H1 2022 revenue from sales growth of 9.4% to €511k
Current operating loss at €2.5 million
Cash position of €1 million as of June 30, 2022
BAGNEUX, France, September 29, 2022--(BUSINESS WIRE)--Regulatory News:
Genomic Vision (the "Company" - FR0011799907 – GV), a biotechnology company that develops tools and services dedicated to the analysis and control of changes in the genome, today announces its half-year financial results to June 30th, 20221. The H1 financial report is available in the Investors section of Genomic Vision’s website.
H1 2022 results
(in € thousands – IFRS)
Revenue from sales
Total revenue from activity
Current operating expenses
Current operating loss
Other operating expenses / income
Cost of financial debt and other financial expenses / income
Revenue from sales totaled €511 thousand in the first half of 2022, growing by 9.4% compared with the first half of 2021. This growth was achieved by a more consolidated commercial offer, improvements in logistics and customer management, and by the sale of a scanner to the University of South Florida.
Total revenue from activity, once other revenue is taken into account, grew by 5.8% to €743 thousand. Other revenue, corresponding to the Research Tax Credit, was €232 thousand.
Current operating expenses grew by 4.3% to €3.2 million, and principally broke down as follows, in addition to the cost of sales:
€1.6 million in R&D expenses, due to the continued impact of the Covid-19 pandemic and a refocus on projects with greater added value;
€0.3 million in Sales & Marketing expenses, down 47% compared with H1 2021 due to reduced activity over the period; and
€1.3 million in General & Administrative expenses, stable compared with H1 2021.
The operating loss was -€2.5 million at June 30, 2022 (-€2.3 million in H1 2021). The net loss was -€2.6 million (-€2.3 million in H1 2021).
Financial structure as of June 30, 2022
Genomic Vision had cash and cash equivalents of €1 million at June 30, 2022, versus €2.3 million at December 31, 2021. This cash consumption is linked to the regular operations of the company.
In the first half of 2022, cash burn excluding financing flows was €1.7 million, versus €2 million in the first half of 2021, notably as a result of the decrease in working capital requirements largely due to extensive work from the teams to improve cash collection.
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
The global economic slowdown associated with the public health crisis had a substantial impact on Genomic Vision’s main current and prospective clients slowing down the Sales and Technical teams’ business travel and platform installation.
Impact of the Ukrainian crisis
Genomic Vision does not have customers in Ukraine or Russia. Nevertheless, the overall economic slowdown linked to the crisis negatively impacts its other customers and prospects.
Upcoming financial publication
Q3 2022 revenue: Thursday, October 27, 2022 (after market)
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).
Membre des indices CAC® Mid & Small et CAC® All-Tradable
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 April 14, 2022 under reference number R.22-0293, as updated by the amendment filed with the AMF on May 20, 2022, under number D.22-0293-A01, 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 Executive Board and examined by the Supervisory Board on September 28, 2022, 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 2022 financial report.
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