BIOCORP: Half-year Results as of June 30, 2020
24 Settembre 2020 - 8:00AM
Business Wire
- Turnover of €3.8 million
- Negative half-year result at € -0.78 million
- Marketing partnership with US Amalgam Rx for the integration of
Mallya within the iSage RX application
- Partnership with the Thea laboratories for the development of
digital solutions in the field of ophthalmology.
- Contract with Roche Diabetes Care France for the
commercialization of Mallya
- Post-period, reception of a €2 M milestone from SANOFI
Regulatory News:
BIOCORP (Paris:ALCOR) (FR0012788065 – ALCOR / Eligible PEA PME),
a French company specialized in the design, development and
manufacture of innovative medical devices, presents its half-year
financial results as of June 30, 2020(1).
Éric Dessertenne, CEO of BIOCORP, commented: “The first half of
2020 was exceptional for several reasons. The COVID crisis made the
Company fear a slowdown or temporary suspension in the development
and manufacture of its products. Up to now, this fear has been
lifted thanks to the mobilization of all our teams. To date, the
restrictive measures to control the epidemic have had, in the end,
only a limited impact on BIOCORP's activities. As for our various
development projects under contract or under negotiation, they have
not been questioned but have been delayed by several months: the
latest payment received from SANOFI as part of our Mallya
agreement, initially expected during the first half of the year,
was finally received at the end of August. This said, we have a lot
to be satisfied with during this unique six-month period: as an
innovative company in the field of connected healthcare, BIOCORP
has over the period strengthened its intellectual property with the
filing of four new patent families and obtained the issuance of
five patents in the United States, Russia, China, India and Europe.
These new patents are essential as they embody the future expansion
of our range of connected products supported by our R&D teams.
For example, Mallya technology, a perfect showcase for our
expertise, has already begun a life cycle management phase in order
to develop its technological platform. Similarly, BIOCORP has
initiated research projects in the field of pre-filled syringes
with the new Injay product. On the industrial level, BIOCORP signed
several particularly structuring partnerships during the first six
months of the year: with the American company AMALAGAM RX in the
field of diabetes digitization, with the French company THEA for
the development of innovative digital solutions in ophthalmology
and, of course, with Roche Diabetes Care France for the
distribution of Mallya in retail pharmacies. All these contractual
achievements will have a positive impact on our revenues throughout
next year with the commercial launch of Mallya in several
territories. In fact, the decline in our half-year performance in
2020 compared to 2019 is to be considered as transitory. With the
team, BIOCORP's management is totally focused on growth. In
addition to the proprietary programs you are already familiar with,
we are working on other projects, particularly in the field of
growth hormone, which could lead to development contracts in the
coming months. This will increase our visibility with the
pharmaceutical industry by bringing high-performance digital
solutions to the shelf, capable of improving the quality of life of
patients and create more value for all our shareholders.”
(1) The BIOCORP Board of Directors, meeting on 22 September
2020, approved the accounts for the first half of 2020
Highlights of the first half of 2020:
- Reinforcement of the partnership with SANOFI around Mallya:
payment of a new upfront of €2.5M with an additional €12M spread
over the collaboration period.
- Signature of a marketing partnership on Mallya with the
American iSage RX in the field of diabetes digitalization.
- Signature of a partnership with Thea Laboratories for the
development of innovative connected medical devices in the field of
ophthalmology.
- Signing of a distribution contract for Mallya technology with
Roche Diabetes Care France.
Half-year results as of June 30th, 2020
- Turnover for the first half of 2020 amounts to €3,809 K
compared to €5,248 K a year earlier. This decline is largely
explained by the delayed receipt of a milestone from SANOFI (see
post-period items).
- Operating expenses for this semester are up 15.5% year-on-year
to €4,752 K (vs. €4,115 K during H1 2019) due in particular to the
increase in "salaries and expenses". On June 30, 2020, the Company
had 57 employees compared to 48 a year earlier.
- Taking these elements into account, the operating result for
the first half of the year is negative at (€961 K) compared to a
positive result of €1,199 K for the first six months of 2019.
- The financial result shows a loss of (€79 K) compared to (€60
K) a year earlier, mainly resulting from the interest on
bonds.
- Exceptional items were positive at €181 K in the first half of
the year, compared to €6 K in the first half of 2019.
- For tax purposes, BIOCORP estimates that it has acquired a
Research Tax Credit (CIR) of €80.7K on June 30, 2020. The CIR and
CII had been estimated at €166.2 K as of June 30, 2019. As of June
30, 2019, a receivable of €74 K related to corporate income tax has
been recognized.
- Taking into account the above elements, the net result at June
30, 2020 was negative at €-778 K compared to a net profit of €1,238
K in the first half of 2019.
- At the end of the period, BIOCORP shows a free cash-flow of
€1,554 K and an equity level of -747 K€.
In K€
June 30, 2020
June 30, 2019
Sales
3 809
5 248
Other operating income
-19
66
Total operating income
3 791
5 314
Net operating income
-961
1 199
Net financial income
-79
-60
Exceptional item
181
6
Research Tax Credit & Innovation Tax
Credit
-81
-92
Net Profit
-778
1 238
BIOCORP has made its half-yearly financial report for the
financial half-year ended June 30, 2020 available to the public and
filed with the AMF. The document (French version) is available on
the website www.biocorp.fr.
Objectives & outlook for the second half of 2020:
During the second half of 2020, BIOCORP intends to pursue its
development in its various strategic areas:
- Connected devices: BIOCORP wishes to continue and intensify the
development of its range of connected devices in the injectable
field while extending it to new applications. At the same time, the
Company is actively preparing for the commercial launch of Mallya
and is already working on the development of new generations of
this device.
- Industrialization of products, subject of signed contracts: The
Company intends to continue its partnerships for the development
and industrialization of its products. The connected devices will
give rise to a new phase of industrialization, initially on the
historic Issoire site, while considering expansion capacities in
the short term.
- Growth of the traditional activity: BIOCORP will continue the
structuring of its offer with an opportunistic positioning for
small to medium series on a range of plastic packaging products
(cannulas, vials, caps, pipettes ...).
- Specific developments: BIOCORP is solicited for its development
and industrialization expertise, whether for the adaptation of its
proprietary products for a particular use or for a specific project
requested by customers, based on the Company's know-how. These
specific developments, recorded as services, constitute an
important lever for the generation of new development and
industrialization programs and the Company wishes to continue on
this work path.
ABOUT BIOCORP Recognized for its expertise in the development
and manufacture of medical devices and delivery systems, BIOCORP
has today acquired a leading position in the connected medical
device market thanks to Mallya. This intelligent sensor for insulin
injection pens allows reliable monitoring of injected doses and
thus offers better compliance in the treatment of diabetics.
Available for sale from 2020, Mallya spearheads BIOCORP's product
portfolio of innovative connected solutions. The company has 57
employees. BIOCORP is listed on Euronext since July 2015
(FR0012788065 – ALCOR). For more information, please visit
www.biocorpsys.com. Follow us on Twitter @BIOCORPSystems
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BIOCORP CONTACTS Jacques Gardette Chairman of the Board
investisseurs@biocorp.fr
Éric Dessertenne Chief Executive Officer
Sylvaine Dessard Marketing & Communication Director
rp@biocorp.fr + 33 (0)6 88 69 72 85
ULYSSE COMMUNICATION CONTACTS Bruno ARABIAN
barabian@ulysse-communication.com +33 (0)6 87 88 46 26
Nicolas DANIELS ndaniels@ulysse-communication.com +33 (0)6 63 66
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