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

 

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 FINANCIAL INFORMATION AT MARCH 31, 2016

 

– Q1 revenue from activity: €0.6 million
– Cash position: €13.3 million

 

Bagneux (France) – Genomic Vision (FR0011799907 – GV), DNA molecular combing specialist that develops tests for the diagnostics market and tools for the life sciences research market, today announces its revenue and cash position at March 31, 2016.

1 Unaudited data, reviewed by the Supervisory Board on May 9, 2016.

 

Quarterly revenue
                                      

In thousands of euros – IFRS 

Q1 2016 

Q1 2015


Revenue from Quest Diagnostics R&D

78

259

Product sales

111

106

Total revenue from sales

189

365

Other revenue

424

327

Total revenue from activity

612

692

                           
Over the 1st quarter of 2016, Genomic Vision recorded €189 thousand in revenue from sales, compared with €365 thousand a year earlier. This contraction, which was expected, was due to the gradual reduction in the milestone payments foreseen within the framework of the initial agreement with Quest Diagnostics, with these payments totaling €78 thousand in the 1st quarter of 2016 versus €259 thousand in the 1st quarter of 2015.

Revenue from product sales increased slightly to €111 thousand, and came from Genomic Vision’s three sources of sales revenue:

–  direct sales of the CombHelix FSHD test at the Timone hospital in Marseille,
–  royalties paid by Quest Diagnostics, which distributes this test in the United States,
– direct sales of consumables and instruments to laboratories that use molecular combing technology for research purposes (Life Sciences Research Tools – LSRT).

 

Once other revenue of €424 thousand corresponding to tax credits (research tax credit and innovation tax credit) and R&D subsidies is taken into account, total revenue from activity came to €612 thousand over the 1st quarter of 2016, compared with €692 thousand a year earlier.

 

Cash position

Cash and cash equivalents totaled €13.3 million at March 31, 2016, versus €15.6 million at December 31, 2015, illustrating the Company’s effective management of its expenses with a similar cash burn to previous quarters.

Erwan Martin, CFO of Genomic Vision, comments: “As expected, revenue over the first quarter of 2016 was characterized by a decrease in R&D revenue from Quest Diagnostics, after almost all the milestones foreseen within the framework of our initial collaboration were met in 2015. Product sales remained at a solid level and reflect constant demand for both our CombHelix FSHD test, the only diagnostic test currently marketed by the Company, and our tools for the life sciences research market. During this financial year, we intend to continue our development on this segment characterized by buoyant demand for standardized and efficient DNA analysis solutions. Furthermore, the results of the study currently being undertaken with Quest Diagnostics on our test of a predisposition to breast and ovarian cancer (BRCA) should be available by the end of the summer, and should allow Quest Diagnostics to maximize the test’s positioning with a view to its launch at the end of this year.”

 

Next financial publication

– Results for the 1st half of 2016, on Tuesday July 26, 2016* (before market)
* indicative date that may be amended

 

ABOUT GENOMIC VISION

Founded in 2004, Genomic Vision is a DNA molecular combing specialist that develops tests for the diagnostics market and tools for the life sciences research market. Using its innovative technology that allows the direct visualization of individual DNA molecules, Genomic Vision detects quantitative and qualitative variations in the genome that are at the origin of numerous serious pathologies. The Company is developing a solid portfolio of tests that initially target breast and colon cancers. Since 2013, the Company has marketed the CombHelix FSHD test for identifying facioscapulohumeral dystrophy (FSHD), a myopathy that is difficult to detect. It is marketed in the United States through a strategic alliance with Quest Diagnostics, the American leader in diagnostic laboratory tests, and in France directly by the Company. Genomic Vision has been listed on Compartment C of Euronext Paris since April 2014.

 

ABOUT MOLECULAR COMBING

DNA molecular combing technology significantly improves the structural and functional analysis of DNA molecules. DNA fibers are stretched over glass slides, as if “combed”, and uniformly aligned over the entire surface. It is then possible to identify genetic anomalies by locating specific genes or sequences in the patient’s genome using genetic markers, a technique developed by
Press release May 9, 2016

Genomic Vision and patented under the name Genomic Morse Code. This exploration of the entire genome at high resolution via a simple analysis enables the direct visualization of genetic anomalies that are undetectable by other technologies.

For further information, please go to: www.genomicvision.com

 

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