- 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
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)
H1 2022
H1 2021
Revenue from sales
511
467
Other revenue
232
235
Total revenue from activity
743
702
Current operating expenses
(3,197)
(3,066)
Current operating loss
(2,454)
(2,364)
Other operating expenses / income
(57)
50
Operating loss
(2,510)
(2,314)
Cost of financial debt and other financial
expenses / income
(40)
(15)
Net loss
(2,568)
(2,329)
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).
www.genomicvision.com
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220929005655/en/
Genomic Vision Aaron Bensimon Président du Directoire
Tél. : +33 1 49 08 07 51 investisseurs@genomicvision.com
Ulysse Communication Relations Presse Bruno Arabian Tél.
: +33 1 42 68 29 70 barabian@ulysse-communication.com
Consilium Strategic Communications International Investor
Relations & Strategic Communications Tel.: +44 (0) 20 3709 5700
GenomicVision@consilium-comms.com
NewCap Domestic Investor Relations & Strategic
Communications Tel.: +33 1 44 71 94 94 gv@newcap.eu
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