Theradiag Announces Its Results for the First Half of 2022: Breaking-Even and Confirming Its Ability to Be Structurally Profitable From Early 2023
September 19 2022 - 1:30AM
Business Wire
Regulatory News:
THERADIAG (ISIN: FR0004197747, Ticker: ALTER), a company
specializing in in vitro diagnostics and Theranostics, today
announces its half-year results to June 30, 2022, as approved by
the Board of Directors on September 15, 2022.
2022 half-year results
In thousands of euros
H1 2022
H1 2021
% change
Revenue
6,264
5,482
+14%
of which: Theranostics
3,024
2,766
+9 %
of which: IVD
3,240
2,716
+19 %
Operating profit/(loss)
(129)
(178)
+28 %
Recurring profit/(loss) before tax
(173)
(206)
+16 %
Net profit/(loss) before non-recurring
items
(56)
(23)
-138%
Non-recurring items
0
(68)
NA
Net profit/(loss)
(56)
(92)
+38%
Bertrand de Castelnau, Theradiag’s CEO, commented: “In
the first half of 2022, Theradiag was able to deploy solid
commercial momentum within a healthier cost structure. The
financial indicators on our traditional scope of activity thus
substantially improved over the semester. Indeed, we increased our
net result by 38% despite the fact that this figure had benefited
from an exceptional contribution of €150 thousand from Covid
activity in the first half of 2021. Over the period, we also
continued our investments in all strategic domains to drive future
profitable growth. Buoyed by this very positive trend, we will
continue to apply our strategic plan with a view to achieving a
structurally positive margin from 2023.”
“Thanks to the concerted efforts of all its teams and to the
strategic reorientation initiated in recent semesters, Theradiag is
continuing its progress towards profitability, which should be
achieved by early 2023 at the latest. Furthermore, Theradiag has
amazing development potential, given the size of the biotherapy
monitoring market and its regular growth. Theradiag will thus
continue to deploy all of its strategic tools to ensure its
successes on this fast-growing market,” added Pierre Morgon,
Chairman of Theradiag’s Board of Directors.
Solid growth in activity thanks to the recurring dynamism of
Theranostics and to market opportunities in In Vitro
Diagnostics
Over the six months to June 30, 2022, Theradiag generated
revenue of €6.3 million, compared with €5.5 million in the same
period of 2021, giving growth of 14.3%.
Theranostics activity recorded another semester of solid
growth, with revenue increasing by 9.3% to more than €3.0 million
at June 30, 2022. This activity keeps on growing thanks to dynamic
sales of the automated i-Track10 driven by an expanding range of
i-Tracker® tests adapted to this analyzer that thus allows the
development of individualized therapeutic monitoring of even more
biotherapies.
IVD (In Vitro Diagnostics) activity recorded strong sales
growth of 19.3% to over €3.2 million at June 30, 2022. This
performance is the result of non-recurring commercial
opportunities. Indeed, during the first half of this year,
Theradiag recorded some opportunistic sales of diagnostic
instruments, notably to the veterinary sector, and logged a
temporary boost in sales of genetic tests, prior to stopping this
distribution line at the end of 2023.
Financial indicators closing in on profitability and
maintaining of investments to drive future growth
Over the first half of 2022, Theradiag continued its substantial
progress towards profitability. Indeed, the operating loss shrank
by 28% compared to the same period of 2021, despite a high basis
for comparison due to Covid activity having contributed €150
thousand in the first half of 2021. As previously reported,
Theradiag decided to end its antigen activities in the second
semester of 2021. As well as significantly improving its
profitability on its traditional markets, Theradiag has maintained
its strategic investments in several fields that will drive the
Company’s future growth: Marketing and Market access, Research
& Development and Quality (compliance with the European Union’s
directive on in vitro diagnostic medical devices (IVDR)).
Furthermore, without impacting the strategic penetration of
markets, in particular key markets, Theradiag’s Management will
continue to optimize its commercial organization in its strategic
countries to accelerate the return to strong profitability in the
coming months.
The net loss before non-recurring items is slightly down this
semester with a decrease of €33 thousand compared with the same
period of 2021 due to lower Research Tax Credit.
The overall net result improved by 38% to -€56 thousand at June
30, 2022 versus -€92 thousand at June 30, 2021. It is now close to
breakeven and represents -0.9% of revenue.
Cash position and Financial structure
Theradiag had a net cash position of €6.0 million on June 30,
2022, versus €7.1 million on December 31, 2021. This level is in
line with the Company’s roadmap outlined at the time of the rights
issue carried out in October 2021.
Reminder of the main H1 2022 highlights
- January 2022: Signing of a distribution agreement with BIOSYNEX
regarding their AMPLIQUICK SARS-CoV-2 PCR test
- May 2022: Launch of two new i-Tracker® kits: i-Tracker®
Certolizumab and i-Tracker® Anti-Certolizumab
- May 2022: Launch of ez-Track, a diagnostic Point-of-Care
Testing solution
- June 2022: Partnership with Quotient Limited to advance
autoimmune disease diagnostics
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/
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version on businesswire.com: https://www.businesswire.com/news/home/20220918005021/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 Arthur Rouillé +33 (0)1 44
71 94 98 nmerigeau@newcap.fr
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