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Revenue from sales down 13% in Q3 2021
Financial resources providing visibility for the next 12 months
BAGNEUX, France, October 28, 2021--(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 9-month revenue and cash position at September 30, 2021.
Revenue for the third quarter and first 9 months of 2021
In thousands of euros – IFRS
Life science research (LSR) market
In-vitro diagnostics (IVD)
Total revenue from sales
Total revenue from activity
Revenue from sales totaled €620 thousand at the end of September 2021, down 22% compared with the same period in 2020. This fall was notably the result of 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.
Total revenue from activity, once other revenue is taken into account, was down 6% as of September 30, 2021, compared with the same period in 2020. Other revenue, which totaled €320 thousand, mainly corresponded to Research Tax Credit, which is higher than last year as a result of the R&D focus in 2021.
As previously disclosed, within the context of the public health crisis that has heavily impacted Genomic Vision’s activities, and therefore its revenue, the Company has undertaken, during 2021, a sizeable R&D focus on targeted programs in order to strengthen its commercial offer. These efforts were materialized notably by the launch of TeloSizer® service in late September. This innovative solution expands Genomic Vision’s offering in the field of telomere biology and cellular health analysis.
The orders booked over the last few months are showing first signs of an upturn whose effects should be felt from the last quarter of this year.
Financial structure at September 30, 2021
At September 30, 2021, Genomic Vision had cash and cash equivalents of €1.4 million, versus €2 million at December 31, 2020. This position takes into account the drawdown of €3 million during the first half within the framework of the OCABSA program implemented with Winance in June 2020. The company has still the opportunity to drawdown the balance of up to €8 million in bond issue over the next 2.5 years through this program.
Based on revised growth, sales and Research & Development, Sales & Marketing and General & Administrative spending assumptions, as well as assumptions regarding its associated working capital requirements, Genomic Vision will thus have the necessary financial resources to continue its development over the next 12 months.
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.
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