Genomic Vision: 2019 Annual Results
21 Mai 2020 - 6:30PM
Business Wire
- 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
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.
***
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200521005571/en/
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
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