||278||829||36|
|of which Life Science Research (LSR)||874||164||544||15|
|of which in-vitro diagnostics (IVD)||366||114||285||21|
|Total Revenue from Sales||1,555||2,345||908||971|
Over the fourth quarter of 2016, sales of products and services, which accounted for 91% of the Company’s total revenue compared with 4% in the fourth quarter of 2015, significantly increased to €829 thousand. This performance reflects the ramping up of Genomic Vision’s overall commercial activity, mainly driven by:
- sales of instruments and consumables for the study of DNA replication;
- innovative solutions offering for quality control and optimization of gene editing;
- installation of 3 FiberVision® combing platforms in diagnostics and research centers over the last quarter of the year.
1 Unaudited data
Over the full year 2016:
- number of installed platforms doubled from 4 to 9;
- sales of products and services increased by 346% to €1.2 million;
- total revenue from sales reached €1.6 million, down 34% due to the end of milestone payments from Quest Diagnostics following the completion in 2015 of the joint development programs.
Cash position at December 31st, 2016
At December 31st, 2016, Genomic Vision had cash and cash equivalents of €6.9 million, versus €9.5 million at September 30th, 2016.
Additionally, Genomic Vision can rely on a flexible financing line via the reserved issuance of convertible notes with warrants (OCABSA) for a nominal value of €10 million, as approved by the Shareholders’ Meeting on December 5th, 2016. A prospectus regarding this financial instrument will be filed with the French financial market authority (Autorité des marchés financiers - AMF) (see press release from October 28th, 2016).
Aaron Bensimon, CEO of Genomic Vision, said: “In the second half of 2016, we rolled out our strategy to target the life sciences research market, which we believe constitutes an important new commercial opportunity for Genomic Vision alongside our IVD business. As a result of the substantial traction in the LSR market, we succeeded in doubling our overall installed base. We are confident that demand in this market segment will remain brisk, while we continue the commercialization effort of our IVD portfolio, accelerating our growth in 2017 and beyond.”
Upcoming financial events
- Presentation at the 9th Annual Biotech Showcase in San Francisco (CA), on January 9th, 2017
- 2016 annual results, on April 27th, 20172 (after trading)
ABOUT GENOMIC VISION
Genomic Vision (Euronext: GV) leverages its proprietary DNA molecular combing platform in the IVD and life sciences research markets. DNA combing is an extremely powerful, yet easy-to-use tool for the direct visualization of individual DNA molecules at a very high resolution to uncover quantitative and qualitative genome variations that are telltale signs of cancer and other severe diseases. The Company’s IVD portfolio includes tests for breast and colon cancer, and rare myopathies, such as facioscapulohumeral dystrophy (FSHD), and spinal muscular atrophy (SMA). In the life sciences research market, the Company deploys its FiberVision® platform, supporting academia, and the pharma, biotech, and crop sciences industries in their drug discovery and development efforts. For further information, please visit www.genomicvision.com
2 Tentative date
Member of CAC® Mid & Small and CAC® All-Tradable indexes
FORWARD LOOKING STATEMENT
This press release contains 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 prospectus on which the French Financial Market Authority (AMF) granted its visa n° 14-087 on March 19, 2014 and the appendix C of the 2015 financial report 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.