Genomic Vision: First-half 2021 Results
- H1 2021 sales impacted by the Covid-19 crisis (-24.6% to €467 thousand)
- Encouraging upturn in activity in Q2, with sales almost doubling vs. Q1
- 6.2% reduction in the current operating loss
- Cash position of €2.9 million at June 30, 2021
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 announced its half-year financial results to June 30, 20211. The H1 2021 financial report is available in the Investors section of Genomic Vision’s website.
H1 2021 results
| (in € thousands – IFRS) | H1 2021 | H1 2020 |
| Revenue from sales | 467 | 619 |
| Other revenue | 235 | 131 |
| Total revenue from activity | 702 | 750 |
| Current operating expenses | (3,066) | (3,270) |
| Current operating loss | (2,364) | (2,519) |
| Other operating expenses / income | 50 | 163 |
| Operating loss | (2,314) | (2,356) |
| Cost of financial debt and other financial expenses / income | (15) | (11) |
| Net loss | (2,329) | (2,368) |
Revenue from sales totaled €467 thousand in the first half of 2021, down 24.6% compared with the first half of 2020. This decrease was in large part the result of weak activity in the first quarter of 2021, notably with the lack of any platform sales over the period while, in the first quarter of 2020, Genomic Vision sold a platform to the Leibnitz Institute on Aging – Fritz Lipmann Institute (FLI) in Germany within the framework of collaboration that is actively continuing.
In the second quarter of 2021, revenue from sales totaled €302 thousand, almost double the previous quarter’s figure and up 350% compared with the second quarter of 2020, when activity was heavily impacted by lockdown measures.
Total revenue from activity, once other revenue is taken into account, slipped 6.4% in the first half of 2021 compared with the same period of 2020. Other revenue, which totaled €235 thousand over the six months to June 30, 2021, corresponds to Research Tax Credit.
Current operating expenses fell by 6.3% to €3.1 million, and principally broke down as follows, in addition to the cost of sales:
- €0.95 million in R&D expenses, down slightly within the context of the coronavirus pandemic and further good cost control and a refocus on projects with greater added value;
- €0.5 million associated with Sales & Marketing expenses, down 47% compared with H1 2020 due to reduced activity over the half;
- €1.3 million in General & Administrative expenses, up 34% compared with H1 2020.
The operating loss was -€2.3 million at June 30, 2021, versus -€2.4 million at June 30, 2020. The net loss at June 30, 2021 was -€2.3 million, almost identical to the figure at June 30, 2020 (-€2.4 million).
Financial structure at June 30, 2021
Genomic Vision had cash and cash equivalents of €2.9 million at June 30, 2021, versus €2.0 million at December 31, 2020. This improvement was essentially due to the drawdown of €3.0 million net of costs in the first half of 2021 within the framework of the financing line implemented with Winance in June 2020. In the first half of 2021, cash burn excluding financing flows was €2 million, versus €1.5 million in the first half of 2020, notably as a result of the decrease in working capital requirements.
Based on revised sales growth and R&D, Sales & Marketing and General & Administrative spending assumptions and associated working capital requirement assumptions, as well as the contract signed with Winance, Genomic Vision has the necessary financial resources to continue its development over the next 12 months.
Impact of the Covid-19 crisis
In the first quarter of 2021, the global economic slowdown associated with the public health crisis had a substantial impact on Genomic Vision’s main current and prospective clients. An upturn in activity was observed during the second quarter that should continue through the second half of the year.
Upcoming financial publication
- Q3 2021 revenue: Thursday October 28, 2021
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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. Genomic Vision, based near Paris in Bagneux, 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 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 Accounts were approved by the Board and examined by the Supervisory Board on July 28, 2021, and have been the subject of a limited review by the Company’s auditor, who issued his limited review report following the completion of the procedures required for the purposes of the publication of the Company’s H1 2021 financial report.
Contacts
Genomic Vision
Dominique Remy-Renou
CEO
Tel.: +33 1 49 08 07 51
[email protected]
Ulysse Communication
Press Relations
Bruno Arabian
Tel.: +33 1 42 68 29 70
[email protected]
NewCap
Investor Relations
& Strategic Communications
Tel.: +33 1 44 71 94 94
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