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

 

 

Press release

 

   

REVENUE FROM SALES FOR THE FIRST 9 MONTHS OF 2017:
+103% TO €1.3 MILLION

 

  • Acceleration in revenue growth in the third quarter of 2017: +122% to €512 thousand
  • Strong increase in quarterly sales of products and services (+193% to €437 thousand),
    driven by the first sale of a FiberVision® platform in China for FSHD

 

 

Bagneux (France), October 24, 2017 – 7.00 am (CEST) – Genomic Vision (FR0011799907 – GV), a company specialized in the development of diagnostic tests for the early detection of cancers and genetic diseases, today announced its revenue and cash position[1] at September 30, 2017.

 

Revenue for the third quarter and first 9 months of 2017

 

 

 

9 months

 

3rd quarter

 

In thousands of euros – IFRS

 

2017

2016

 

2017

2016

Revenue from Quest Diagnostics R&D

 

225

236

-5%

 

75

82

-9%

Sales of products and services

 

1,104

421

+162%

 

437

149

+193%

of which: life sciences research (LSR)

 

751

342

+120%

 

161

133

+21%

of which: in-vitro diagnostics (IVD)

 

353

79

+347%

 

276

16

+1,625%

Total revenue from sales

 

1,329

656

+103%

 

512

231

+122%

Other revenue

 

885

1,166

-24%

 

189

319

-41%

Total revenue from activity

 

2,214

1,822

+22%

 

701

550

+27%

                     

Sales of products and services jumped by +193% to €437 thousand in the third quarter of 2017, including:

  • €161 thousand generated on the LSR market, up +21% compared to the third quarter of 2016 thanks to the ramping up of consumables, small equipment and services sales, especially for studying DNA replication;
  • €276 thousand generated on the IVD segment, mainly related to the sale of a FiberVision® platform to AmCare Genomics Laboratory in China in order to deploy the FSHD test, as well as the gradual ramping up of sales of FSHD probes to longstanding clients, notably to Quest Diagnostics in the US.

 

Total revenue from sales for the third quarter of 2017 increased by +122% to €512 thousand, and includes €75 thousand of R&D income corresponding to the distribution throughout the year of license payments by Quest Diagnostics.

 

Total revenue from activity for the third quarter equaled to €701 thousand (+27%), taking into account other revenue of €189 thousand corresponding to tax credits (research tax credit, innovation tax credit) and R&D subsidies.

 

Over the first 9 months of the year:

  • sales of products and services jumped by +162% to €1.1 million;
  • total revenue from sales doubled to €1.3 million;
  • total revenue from activity increased by +22% to €2.2 million.

 

Financial structure at September 30, 2017

 

At September 30, 2017, Genomic Vision had cash and cash equivalents of €1.0 million, versus €2.9 million at June 30, 2017. This figure does not include the reimbursement of €1.4 million in research and innovation tax credits pertaining to 2016 cashed-in on October 19, 2017. The cash position at September 30, 2017 – which includes
€0.5 million from the drawdown of a tranche of convertible notes with warrants during the third quarter – gives net third-quarter cash burn of €2.4 million, partially affected by payments relating to non-recurrent costs associated with the rationalization initiated in the second quarter of 2017.

 

Given the €7.5 million in additional financing available in the form of convertible notes with warrants (drawdown of a fifth tranche on October 3, 2017) and measures taken to reduce operating costs, Genomic Vision has the necessary resources to continue, for the next 12 months, its targeted expansion in the replication markets for the pharmaceutical industry, safety control in genome editing and the sale of molecular combing equipment and services for academic research, while continuing to step up the marketing of its innovative IVD diagnostic solutions.

 

Fréderic Tarbouriech, CFO of Genomic Vision, commented: In the third quarter, our growth stepped up thanks to a solid traction on all the markets we are targeting with our innovative offer in the field of genomics. This gradual ramp up is the result of the work undertaken by our sales teams, who sold several FiberVision® platforms to international clients in various life sciences sectors during the first 9 months of 2017. This substantial demand for our innovative solutions demonstrates the polyvalence and reliability of molecular combing, which makes us confident that our growth will accelerate in the coming quarters, while we ensure the allocation of our financial resources to projects with the greatest added value.

[1] Unaudited data reviewed by the Supervisory Board on October 23, 2017.

 

 

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 the identification of genetic abnormalities, GENOMIC VISION supports the R&D productivity of pharmaceutical companies, leaders in the diagnostic industry and research labs.

The Company develops a strong portfolio of diagnostic tests (breast and colorectal cancers, myopathies) and analysis tools (DNA replication, biomarkers discovery, gene editing quality control). Based in Bagneux, near Paris, the Company employs approximately 60 people. GENOMIC VISION is a public company listed on 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

Milestones

Press Relations

Bruno Arabian

Tel. : +33 1 83 62 34 84

barabian@milestones.fr

NewCap

Investor Relations

Dušan Orešanský / Emmanuel Huynh

Tel. : +33 1 44 71 94 92

gv@newcap.eu

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 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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