Genomic Vision: 2019 Annual Results

  • 2019 sales up 59%
  • Total revenue from activity almost stable at €2.3 million
  • Operating expenses down by 24%
  • 33% reduction in the 2019 net loss to -€4.6 million

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

Genomic Vision (FR0011799907 – GV), a biotechnology company that develops tools and services dedicated to the analysis and control of changes in the genome, today announced its 2019 financial results1.

Dominique Rémy-Renou, CEO of Genomic Vision, comments:

“In 2019, Genomic Vision completed the implementation of the restructuring plan initiated in 2018 in order to reduce operating expenses and refocus the Company on 3 strategic areas: in-vitro diagnostics; quality control used in biomanufacturing and gene editing activities; and cancer product screening tools, with the DNA replication test. In 2020, the Company will focus on its operational performance and the quality of its products and services.”

2019 annual results

(in € thousands – IFRS)

 

2019

 

2018

Sales

 

1,770

 

1,113

Other revenue

 

558

 

1,270

Total revenue from activity

 

2,328

 

2,384

Cost of products sold

 

-967

 

-327

R&D expenses

 

-2,497

 

- 3,593

Sales & Marketing expenses

 

-1,650

 

-2,491

General & Administrative expenses

 

-1,851

 

-2,265

Other operating income and expenses

 

34

 

-605

Operating loss

 

-4,605

 

-6,897

Net loss

 

-4,608

 

-6,898

2019 sales totaled €1,770 thousand, up 59% compared with 2018, despite a decrease in license revenue from Quest Diagnostics.

The fall in other revenue reflects a decrease in subsidies (€90 thousand, versus €443 thousand in 2018) and Research Tax Credit resulting from the reduction in the R&D workforce (€469 thousand, versus €780 thousand in 2018)

Operating expenses totaled €6,932 thousand: they are down by 24% compared with 2018 and reflect the savings recorded as a result of the restructuring plan.

Genomic Vision had 25 employees at December 31, 2019, compared with 41 at December 31, 2018.

Financial structure

Genomic Vision had cash and cash equivalents of €1.1 million at December 31, 2019 versus €3.2 million at December 31, 2018. Cash burn over the year includes €4.7 million of operational financing requirements, €1 million loan reimbursement and a €3.6 million increase in capital including €2.5 million from the drawdown of the first two tranches of the ABSA (shares with equity warrants attached) equity financing program set up with Winance in March 2019.

Shareholders’ equity stood at €3.2 million at December 31, 2019 vs. €4.2 million at December 31, 2018.

As announced in its press release of May 18, 2020, the Company completed the drawdown of the fourth and final tranche of the equity financing line and its partner, Winance, also exercised the warrants associated with the third tranche. The Company has thus strengthened its cash position and shareholders' equity by €1.9 million, and now has the necessary resources to develop its activities over the entire financial year.

Revenue for the first quarter of 2020 and the calendar of subsequent financial press releases will be published by May 31.

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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

***

Member of the 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 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.

 


1 Financial statements approved by the Executive Board on May 20, 2020, audit currently being finalized.

Contacts

Genomic Vision
Dominique Rémy-Renou
CEO
Tel.: +33 1 49 08 07 51
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
Dominique Rémy-Renou
CEO
Tel.: +33 1 49 08 07 51
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