BAGNEUX, France--(BUSINESS WIRE)--Regulatory News:
Genomic Vision (Paris:GV) (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 March 31, 2019.
First quarter 2019 revenue
|In € thousands||Q1 2019||Q1 2018|
|Revenue from R&D collaboration with Quest Diagnostics||75||75|
|Sales of products and services||420||172|
|of which: life sciences research (LSR)||320||128|
|of which: in-vitro diagnostics (IVD)||100||44|
|Total revenue from sales||495||247|
|Total revenue from activity||713||627|
Sales of products and services increased by +144% to €420 thousand in the first quarter of 2019, reflecting the sale of a FiberVision® platform to the laboratories of the University of Oxford and solid sales traction for FSHD tests in China by its partner, AmCare.
By market, the sales analysis is as follows:
- on the LSR segment: +150% to €320 thousand thanks to the sale of the FiberVision® platform to the University of Oxford and the growth in sales of services;
- on the IVD segment: +127% to €100 thousand, essentially consisting of recurring sales within the installed client base, notably driven by sales of FSHD tests in China with its partner, AmCare.
Total revenue amounted to €495 thousand (+100%) in the first quarter of 2019, including €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 €713 thousand in the first quarter of 2019, once other revenue of €218 thousand corresponding to tax credits (research tax credit, innovation tax credit) and R&D subsidies are taken into account, up +14% compared with the first quarter of 2018.
Financial structure at March 31, 2019
Genomic Vision had cash and cash equivalents of €2.7 million at March 31, 2019 compared with €3.2 million at December 31, 2018, given the reimbursement of the interest-free loan obtained from Quest Diagnostics in the fall of 2018 for €0.3 million and the setting up of a bridging loan for €1.5 million granted on March 25, 2019 within the framework of the structured financing with Winance. This loan was repaid on April 16, 2019 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. Cash burn over the period was €2.1 million.
The Company has financial visibility beyond the upcoming 12 months thanks to the structured financing implemented with Winance via the reserved ABSA (shares with equity warrants attached) issue for a total of €5 million in 4 tranches, as described in the Prospectus granted visa number 19-122 by the AMF French stock market authority on March 29, 2019.
FiberVision S, a platform intended for the academic and pharmaceutical research market
Genomic Vision demonstrated 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 1st to 4, 2019 in Atlanta, Georgia (USA). These demonstrations sparked much interest from researchers, as this platform includes new features such as the calibration of the wavelength spectrum. More compact and versatile, it should extend the use of the DNA replication test, which is increasingly being used to understand the mechanisms of action of molecules developed in oncology, in the screening of new anti-cancer agents and, eventually, in predicting the efficacy of certain treatments before they are administered to patients.
Upcoming financial publications and events*
- Shareholders’ Meeting : Thursday June 20, 2019
- H1 2019 results: Friday July 26, 2019
- Q3 2019 revenue: Wednesday October 30, 2019
* 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 40 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
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 filed with the AMF under reference number R19-004 on March 29, 2019, 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