BAGNEUX, France--(BUSINESS WIRE)--Regulatory News:
Genomic Vision (Paris:GV) (Euronext: FR0011799907 – GV), a company specialized in the development of diagnostic tests for the early detection of cancers and genetic diseases, today reports its revenue and cash position1 at March 31, 2017.
1st quarter 2017 revenue
|In thousands of euros||Q1 2017||Q1 2016|
|Revenue from Quest Diagnostics R&D||75||78|
|Sales of products and services||117||111|
|of which: life sciences research (LSR)||84||85|
|of which: in-vitro diagnostics (IVD)||33||27|
|Total revenue from sales||192||189|
|Total revenue from activity||537||612|
In the 1st quarter of 2017, sales of products and services increased by 5% to €117 thousand, and corresponded to:
- sales of kits for the FSHD test;
- sales of consumables and instruments for studying DNA replication; and
- the offering of innovative solutions for the quality control and optimization of genetic editing.
As anticipated, given the seasonal effect, Genomic Vision did not sell any FiberVision® combing platforms over the period, although it did enter into a number of commercial discussions that should result in the installation of platforms for new clients, in the field of both IVD and LSR, during the second half of the year.
Taking into account R&D revenue of €75 thousand, which equals to the pro rata temporis recognition of license payments by Quest Diagnostics, total revenue from sales reached €192 thousand in the 1st quarter of 2017, versus €189 thousand in the 1st quarter of 2016.
Once Other revenue of €345 thousand corresponding to tax credits (research tax credit, innovation tax credit) and R&D subsidies is taken into account, total revenue from activity amounted to €537 thousand in the 1st quarter of 2017, versus €612 thousand a year earlier.
Financial structure at March 31, 2017
At March 31, 2017, Genomic Vision had cash and cash equivalents of €4.7 million, versus €6.9 million at December 31, 2016. As announced in March, the Company has implemented a flexible financing line with Bracknor, resulting in the drawdown of a first tranche of Notes for €500 thousand. Moreover, the Company has decided to refocus its resources on its main projects with short and medium-term added value on the IVD and LSR segments. This optimization of financial resources results in operating cost-cutting measures aimed at aligning cash burn with the financial resources available in the form of Notes with Warrants, in order to provide financial visibility beyond the next 12 months.
Fréderic Tarbouriech, CFO of Genomic Vision, comments: “The first quarter of 2017 has seen intense efforts from our sales teams, prior to the signing of a number of contracts that should take place over the coming months. At the same time, we have implemented a number of cost-cutting measures to reduce our operating costs, in order to have the necessary financial resources to implement our dynamic development strategy on the IVD and LSR markets during the current fiscal year.”
- R&D Day with Quest Diagnostics: Wednesday May 10, 2017 at 9.30 am at the Imagine Institute
- Results for the first half of 2017: July 25, 2017* (after market)
* indicative date, which may be subject to change
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 the identification of genetic abnormalities, GENOMIC VISION supports the R&D productivity of pharmaceutical companies, leaders in the diagnostic industry and research labs.
The Company develops a strong portfolio of diagnostic tests (breast and colorectal cancers, myopathies) and analysis tools (DNA replication, biomarkers discovery, gene editing quality control). Based in Bagneux, near Paris, the Company employs approximately 60 people. GENOMIC VISION is a public company listed on 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.
1 Unaudited data