Investors

Genomic Vision is a publicly-traded company on the Euronext regulated market in Paris

 

 

Press release

 

   

FINANCIAL INFORMATION FOR THE FOURTH QUARTER OF 2018

 

• Sales of products and services down 62% in 2018, to €682 thousand

• Revenue from activity of €2.4 million in 2018

• Extraordinary Shareholders’ Meeting scheduled for February 15, 2019 to approve a refinancing operation to restore financial visibility and secure
its development

 

 

Bagneux (France) – Genomic Vision (FR0011799907 – GV), a company specialized in the development of in-vitro diagnostic (IVD) tests for the early detection of cancers and genetic diseases and applications for life sciences research (LSR), today announced its revenue and cash position[1] at December 31, 2018.

 

Revenue for the fourth quarter and full year 2018

 

 

 

Full year

 

Fourth quarter

In thousands of euros – IFRS

 

2018

2017

 

2018

2017

Revenue from Quest Diagnostics R&D

 

431

364

 

75

139

Sales of products and services

 

682

1,778

 

27

674

of which: life sciences research (LSR)

 

492

1,148

 

7

397

of which: in-vitro diagnostics (IVD)

 

190

629

 

20

277

Total revenue from sales

 

1,113

2,141

 

102

812

Other revenue

 

1,270

1,471

 

140

586

Total revenue from activity

 

2,384

3,612

 

242

1,398

 

Sales of products and services were down 96% to €27 thousand in the fourth quarter of 2018, from €674 thousand in the same quarter of 2017, as a result of:

  • the €225 thousand negative impact associated with the cancellation of a platform sale in June 2017 related to the termination of the distribution contract with Chinese distributor APG.
  • the absence of platform sales over the period.

 

Sales of products and services during the 2018 financial year were thus down 62% to €682 thousand. Restated for the sale of 5 platforms in 2017 and the negative impact of the cancellation of the APG sale, sales of products and services recorded growth of +14% in 2018, reflecting a solid demand from existing clients, the development of sales of instruments and consumables on the LSR market and the strong appeal of the services offer deployed among industrial and academic clients.

 

2018 sales of products and services included:

  • €492 thousand generated on the LSR market. Restated for the negative effect of the cancellation of the APG sale and the sale of 3 platforms in 2017, sales of products and services on this segment recorded growth of +26%, reflecting the strong appeal of the services offer deployed among industrial clients, notably in the field of DNA replication and quality control for the gene editing industry.
  • €190 thousand generated on the IVD market, exclusively from sales of the FSHD test in France and China by the Company’s partner, AmCare, and royalties paid by Quest Diagnostics, which markets this test in the United States. The 57% decrease was due to the absence of FiberVision® platform sales during the year, whereas two platforms were sold in 2017.

 

Total revenue from activity was €2,384 thousand (-34%), including R&D revenue from Quest Diagnostics of €431 thousand (+19%), corresponding to the payment of the second milestone of the SMA project, and other revenue of €1,270 thousand, corresponding to tax credits (research tax credit, innovation tax credit, competitiveness and employment tax credit) and R&D subsidies.

 

Financial structure at December 31, 2018

Genomic Vision had cash and cash equivalents of €3.2 million at December 31, 2018 versus
€1.7 million at September 30, 2018. This figure includes €2.5 million from the drawdown of the last
3 tranches of the current OCABSA financing program during fourth quarter of 2018 and €0.3 million via an interest-free loan from Quest Diagnostics maturing on March 31, 2019, secured by a pledge of certain patents. This cash position shows a net cash burn of €1.3 million over the period.

Given its business plan, which includes a restructuring and a strategic refocusing drive, the Company believes there are uncertainties regarding its financial visibility between now and the second quarter of 2019.

To cover its working capital requirements, the Company is inviting its shareholders, convened at an Extraordinary Shareholders’ Meeting on February 15, 2019 (see the press release of January 11, 2019), to approve one or more capital increases in favor of Winance through the issuance of ordinary shares with share subscription warrants attached for a total of €5 million and also approve a capital increase subscribed by Vesalius Biocapital through the issuance of ordinary shares with share subscription warrants attached for a total of €250 thousand.

The implementation of this financing would enable Genomic Vision to extend its financial visibility through to mid-2020 and to pursue its development strategy on the LSR and IVD markets, notably through industrial partnerships and high-value-added projects.

 

Upcoming financial publications and events*

 

·       Extraordinary Shareholders’ Meeting:

 

Friday, February 15, 2019

(or, if necessary, on the 2nd call on March 4, 2019)

·       2018 annual results:

 

Wednesday, March 6, 2019

·       Q1 2019 revenue:

 

Thursday, May 2, 2019

·       Shareholders’ Meeting:

 

Thursday, June 20, 2019

·       H1 2019 results:

 

Friday, July 26, 2019

·       Q3 2019 revenue:

 

Wednesday, October 30, 2019

 

* Press releases are published before the Euronext market opens.

[1] Unaudited data.

***

ABOUT GENOMIC VISION

GENOMIC VISION is a company specialized in the development of diagnostic solutions for the early detection of cancers and serious genetic diseases and tools for life sciences research. Through the DNA Molecular Combing, a strong proprietary technology allowing to identify genetic abnormalities, GENOMIC VISION stimulates the R&D productivity of the pharmaceutical companies, the leaders of the diagnostic industry and the research labs.

The Company develops a robust portfolio of diagnostic tests (breast, ovarian and colorectal cancers, myopathies) and analysis tools (DNA replication, biomarkers discovery, gene editing quality control). Based near Paris, in Bagneux, the Company has approximately 50 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

 

CONTACTS

Genomic Vision

Aaron Bensimon

Co-fondateur et Président du Directoire

Tél. : +33 1 49 08 07 50

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

 

 

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 in its Document de Reference filed with the French Autorité des Marchés Financiers (AMF) on March 28, 2017, under number R.17-009, 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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