- Revenue growth of 6.8%, driven by the solid performance of
Theranostics, up 13%
- 2021 net result of - €767 thousand, impacted by exceptional
expenses of €496 thousand
- H2 2021 net result before exceptional items close to
breakeven at -€33 thousand and demonstrating continuous
improvement in operations
- Solid cash position of €7.1 million
Regulatory News:
THERADIAG (ISIN: FR0004197747, Ticker: ALTER), a company
specializing in in vitro diagnostics and theranostics, today
reported its annual results for the financial year to December 31,
2021, as approved by the Board of Directors on March 17, 2022.
2021 full-year results
In thousands of euros
H1 2020
H2 2020
FY 2020
H1 2021
H2 2021
FY 2021
% change
Revenue
4,871
5,542
10,413
5,482
5,643
11,125
+6.8 %
of which: Theranostics
2,410
2,710
5,120
2,766
3,006
5,771
+12.7 %
of which: IVD
2,461
2,832
5,294
2,716
2,637
5,354
+1.1 %
Operating income/(loss)
(400)
(196)
(596)
(178)
(701)
(879)
n/a
Income/(loss) before tax and non-recurring
items
(441)
(124)
(565)
(207)
(733)
(939)
n/a
Net income/(loss) before non-recurring
items
(229)
49
(181)
(23)
(655)
(679)
n/a
Non-recurring items
(83)
33
(50)
(68)
(20)
(88)
n/a
Net income/(loss)
(312)
82
(231)
(92)
(675)
(767)
n/a
Bertrand de Castelnau, CEO of Theradiag, commented: “The
net result for the second half of 2021 was impacted by exceptional
expenses associated with Covid test sales. Excluding the latter,
Theradiag is continuing to close in on profitability thanks to its
solid fundamentals and to good control over its operating costs on
its core business. While the public health context remained
difficult, these results emphasize the relevance of our strategic
refocus, initiated in recent semesters, on innovation and the
internationalization of our activities. Bolstered by an improved
cost structure and a privileged positioning on the vast biotherapy
market, we are today reaffirming our determination to accelerate
Theradiag’s development on this market through the implementation
of our new strategic plan that will enable us to improve all of our
financial indicators.”
“In 2021, despite the continuing uncertain economic and public
health context, Theradiag was able to both maintain the commercial
momentum and control the costs of its two historical activities. In
2022, we intend to accelerate our growth in order to reaffirm our
leadership position on the biotherapy market and to develop new
actives to support our expansion,” added Pierre Morgon, Chairman
of the Board of Directors.
Revenue up 6.8% despite a public health situation that
remained delicate
Over the year to December 31, 2021, Theradiag recorded revenue
of €11.1 million, versus €10.4 million in 2020, giving growth of
6.8% in line with the strategic priorities defined by the Company
prior to November’s Rights Issue.
On the strength of the 21 i-Track10 or equivalent analyzers
installed and active around the world, Theranostics activity
recorded another excellent performance with growth of 12.7% in
2021, and now accounts for 52% of Theradiag’s business.
In Vitro Diagnostics (IVD) activity recorded a slight increase
of 1.2% in revenue to €5.3 million.
Globally, Theradiag recorded solid performances in terms of
exports and in the United States with growth of 25.9% and 17.0%
respectively, reflecting the significant success of its overseas
partnerships such as the one with Veracyte for the marketing of its
tests in the United States.
Net result impacted, particularly in H2 2021, by exceptional
expenses associated with its Covid activity; excluding exceptional
items, Theradiag is continuing its progress towards
profitability
In 2021, the decrease in Theradiag’s results was due to
exceptional expenses associated with its Covid activity that was
deployed in an opportunistic manner in 2020. As announced in its H1
2021 financial report, in the chapter on significant events after
June 30, 2021, Theradiag decided to end its antigen activities.
Following a number of appeals to the State’s highest authorities,
Theradiag definitively cleared its stock of products. These
expenses were assessed by the Company at approximately €500
thousand in 2021 and were primarily booked in the second half of
2021.
Excluding Covid, on its historical activities Theradiag was able
to control its operating costs while maintaining its strategic
investments in R&D and its commercial development in the United
States, which drive its current and future growth. Hence, despite a
2021 operating loss of €879 thousand, excluding the losses
associated with its Covid activity the operating momentum has been
positive in recent years. Indeed, excluding these exceptional
expenses, the operating loss was €383 thousand in 2021 compared
with a loss of €596 thousand in 2020, with a significant
improvement in profitability in the second half of 2021 with an
operating loss excluding Covid sales expenses of just €58
thousand.
Overall, the net result excluding exceptional items and the net
result totaled -€679 thousand and -€767 thousand respectively at
December 31, 2021, versus -€181 thousand and -€231 thousand at
December 31, 2020.
Comfortable cash position with the financing horizon ensured
until end-2026
At December 31, 2021, Theradiag had a net cash position of €7.1
million, compared to €1.4 million at June 30, 2021; for the last
year or so, the Company has been able to stabilize its cash
position at around €2 million, excluding capital increase.
Henceforth, following the Rights Issue carried out in November, the
Company has a financing horizon through to 2026 and thus has
medium-term financial autonomy.
Reminder of the Company’s 2021 highlights
- CE marking for the new TRACKER® range i-Tracker® test kits:
Vedolizumab and Ustekinumab kits on originator and biosimilar
molecules;
- Signing of a contract to supply quality control reagents to
Orgentec, a specialist in in vitro diagnostics, notably in
autoimmunity and infectious diseases;
- Participation in Humabdiag, a large-scale research project
undertake with the University of Tours and the University Hospital
of Tours targeting the bioproduction of monoclonal antibodies
notably for Theradiag and the entire biotherapy market;
- €5.33 million Rights Issue;
- Launch of four new i-Tracker® kits and validation of a new
parameter in the United States: Golimumab and Rituximab kits.
Significant event since the end of 2021
Signing of a distribution agreement with BIOSYNEX for their
AMPLIQUICK SARS-CoV-2 PCR test in January 2022
An initial two-year distribution agreement was signed between
THERADIAG and BIOSYNEX for the AMPLIQUICK SARS-CoV-2 PCR test from
BIOSYNEX, which will be promoted in hospitals by THERADIAG, which
enjoys a strong presence in hospitals, and notably in the vast
majority of University Hospitals.
As an extension of this first contract, BIOSYNEX and THERADIAG
intend to explore opportunities to develop joint projects.
Financial calendar:
- Annual General Meeting, Thursday May 5, 2022
- H1 2022 revenue, Monday July 18, 2022
- H1 2022 results, Monday September 19, 2022
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
2021, the Company posted revenue of €11.1 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:
https://www.theradiag.com/
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220320005008/en/
Theradiag Bertrand de Castelnau CEO/Managing
Director +33 (0)1 64 62 10 12 contact@theradiag.com
NewCap Financial Communications & Investor Relations
Pierre Laurent / Quentin Massé +33 (0)1 44 71 94 94
theradiag@newcap.eu
NewCap Media Relations Nicolas Mérigeau +33 (0)1
44 71 94 98 nmerigeau@newcap.fr
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