Genomic Vision: Financial Information for the Fourth Quarter of 2019

  • Sales up sharply in the fourth quarter (+375%),
    driven by the sale of two platforms, one in France and the other in the United States
  • Sales growth of almost 60% over 2019 as a whole
  • Pierre Schwich joins Genomic Vision as new CFO

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

Genomic Vision (Paris:GV) (FR0011799907 – GV), a biotechnology company that develops tools and services dedicated to the analysis and control of changes in the genome, today announced its revenue and cash position at December 31, 2019.

Revenue for the fourth quarter and full year 2019 (unaudited data)

 

 

 

 

FY

 

 

 

4th quarter

In thousands of euros – IFRS

 

 

 

2019

 

2018

 

 

 

 

2019

 

2018

 

Total sales

 

 

 

1,770

 

1,113

 

+59%

 

 

 

485

 

102

 

+375%

of which: life sciences
research (LSR)

 

 

 

1,359

 

492

 

+176%

 

 

 

448

 

7

 

n/a

of which in-vitro diagnostics
(IVD)

 

 

 

161

 

190

 

-15%

 

 

 

12

 

20

 

-40%

of which: license revenue
(Quest Diagnostics)

 

 

 

250

 

431

 

-42%

 

 

 

25

 

75

 

-67%

Other revenue

(Research tax credit, subsidies)

 

 

 

558

 

1,270

 

-56%

 

 

 

109

 

140

 

-22%

Total operating income

 

 

 

2,328

 

2,384

 

-2.3%

 

 

 

594

 

242

 

+145%

In the fourth quarter of 2019, sales totaled €485 thousand, versus €102 thousand in the same quarter of 2018, and consisted of:

  • €448 thousand generated on the Research market (vs. €7 thousand in Q4 of 2018, which was affected by the cancellation of a platform sale for €225 thousand). This figure was achieved thanks to the sale of two FiberVision® S platforms for research activities, one to Professor Nicolas Levy’s teams at the GIPTIS institute in France and the other to the teams of Professor D’Andrea at the Dana Farber Cancer Institute in Boston, USA. Sales of consumables and services were also strong over the period, notably in the field of DNA replication and gene editing quality control.
  • €12 thousand generated on the IVD market, down compared with the fourth quarter of 2018 due to the lack of sales achieved with Quest Diagnostics. Sales of the FSHD test are carried out by the Timone hospital in France and the Company’s AmCare partner in China.
  • €25 thousand in revenue from the license granted to Quest Diagnostic: this license, which expired at the end of October 2019, has not been renewed.

Once other revenue (€109 thousand) corresponding to tax credit (research tax credit and innovation tax credit) and remaining R&D subsidies within the framework of the H2020 Beyondseq project is taken into account, total operating income increased by 145% in the fourth quarter of 2019, to

€594 thousand.

Over 2019 as a whole, sales totaled €1,770 thousand, up 59% compared with 2018, notably thanks to the sale of 4 platforms: 2 FiberVision® platforms, one to the University of Oxford (UK) in the first quarter and the other to the NIH (USA) in the third quarter of 2019, and 2 FiberVision® S platforms to the GIPTIS institute in Marseille, France, and the Dana Farber Cancer Institute in Boston, USA. Total operating income was down slightly compared with 2018, due to the decrease in research tax credit and subsidies.

Financial structure at December 31, 2019

Genomic Vision had cash and cash equivalents of €1.0 million at December 31, 2019, versus

€1.4 million at September 30, 2019. No drawdown on the equity financing line was carried out during the fourth quarter, while the Company obtained the reimbursement of the €0.7 million due with respect to its research tax credit for 2018. The net cash burn over the period was thus €0.4 million (or

€1.1 million excluding the impact of the research tax credit reimbursement).

The Company has a remaining balance of €2.5 million on its ABSA (shares with equity warrants attached) equity financing line, a €1 million third tranche and a €1.5 million fourth tranche, 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.

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

Governance

Chief Financial Officer Frédéric Tarbouriech is leaving the Company to pursue other ventures. Pierre Schwich, a financial consultant and biotechnology sector expert, replaces him since January 29, 2020.

Pierre Schwich, a graduate of the Mines ParisTech engineering school, has been involved in the development of numerous technological companies (capital raising, IPOs, M&A operations, restructuring). Active in the healthcare sector for more than a decade, he has notably been CFO of Cellectis (genome editing), Pharnext (pleotherapy) and EOS imaging (medical imaging).

2020 financial schedule (indicative dates)

  • 2019 annual results

Thursday April 30, 2020

  • Q1 2020 revenue

Thursday May 7, 2020

  • Shareholders’ Meeting

Thursday June 25, 2020

  • H1 2020 results

Tuesday July 28, 2020

  • Q3 2020 revenue

Thursday October 29, 2020

* Press releases are published after the Euronext market closes.

***

ABOUT GENOMIC VISION

GENOMIC VISION is a biotechnology company developing products and services dedicated to the analysis (structural and functional) of genome modifications as well as to the quality and safety control of these modifications, in particular in genome editing technologies and biomanufacturing processes. Genomic Vision proprietary tools, based on DNA combing technology and artificial intelligence, provide robust quantitative measurements needed to high confidence characterization of DNA alteration in the genome. These tools are mainly used 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 29, 2019 filed with the AMF under reference number R19-004, 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.

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