Genomic Vision: Financial Information for the First Half of 2020
20 Juillet 2020 - 06:30PM
Business Wire
- Revenue affected by the economic crisis, down
slightly: -11%
- Substantial improvement in cash burn compared
to 2019: -50%
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 June 30, 2020.
Revenue for the first half of 2020 (unaudited data)
In € thousands
H1 2020
H1 2019
Sales of goods
391
406
Production sold
304
375
Total revenue from sales
695
781
Other revenue
123
354
Total revenue from activity
818
1,135
Revenue from sales totaled €695 thousand in the first
half of 2020, a slight decrease of 11% compared to the first half
of 2019. The Company sold one platform in the first half of the
year, as it had in 2019, and saw sales of its other products
progress. The fall in revenue was due to the non-renewal of the
license granted to Quest Diagnostics, which had generated revenue
of €150 thousand in the first half of 2019.
Total revenue from activity, once other revenue is taken
into account, was down 28% in the first half of 2020 compared with
the same period of 2019. Other revenue, which totaled €123 thousand
in the first half of 2020, corresponds to Research Tax Credit,
which was lower than in 2019 as a direct result of the
restructuring plan that led to a reduction in the R&D
headcount. In 2019, the figure also included a subsidy of €81
thousand.
Financial structure at June 30, 2020
Genomic Vision had cash and cash equivalents of €2.3 million at
June 30, 2020, versus €1.1 million at December 31, 2019. This
improvement is due to the drawdown of the third and fourth
tranches, for a total of €2.5 million, and the exercise of the
warrants associated with the third tranche (for €0.4 million)
within the framework of the ABSA (shares with equity warrants
attached) equity financing program set up with Winance in March
2019. Over the first half of 2020, cash burn excluding financing
flows was just €1.7 million (compared with €3.4 million in the
first half of 2019), thanks to a substantial decrease in spending
and to good control over working capital requirements. Moreover, on
June 15, the Company announced, subject to the approval of the
Shareholders’ Meeting of July 24, the implementation with Winance
of a new equity financing line via the reserved issuance of
convertible notes with warrants (OCABSA) for a maximum of €12
million, enabling it to secure any financing requirements it may
have over the next 2 or 3 years in terms of its growth
strategy.
Impact of the Covid-19 crisis
The global economic slowdown associated with the lockdown has
affected Genomic Vision’s main current and prospective clients. It
will probably have a significant impact on revenue over the coming
months, although this should not jeopardize the financial prospects
mentioned above, given the Company’s good control of its cash
burn.
Upcoming financial publications
- Shareholders’ Meeting: Friday, July 24, 2020
- H1 2020 results: Tuesday, September 29, 2020
***
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.
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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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