Genomic Vision: 2021 Annual Results
21 Aprile 2022 - 6:00PM
Business Wire
- Revenue from activity up 9% in 2021, to €1.4
million
- Good control over current operating expenses
(-5.5%)
- Financial resources offering visibility
through to end-May 2022
- Implementation of a new financing line with
Winance, subject to shareholder approval
Regulatory News:
Genomic Vision (FR0011799907 – GV – the “Company”)
(Paris:GV), a biotechnology company that develops tools and
services dedicated to the analysis and control of changes in the
genome, today reported its annual financial results for the year to
December 31, 20211.
2021 annual results
(in € thousands – IFRS)
2021
2020
Sales
994
1,084
Other revenue
419
220
Total revenue from activity
1,413
1,304
Current operating expenses
(6,273)
(6,638)
Current operating loss
(4,860)
(5,334)
Other operating expenses/income
(34)
180
Operating loss
(4,895)
(5,153)
Cost of financial debt and other financial
expenses/income
(67)
(24)
Net loss
(4,998)
(5,177)
Total revenue from activity over the year to December 31,
2021 was €1,413 thousand, up 9% compared with the year to December
31, 2020, and broke down as follows:
- sales of €994 thousand in 2021, down 8% compared with
2020, each of these two financial years including the sale of a
platform. It should be noted that in 2021 commercial activity was
slowed by the Covid-19 crisis and the world’s focus on virology
research and stoppages in activity associated with successive
lockdowns in some countries. In particular, orders of consumables
such as Coverslips were affected. Platform sales also saw a
significant slowdown, travel restrictions having made commercial
prospecting difficult.
- other revenue of €419 thousand over the year to December
31, 2021, corresponding to Research Tax Credit whose increase was a
direct result of the Company’s refocus on its Research &
Development activities in 2021.
Current operating expenses decreased by 5.5% to €6.3
million and primarily broke down as follows, on top of the cost of
sales:
- €2.7 million in R&D spending, up 35%, reflecting the
Company’s refocus on projects with greater added value. 2021
allowed it to continue the development of priority and
high-value-added projects, such as the launch of TeloSizer® for the
precise detection and quantitative measurement of telomere
length;
- €1 million in Sales & Marketing expenditure, down 39%
compared with December 31, 2020;
- €2 million in General & Administrative expenses, down 12%
compared with December 31, 2020, demonstrating good control over
these costs.
The operating loss and net loss at December 31, 2021 were
-€4.9 million and -€5 million respectively, an improvement of 5%
and 3.5% compared with the previous year, despite a 32% increase in
the workforce, reflecting good control over other expenses.
The Company’s total headcount was 33 people at December 31,
2021, compared with 25 a year earlier.
Financial structure
The Company does not have sufficient net working capital to
cover its obligations and operating cash requirements for the next
twelve months.
The financial statements at December 31, 2021 were nonetheless
drawn up in accordance with the operational continuity principle by
notably taking into account the following elements:
- at December 31, 2021, “Cash and cash equivalents” totaled €2.3
million.
- on the basis of its proposed development plan, the Company
estimates that its available cash will enable it to finance its
activities until the end of May 2022 (excluding the exercise of the
Winance warrants and Bracknor/Negma warrants already in
circulation) and that its additional cash requirements enabling it
to continue its activities in 2022 are estimated at €4
million.
- in order to cover its working capital requirements, the Company
decided to put in place a financing line with Winance via the
signing, on June 11, 2020, of an OCABSA (convertible notes with
warrants) issuance contract, of which it has used €6 million gross
(€5.7 million net of costs) out of a possible €12 million. The
Company can no longer use this financing line given the expiry of
the Prospectus relating to this operation that was in any case due
to expire in June 2022.
- within this context, the Company decided to implement a new
financing line with Winance via the signing of a new contract on
April 11, 2022 providing for the provision of a maximum of 15
tranches of €2 million each, i.e. up to €30 million, subject to the
following conditions precedent:
- the granting of an AMF visa for the new Prospectus,
- prior approval for the operation by the Company’s shareholders
at an Extraordinary General Meeting scheduled for May 23,
2022,
- the conditions for the drawdown of each tranche being met,
notably with the share price not being below the share’s par
value.
In the event that one or more of these conditions precedent –
which are not all in the Company’s hands – were not fulfilled
within the given timeframe, the Company could then not be in a
position to realize its assets and liabilities and settle its debts
within the framework of its normal course of business, and the
application of IFRS accounting rules and principles within a normal
context of the continuation of its activities, notably concerning
the evaluation of assets and liabilities, could prove to be
inappropriate. Consequently, this situation is generating
significant going concern uncertainty.
Governance
Jérôme Vailland, Chief Financial Officer of Genomic Vision, has
decided to leave the Company to pursue other projects.
Upcoming financial publication
- Revenue for the first quarter of 2022, on Thursday May 5,
2022
***
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).
For further information, please visit www.genomicvision.com
Member of the CAC® Mid & Small and CAC®
All-Tradable indexes
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 February 9, 2021 under
reference number R.21-002, 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 Financial statements were approved by the Supervisory Board on
April 19, 2022. The statutory auditor’s certification report will
be issued upon completion of the ongoing audit procedures.
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version on businesswire.com: https://www.businesswire.com/news/home/20220421005763/en/
Genomic Vision Dominique Remy-Renou CEO Tel.: +33 1 49 08
07 51 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
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