- Robust resilience in revenues at €4.9 million driven by
Theranostic up +16.5%
- Continued investment in R&D to drive future
growth
- North America business accelerates
- Sound cash position at €1.7 million
- Launch of an antigen test in France to detect Covid-19 in
less than 15 minutes
Theradiag will hold a conference call to
present H1 2020 results at 9:00am on September 22.
To take part, please dial +33 1 72 72 74
03 followed by participant PIN code 24 52 93 51# Click
on the link below to view the slideshow: https://www.anywhereconference.com?Conference=418950313&PIN=24529351&UserAudioMode=DATA
Regulatory News:
THERADIAG (Paris:ALTER) (ISIN: FR0004197747, Ticker:
ALTER), a company specializing in in vitro diagnostics and
theranostics, today presents its results for the six months ended
June 30, 2020, as approved by the Board of Directors on September
17, 2020.
2020 H1 results
€000
H1 2020 (Company
statements)
H1 2019 (1) (Company
statements)
H1 2019 (Reported conso.
statements)
Revenue
4,871
4,978
4,978
of which Theranostics
2,410
2,070
2,070
of which IVD
2,461
2,908
2,908
Operating income/(loss)
(423)
(148)
(150)
Income/(loss) before tax and non-recurring
items
(358)
(132)
(181)
Net income/(loss) before non-recurring
items
(146)
75
28
Non-recurring items
(83)
652
612
Net income/(loss)
(229)
727
640
Notes: (1) Theradiag company financial statements for 2019
restated for changes in consolidation, as subsidiary Prestizia has
not been consolidated since 2019.
Theradiag CEO Bertrand de Castelnau said: “Thanks to the
commitment of each employee and the flexibility of our teams,
Theranostic sales grew by 16.5% and now represent 50% of the
company's revenues compared to 40% over the same period in 2019.
Global earnings held up well in the first half of 2020. These
results confirm our position as leader in monitoring biotherapies
in France and abroad. It is by accelerating our development thanks
to our recognized and innovative solutions that we will make rapid
progress towards financial breakeven.”
Board chairman Pierre Morgon added: “I would like to
thank and congratulate Theradiag’s teams for their unwavering
commitment during this period impacted by unprecedented economic
and health conditions. Everyone did their utmost to find solutions
to organizational challenges and to preserve commercial efforts and
Research and Development activities. Theradiag has once again
demonstrated its capacity for innovation and agility, in particular
by building a Covid test offer very quickly and preserving its
growth capacity in monitoring biotherapies. Theradiag is fully
focused on the future, making its fundamentals top-notch assets in
a changing context that requires agility and audacity.”
Strong resilience in revenue underpinned by robust momentum
in theranostics
Theradiag posted first half 2020 revenue of €4.9 million,
compared to €5 million in H1 2019. Achieved during the health
crisis, this resilience proves the robustness and quality of the
tests and solutions marketed by the Group.
Theranostics posted a further six months of strong growth
(+16.5%), driven by LISA TRACKER® kits for routine use, for which
sales exceeded €2.4 million in the first half of 2020 (versus €2.0
million in H1 2019).
Theranostics sales in France amounted to €1.0 million, up 13.5%
from H1 2019 despite the introduction of the plan blanc emergency
hospital plan in mid-March. US revenue rose 45.4% to €0.4 million.
The export business continued to prosper, posting an entirely
satisfactory growth of 8.9%. As seen over the past few six-month
periods, theranostics is Theradiag’s strategic priority and, as
such, accounts for its recurring business, boosting the Company’s
visibility.
Meanwhile, in vitro diagnostics (IVD) revenue fell 15.2% from
€2.9 million in H1 2019 to €2.4 million, mainly due to
non-recurring sales generated with former partner HOB in H1 2019.
This decrease is mainly the result of a base effect related to the
impact of exceptional sales with the former HOB partner in the
first half of 2019. Excluding this unfavorable basis of comparison,
Theradiag revenue rose 1.6% in line with its expectations and
forecasts, despite the global situation.
At company level, after eliminating the adverse comparative
effect arising from non-recurring sales generated in 2019 with
former partner HOB, revenue increased, an impressive achievement
under the circumstances.
Reduction in operating income mainly due to the business
slowdown caused by lockdown measures, the plan blanc emergency plan
in French hospitals and continued investment in the USA and R&D
in order to drive future growth
2020 H1 operating expenses were down €18K versus H1 2019, to
around €6 million, illustrating Theradiag’s ability to control
costs during the first six months of 2020 despite the costs of
launching the new partnership in the USA, where business is just
beginning to develop, and the decrease in capitalized R&D
expenses (€399K in H1 2020 versus €496K in H1 2019).
Notwithstanding, operating income fell €276K versus H1 2019 due
to investments in the future designed to drive R&D development
and innovation and Theradiag’s international expansion, primarily
in the USA.
The loss before tax and non-recurring items amounted to €358K
compared to €132K in first half 2019.
