Genomic Vision: Financial Information for the First Quarter of 2021
May 17 2021 - 12:30PM
Business Wire
- Revenue from sales down 70%
- Cash burn under control and financial visibility secured for
the next 12 months
Regulatory News:
Genomic Vision (Paris:GV) (FR0011799907 – GV), a
biotechnology company that develops tools and services dedicated to
the analysis and control of changes in the genome, today announced
its revenue for the first quarter and its cash position at March
31, 2021.
Q1 2021 revenue
In € thousands
Q1 2021
Q1 2020
Sales of products
82
334
Sales of services
83
218
Total revenue from sales
165
552
Other revenue
53
121
Total revenue from activity
218
673
Revenue from sales totaled €165 thousand in the first
quarter of 2021, down 70% compared with the first quarter of 2020.
This fall was notably a result of the lack of any platform sales
over the period while, in the first quarter of 2020, Genomic Vision
sold a platform to the Leibnitz Institute on Aging - Fritz Lipmann
Institute (FLI) in Germany, within the framework of collaboration
that is actively continuing.
Orders booked since the end of 2020 are showing signs of an
upturn whose effects should be felt during the second half of this
year. Within the context of the public health crisis that has
heavily impacted Genomic Vision’s activities, and therefore its
revenue, the Company has undertaken a sizeable R&D focus
specific to targeted programs in recent months in order to
strengthen its commercial offer.
Total revenue from activity, once other revenue is taken
into account, was down 68% in the first quarter of 2021 compared
with the same quarter of 2020. Other revenue, which totaled €53
thousand, mainly corresponded to Research Tax Credit, which was
lower than last year as a result of the restructuring plan that led
to a reduction in the R&D headcount.
Financial structure at March 31, 2021
At March 31, 2021, Genomic Vision had cash and cash equivalents
of €2.2 million, versus €2 million at December 31, 2020. This
slight improvement takes into account the drawdown of the second
tranche, for €1.2 million, within the framework of the financing
line implemented with Winance in June 2020.
This program provides for the issuance, to the benefit of
Winance, of a number of tranches of OCABSA 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.
Based on revised growth, sales and Research & Development,
Sales & Marketing and General & Administrative spending
assumptions, as well as assumptions regarding its associated
working capital requirements, Genomic Vision will thus have the
necessary financial resources to continue its development over the
next 12 months.
Impact of the Covid-19 crisis
The global economic slowdown associated with the public health
crisis has had a substantial impact on Genomic Vision’s main
current and prospective clients, although this should not
jeopardize the financial prospects indicated above given the
Company’s good control of its cash burn. The upturn in activity
should be felt during the second half of 2021.
Upcoming financial publications and events
- Shareholders’ Meeting: Thursday June 11, 2021
- H1 2021 results: Thursday July 29, 2021
- Q3 2021 revenue: Thursday October 28, 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
Member of the CAC® Mid & Small and CAC®
All-Tradable indexes
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.
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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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