BAGNEUX, France--(BUSINESS WIRE)--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 reported its revenue and cash position at December 31, 20201.
Revenue for the fourth quarter and full year 2020
|
|
FY |
|
4th quarter |
|
|||||
In thousands of euros – IFRS |
|
2020 |
2019 |
∆ |
|
2020 |
2019 |
∆ |
||
Revenue from Quest Diagnostics R&D |
|
0 |
250 |
-100% |
|
0 |
25 |
-100% |
||
Sales of products & services |
|
1,084 |
1,520 |
-29% |
|
289 |
460 |
-37% |
||
of which: life science research (LSR) market |
|
971 |
1,359 |
-29% |
|
276 |
448 |
-38% |
||
of which: in-vitro diagnostics (IVD) |
|
113 |
161 |
-30% |
|
13 |
12 |
8% |
||
Total revenue from sales |
|
1,084 |
1,770 |
-39% |
|
289 |
485 |
-40% |
||
Other revenue |
|
213 |
558 |
-62% |
|
7 |
109 |
-94% |
||
Total revenue from activity |
|
1,297 |
2,328 |
-44% |
|
296 |
594 |
-50% |
||
In the fourth quarter of 2020, sales of products and services totaled €289 thousand over the period, versus €460 thousand in the fourth quarter of 2019, with:
- product and services activity on the Life Science Research (LSR) market falling from €448 thousand to €276 thousand, insofar as the Company did not sell any platforms during the fourth quarter of 2020. In 2019, the amount of €448 thousand partly corresponded to the sale of two FiberVision® S platforms to the GIPTIS institute in France and the Dana Farber Cancer Institute in Boston, USA. Excluding platform sales, sales of consumables and services recorded sustained growth, notably to major health players for studying the pertinence of new therapies;
- revenue from in-vitro diagnostics (IVD) activity, corresponding to sales of the FSHD test, remaining stable and essentially consisting of sales to the Timone hospital in France.
Total revenue from activity came to €296 thousand in the fourth quarter of 2020 versus €594 thousand in the same quarter of 2019.
Over the year to December 31, 2020, total revenue from activity was €1,297 thousand, down 44% compared with the year to December 31, 2019. This decrease was primarily due to the following factors:
- revenue from sales over 2020 (€1,084 thousand) was down 39% compared with the year to December 31, 2019, notably because of a substantial decrease in platform sales (1 platform sold in 2020 versus 4 in 2019), the non-renewal of the license granted to Quest Diagnostics, which had generated revenue of €250 thousand a year earlier, and the global slowdown in sales activity associated with the Covid-19 crisis.
- other revenue, which totaled €213 thousand over the year to December 31, 2020, corresponds to Research Tax Credit whose decrease was a direct result of the restructuring plan in the first half of 2019 that led to a reduction in the R&D headcount and of the decrease in R&Q activity because of the public health crisis.
Financial structure at December 31, 2020
At December 31, 2020, Genomic Vision had cash and cash equivalents of €1,990 thousand. The Company estimates that its available cash will enable it to finance its activities through to the end of May 2021, with the additional cash required to allow it to continue its activities over the coming 12 months estimated at €4 million.
In order to cover its working capital requirements, the Company implemented a financing line with Winance via the signing, on June 11, 2020, of an OCABSA (convertible notes with warrants) issuance contract. This contract provides for the issuance, to the benefit of Winance, of a number of tranches of bonds convertible into ordinary shares to which a share subscription warrant is attached, each tranche being for €1 million, representing a bond issue of up to €12 million over a 24-month period. Exceptionally, the first tranche was issued on November 30, 2020 for €0.8 million.
The Company thus has a remaining balance of €11.2 million on this financing line, in accordance with the characteristics indicated in the Prospectus granted visa number 21-028 by the AMF French stock market authority on February 9, 2021 and under the contractual and legal conditions.
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 will thus have the necessary resources to continue its development through to 2022.
2021 financial schedule*
- 2020 annual results Thursday April 29, 2021
- Q1 2021 revenue Thursday May 6, 2021
- Shareholders’ Meeting Friday June 11, 2021
- H1 2021 results Thursday July 29, 2021
- Q3 2021 revenue Thursday October 28, 2021
* Indicative dates subject to modification. Press releases are published after the Euronext market closes.
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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
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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 universal registration document filed with the AMF on February 9, 2021 under reference number R.21-002, 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