Net income before non-recurring items was down €221K compared to
H1 2019.
As stated in previous press releases, the difference between
non-recurring items in the two periods is due to the high volume of
non-recurring instrumentation sales generated with HOB in H1 2019
and the reversal of provisions recorded to cover the dispute
between HOB and Theradiag, which has now been settled.
Including the aforementioned non-recurring items, the Group
posted a net loss of €229K for H1 2020 compared to net income of
€727K in H1 2019.
Cash position
At June 30, 2020, net cash stood at €1.7 million, compared to
€2.9 million at December 31, 2019. The Company’s present cash
position is in line with its roadmap despite the Q2 slowdown and
late payments. The Company continues to prepare for the future and
must continue to step up development of the theranostics business
by building inventories and investing in i-Track10 machines, which
will be progressively brought to market.
Theradiag has obtained an agreement in principle on the grant of
a PGE state-guaranteed loan, which it will use as and when
required.
Lastly, a €34K compensation payment has been received in respect
of the furlough scheme implemented from March until end June 2020,
corresponding to 3,121 hours of downtime involving several
categories of staff.
Theradiag launches antigen test in France to detect Covid-19
in less than 15 minutes
During this exceptional period, Theradiag showed its capacity
for innovation and product development in the field of Covid tests.
In addition to the test ranges already developed and marketed by
Theradiag, the Company will also be marketing antigen tests, known
as Sars-CoV-2 rapid diagnostic tests, following an order officially
authorizing such tests published in the French Official Journal on
Wednesday September 16, 2020. The tests can be incorporated into
nationwide Covid testing campaigns.
Outlook
Theradiag has indicated a likely impact of around 10% on 2020
full-year revenue. This estimate is cautious with regard to first
half performance but is still appropriate in view of the lack of
visibility and contrasting situations currently observed with
regard to the resumption of business, particularly overseas. At
this stage of the year, the Company does not have a sufficiently
clear view of upcoming changes in economic and health conditions in
order to evaluate the impact on full-year earnings.
Notwithstanding, Theradiag will do its utmost to stay the course,
meet its financial targets and return to breakeven over a period
extended until 2021 in light of developments observed to date.
2020 highlights to date
- February 2020: Theradiag publishes excellent results for the
new TRACKER® range i-Tracker® kits at the ECCO Congress. - February
2020: Theradiag helps establish new WHO international standard for
biotherapy monitoring. - March 2020: Theradiag announces the CE
marking for the first four i-Tracker® test kits in its TRACKER®
range. - April 2020: Theradiag joins the fight against Covid-19. -
May 2020: Theradiag announces the validation of an initial Covid-19
test, the ‘RT-PCR’. - June 2020: Update on Covid-19 test business
and CE marking of new Theradiag-labeled tests. - July 2020: The
University of Tours and Theradiag sign two agreements: an exclusive
licensing agreement for the production of Covid-19 viral proteins
and a global collaboration agreement that could lead to the
creation of further partnerships. - September 2020: Launch of four
new tests designed for use with the IDS-iSYS automated analyzer. -
September 2020: Launch of antigen test in France to detect Covid-19
in less than 15 minutes
Upcoming financial conference attended by Theradiag:
- October 1, 2020: Digital Portzamparc BNP Paribas
Healthcare/Biotech Seminar
About Theradiag Theradiag is the market leader in
biotherapy monitoring. Capitalizing on its expertise in the
diagnostics market, the Company has been developing, manufacturing
and marketing innovative in vitro diagnostic (IVD) tests for over
30 years.
Theradiag pioneered “theranostics” testing (combining therapy
with diagnosis), which measures the efficacy of biotherapy in the
treatment of chronic inflammatory diseases. Going beyond mere
diagnosis, theranostics aims to help clinicians set up “customized
treatment” for each patient. This method favors the
individualization of treatment, evaluation of its efficacy and the
prevention of drug resistance. In response to this challenge,
Theradiag develops and markets the CE-marked TRACKER® range, a
comprehensive solution of inestimable medical value.
The Company is based in Marne-la-Vallée, near Paris, has
operations in over 70 countries and employs over 60 people. In
2019, the Company posted revenue of €9.6 million. The Theradiag
share is listed on Euronext Growth Paris (ISIN: FR0004197747) and
is eligible for the French PEA-PME personal equity plan.
For more information about Theradiag, please visit our website:
www.theradiag.com
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200921005639/en/
Theradiag Bertrand de Castelnau CEO/Managing
Director Tel.: +33 (0)1 64 62 10 12 contact@theradiag.com
NewCap Financial Communications & Investor Relations
Sandrine Boussard-Gallien Quentin Massé Tel.: +33
(0)1 44 71 94 94 theradiag@newcap.eu
NewCap Media Relations Nicolas Mérigeau Tel.: +33
(0)1 44 71 94 98 nmerigeau@newcap.fr
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