Genomic Vision is a publicly-traded company on the Euronext regulated market in Paris
Financial information at September 30, 2015
> Revenue from 3rd quarter activity up 47%
> Further milestones reached with Quest Diagnostics
>Solid cash position of €18 million
Bagneux (France) – Genomic Vision (FR0011799907 – GV), a molecular diagnostics company specialized in the development of diagnostic tests for genetic diseases and cancers based on molecular combing, today announces its revenue and cash position1 at September 30, 2015.
Revenue for the 3rd quarter and first 9 months of 2015
Over the 3 rd quarter of 2015, Genomic Vision recorded revenue from sales of €681 thousand, up 47% compared with the 3 rd quarter of 2014. This increase in sales, 90% of which consists of revenue from the Company’s R&D collaboration with Quest Diagnostics, is due to a number of milestones reached over the period:
|>||installation of a new version of the software for analyzing and interpreting images from the high-throughput scanner used by Quest Diagnostics, which is applicable to all tests developed by Genomic Vision, |
|>||validation of software to analyze HNPCC (Lynch Syndrome) test results, |
|>||signing, at the end of the quarter, of the partnership with Rouen University Hospital regarding the clinical development of the infantile SMA (Spinal Muscular Atrophy) test, chosen by Quest Diagnostics for its future development in the United States.|
The remaining revenue from sales corresponds to product sales, which remained stable at €66 thousand and came from:
|>||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, and|
|>||direct sales of consumables and instruments to research laboratories.|
Once €305 thousand of other revenue, corresponding to tax credits (research tax credit and innovation tax credit totaling €302 thousand) and R&D subsidies (€3 thousand), is taken into account, total revenue from 3 rd quarter activity was €986 thousand, up 47% compared with the 3 rd quarter of 2014.
Over the first 9 months of the year, revenue from activity came to €2.4 million, compared with €3.9 million at September 30, 2014.
Cash and cash equivalents
At September 30, 2015, cash and cash equivalents totaled €18 million, compared with €18.7 million at June 30, 2015. This figure, which includes €1.3 million in tax credits (research tax credit and innovation tax credit) booked on December 31, 2014 and reimbursed by the tax authorities in August 2015, reflects almost-identical cash burn compared to previous quarters.
Erwan Martin, Genomic Vision’s VP Finance & Corporate Development, comments:
“The increase in our revenue in the 3 rd quarter of 2015 reflects the intense work undertaken by our teams, both R&D and Business Development, which has led to the validation of a number of major milestones within the framework of our collaboration with Quest Diagnostics. These achievements, materialized by the development of the new analysis software for all our tests and by the start of the clinical validation of the SMA test, were recorded within the framework of stringent spending controls and will be decisive for our development.” Next financial publication 2015 annual revenue, on Monday January 18, 2016* (after market) * indicative date that may be amended
Revenue from 3rd quarter activity up 47%
Genomic Vision: Aaron Bensimon Co-founder, Chairman & CEO Tel.: +33 1 49 08 07 50 email@example.com
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This press release contains 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 prospectus on which the French Financial Market Authority (AMF) granted its visa n° 14-087 on March 19, 2014 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.
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