Genomic Vision: 2020 Annual Results
29 Aprile 2021 - 7:30PM
Business Wire
- Sales down 39.0% due to the Covid-19
crisis
- Good control of current operating expenses
(-5.0%)
- 27% reduction in cash burn compared with
2019
- Current financial resources offer visibility
for the next 12 months
Regulatory News:
Genomic Vision (FR0011799907 – GV) (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,
20201.
2020 annual results
(in € thousands – IFRS)
2020
2019
Sales
1,084
1,770
Other revenue
220
558
Total revenue from activity
1,304
2,328
Current operating expenses
(6,638)
(6,968)
Current operating loss
(5,334)
(4,640)
Other operating expenses / income
180
35
Operating loss
(5,153)
(4,605)
Cost of financial debt and other financial
expenses / income
(24)
(3)
Net loss
(5,177)
(4,608)
2020 sales (€1,084 thousand) were down 39% compared to
December 31, 2019, notably as a result of a fall in platform sales
(1 platform sold in 2020 versus 4 in 2019), the non-renewal of the
license granted to Quest Diagnostics, which had generated revenue
of €250 thousand the previous year, and the slowdown in commercial
activity resulting from the Covid-19 crisis. In particular, the
number of orders of consumables fell with most clients closing
sites in the second quarter of 2020.
Total revenue from activity for the year to December 31,
2020, once other revenue (€213 thousand) is taken into account, was
down 44.0% compared with December 31, 2019, at €1,304 thousand.
Current operating expenses were down 5.0% at €6.6 million
and essentially broke down as follows, on top of the cost of
sales:
- €1.97 million in R&D spending, down 21.1%, reflecting good
control associated with the refocus on projects with greater added
value. The majority of this figure concerned personnel costs, which
totaled €1.5 million. The year 2020 allowed the Company to refocus
on the development of priority and high-value-added projects.
- €1.71 million in Sales & Marketing expenditure, up 3.8%
compared to December 31, 2019.
- €2.29 million in General & Administrative costs, up 24.0%
compared to December 31, 2019.
The operating loss and net loss both deteriorated
by 12.3% to -€5.2 million at December 31, 2020 versus -€4.6 million
at December 31, 2019.
At the end of 2020,
- the Company strengthened its management team and structured its
organization in order to be ready to adapt and meet the new demands
of its clients,
- the Company’s total headcount was 29 people.
Financial structure
At December 31, 2020, Genomic Vision had cash and cash
equivalents of approximately €2.0 million, compared with €1.1
million at December 31, 2019. In 2020, cash burn excluding
financing flows was €3.7 million, compared with €5.1 million in
2019, thanks to a substantial decrease in spending and to good
control over the Company’s working capital requirements.
In order to cover its working capital requirements, the Company
implemented a financing line with Winance via the signing, on June
11, 2020, of an OCABSA (convertible notes with warrants) issuance
contract. This contract provides for the issuance, to the benefit
of Winance, of a number of tranches of bonds convertible into
ordinary shares to which a share subscription warrant is attached,
each tranche being for €1 million, representing a bond issue of up
to €12 million over a 24-month period. The first tranche was issued
on November 30, 2020 for €800 thousand and the second tranche, for
€1.2 million, was issued in March 2021.
The Company thus has a remaining balance of €10.0 million on
this financing line that may be exercised in accordance with the
characteristics indicated in the Prospectus granted visa number
21-028 by the AMF French stock market authority on February 9, 2021
and subject to contractual and legal conditions.
Given its current resources and this contract with Winance,
Genomic Vision has the necessary financial visibility to pursue its
development over the next 12 months.
Upcoming financial publication
- Revenue for the first quarter of 2021, on Thursday May 6,
2021
***
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
***
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 28, 2021. The statutory auditor’s certification report will
be published upon completion of the ongoing audit procedures.
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version on businesswire.com: https://www.businesswire.com/news/home/20210429005940/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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