Genomic Vision: Financial Information for the Third Quarter of 2019

  • Sales of products and services up 121% to €429 thousand, driven by the sale of a FiberVision® platform in the United States
  • Revenue from activity down slightly by 9% to €599 thousand

BAGNEUX, France--()--Regulatory News:

Genomic Vision (FR0011799907 – GV), a biotechnology company developing molecular and Artificial Intelligence tools to control quality and safety of genetically modified genome, today announced its revenue and cash position1 at September 30, 2019.

Revenue for the third quarter and first 9 months of 2019

 

 

9 months

 

3rd quarter

 

In thousands of euros – IFRS

 

2019

 

2018

 

 

2019

 

2018

 

Revenue from Quest Diagnostics R&D

 

225

 

356

 

-37%

 

75

 

206

 

-64%

Sales of products & services

 

1,060

 

655

 

+62%

 

429

 

194

 

+121%

of which: life sciences research (LSR)

 

911

 

485

 

+88%

 

409

 

166

 

+146%

of which: in-vitro diagnostics (IVD)

 

149

 

170

 

-12%

 

20

 

28

 

-29%

Total revenue from sales

 

1,285

 

1,011

 

+27%

 

504

 

400

 

-26%

Other revenue

 

449

 

1,130

 

-60%

 

95

 

258

 

-63%

Total revenue from activity

 

1,734

 

2,141

 

-19%

 

599

 

658

 

-9%

During the third quarter of 2019, sales of products and services were up 121% at €429 thousand, including:

  • €409 thousand recorded on the LSR market (+146% compared with the third quarter of 2018), corresponding to the sale of a FiberVision® platform to the National Institute of Health (NIH) in the United States and sales of consumables and services, notably in the field of DNA replication and gene editing quality control;
  • €20 thousand recorded on the IVD market, down 29% compared with the third quarter of 2018 due to the lack of sales by Quest Diagnostics. Sales of the FSHD test are carried out by the La Timone hospital in France and by AmCare, the Company’s partner in China.

Total revenue from activity for the third quarter was €599 thousand (-9%), given R&D revenue from Quest Diagnostics of €75 thousand and other revenue corresponding to tax credits (research tax credit and innovation tax credit) of €95 thousand. R&D revenue from Quest Diagnostics corresponds to the distribution throughout the year of license payments, and was down 64% compared with the third quarter of 2018 that included the revenue associated with the achieving of the second milestone of the SMA project.

Over the first 9 months of 2019, sales of products and services increased by 62% to €1.1 million, notably thanks to the sale of FiberVision® platforms to the University of Oxford (UK) in the first quarter and to the NIH (USA) in the third quarter of 2019.

Financial structure at September 30, 2019

Genomic Vision had cash and cash equivalents of €1.4 million at September 30, 2019 compared with €0.6 million at June 30, 2019. This amount, which includes €2.1 million from the drawdown of the second tranche and exercising of the warrants associated with the first and second tranches of the ABSA (shares with equity warrants attached) done in the third quarter of 2019, shows a net cash burn of €1.3 million over the period.

The Company has a remaining balance of €2.5 million on this equity financing line (third tranche for €1 million and fourth tranche for €1.5 million) that may be exercised in accordance with the characteristics indicated in the Prospectus granted visa number 19-122 by the AMF French stock market authority on March 29, 2019 and under the contractual and legal conditions whose schedule and share price conditions are described in paragraph 4.1 of that Prospectus. Furthermore, the Company has an outstanding CIR 2018 research tax credit of €780 thousand whose reimbursement has been requested as an SME and should take place during the fourth quarter of 2019.

Based on revised sales growth and Research & Development, Sales & Marketing and General & Administrative spending hypotheses, as well as on associated working capital requirement assumptions, Genomic Vision has the necessary resources to continue its development through to the fourth quarter of 2020.

***

ABOUT GENOMIC VISION

Genomic Vision is a biotechnology company developing molecular and Artificial Intelligence tools to control quality and safety of genetically modified genome in particular in genome editing technologies and biomanufacturing processes.

Genomic Vision proprietary molecular tools provide robust quantitative measurements that are needed to enable high confidence characterization of DNA alteration in the genome. These tools are currently use for monitoring DNA replication in cancerous cell, for early cancer detection and the diagnosis of genetic diseases.

Based near Paris, in Bagneux, the Company has approximately 30 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

Membre des indices CAC® Mid & Small et CAC® All-Tradable

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.

 


1audited data, reviewed by the Supervisory Board on October 29, 2019.

Contacts

Genomic Vision
Aaron Bensimon
Co-founder, Chairman & CEO
Tel.: +33 1 49 08 07 50
investisseurs@genomicvision.com

Ulysse Communication
Press Relations
Bruno Arabian
Tel.: +33 1 42 68 29 70
barabian@ulysse-communication.com

NewCap
Investor Relations
& Strategic Communications
Tel.: +33 1 44 71 94 94
gv@newcap.eu

Contacts

Genomic Vision
Aaron Bensimon
Co-founder, Chairman & CEO
Tel.: +33 1 49 08 07 50
investisseurs@genomicvision.com

Ulysse Communication
Press Relations
Bruno Arabian
Tel.: +33 1 42 68 29 70
barabian@ulysse-communication.com

NewCap
Investor Relations
& Strategic Communications
Tel.: +33 1 44 71 94 94
gv@newcap.eu