BAGNEUX, France--(BUSINESS WIRE)--Regulatory News:
Genomic Vision (Paris:GV) (FR0011799907 – GV), a company specializing in the development of in-vitro diagnostic tests (IVD) for the early detection of cancers and genetic diseases and applications for life sciences research (LSR), today announced its revenue and cash position1 at March 31, 2018.
1st quarter 2018 revenue
|In € thousands||Q1 2018||Q1 2017|
|Revenue from R&D collaboration with Quest Diagnostics||75||75|
|Sales of products||172||117|
|of which: life sciences research (LSR)||128||84|
|of which: in-vitro diagnostics (IVD)||44||33|
|Total revenue from sales||247||192|
|Total revenue from activity||627||537|
Sales of products and services rose by 47% to €172 thousand in the first quarter of 2018, reflecting good sales traction among existing clients. Due to the seasonal effect observed at the start of each year, Genomic Vision did not sell any platforms over the period, although it did enter into a number of commercial discussions that should result in the sale and installation of platforms during the year.
By market, the sales analysis is as follow:
- on the LSR segment: +52% to €128 thousand thanks to sales of instruments and consumables, and the services offer;
- on the IVD segment: +33% to €44 thousand, essentially consisting of recurring sales within the installed client base.
Total revenue totaled €247 thousand (+29%) in the first quarter of 2018, and includes €75 thousand in revenue from the R&D collaboration with Quest Diagnostics corresponding to the distribution throughout the year of license payments.
Total revenue from activity was €627 thousand in the first quarter of 2018, once other revenue of €380 thousand corresponding to tax credits (research tax credit, innovation tax credit, competitiveness and employment tax credit) and R&D subsidies are taken into account, +17% on the same quarter of 2017.
Financial structure at March 31, 2018
At March 31, 2018, Genomic Vision had cash and cash equivalents of €1.3 million, compared with €2.0 million at December 31, 2017, and incorporates €1.0 million from the drawdown of the seventh tranche of convertible notes with warrants and the pre-financing of 2017 research tax credit for a second tranche of €0.5 million. Cash burn over the period was €2.2 million.
Given the €5.5 million in additional financing available at March 31, 2018 in the form of convertible notes with warrants, the measures implemented to reduce operating costs and the expected development of its sales, Genomic Vision has the necessary resources to continue its development across its targeted markets until the first quarter of 2019. The Company is looking at various options to prepare the financing of the next stages of its development.
FiberVision S: new platform intended for the research market
Genomic Vision exclusively presented its new automated scanner dedicated to applications for research laboratories, FiberVision S, at the AACR (American Association for Cancer Research) Annual Meeting that was held from April 14 to 18, 2018 in Chicago (Illinois, USA). This platform has been designed to be more compact and, especially, more open in order to provide users with exceptional flexibility and versatility to meet the requirements of their different research applications. This new platform triggered great interest from researchers, as it incorporates new features such as the calibration of the wavelength spectrum, particularly suited to genome studies, notably in oncology.
Meanwhile, the FiberVision platform, with its loading capacity and high throughput, remains the benchmark platform for the diagnostics market, both for clinical centers and for central laboratories.
Frédéric Tarbouriech, CFO of Genomic Vision, said: “Despite the seasonal effect on platform sales, which was widely anticipated and regularly affects our start of the year, we recorded a dynamic first quarter of 2018 compared to the first quarter of 2017 thanks to the gradual ramping up of our recurring revenue. The latter illustrates an increasing demand for our consumables and services in molecular combing, both in IVD and LSR. Moreover, we have continued to implement a strict expense management policy enabling us to pursue our development on these two strategic segments in a targeted manner, while looking at various options to strengthen our financial structure. We are delighted about the upcoming launch of FiberVision S, our new platform adapted to the research market, which should enable us to intensify platform sales over the second half of 2018. Furthermore, the recent presentation of molecular combing at the NIST-FDA2 Genome Editing Workshop in the United States to an audience of key scientific and industrial players should considerably increase our visibility and lead to an acceleration in our sales development on this emerging market, notably in the context of a growing need for efficient control tools”.
Upcoming financial publications*
- Shareholders’ Meeting: Tuesday June 19, 2018
- H1 2018 results: Wednesday July 25, 2018
- Q3 2018 revenue: Wednesday October 24, 2018
* Press releases are published before the Euronext market opens.
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 50 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 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.
1 Unaudited data
2 NIST: National Institute of Standards and Technology; FDA: Food and Drug Administration, the US health authority