- Revenues up 5% to €1.5 million in 2022
- Implementation of financing line with Winance
strengthens 12 months financial visibility
- Experienced leadership in place to deliver
strategic objectives
Regulatory News;:
Genomic Vision (FR0011799907 – GV, – the “Company”)
(Paris:GV), a Euronext-listed biotechnology company that
develops products and services for the highly accurate
characterization of DNA sequences, today reported its annual
financial results for the year ended December 31, 20221.
2022 annual results
(in € thousands – IFRS)
2022
2021
Sales
1026
994
Other revenue
455
419
Total revenue from activity
1 481
1 413
Current operating expenses
-7 537
-6 274
Current operating loss
-6 056
-4 860
Other operating expenses/income
-66
-34
Operating loss
-6 122
-4 865
Cost of financial debt and other financial
expenses/income
-668
-66
Net loss
-6 790
-4 998
Total revenue from business activity was €1.481 million in the
year ended December 31, 2022, a 5% increase compared with the year
ended December 31, 2021, and consisted of:
- Sales of products and services totaling €1,026 thousand in
2022, a 3% increase compared to 2021. During the course of the
period, the Company not only enhanced its offerings but also made
significant improvements in logistics and customer relationship
management, which contributed to the increased revenue.
- Other revenue of €455 thousand during the period relates to a
Research Tax Credit. The increase in revenue reflects the Company's
increased focus on R&D throughout the year.
Operating expenses increased by 20% in line with the
Company’s focus on delivering high-quality genomic solutions to
improve quality control and bioproduction standards. In addition to
the cost of sales, cost primarily relate to:
- €3 million in R&D spending, up 16%, reflecting the
Company's commitment to high-value projects, such as the
FiberSmart® software suite, launched in March 2023, telomere
applications, gene editing and bioproduction applications.
Furthermore, since 2022, the Company has been collaborating with
Cambridge Consultants for the development of an innovative
microfluidic platform, aiming to develop a fully integrated and
automated workflow, from sample DNA preparation to AI-driven image
analysis.
- €0.7 million in Sales & Marketing expenditure, down 36%
compared to December 31, 2021 that relates directly to the team
reorganization in this department;
- €3 million in General & Administrative expenses, up 49%
compared to December 31, 2021 and explained by the following:
- €0.7 million cost provision linked to the departure of the
former Governance Committee of the Company
- €0.3 million strategic study
- €0.2 million engineering costs with Cambridge Consultants
relating to development of the Company’s next generation technology
platform
The operating loss and net loss at December 31, 2022
increased to -€6.1 million and -€6.8 million, respectively, up 25%
and 36% compared to the previous year. This rise in losses is
mainly due to the execution of a strategic shift that necessitated
a change in governance and significant investment in the Company’s
next generation technology platform.
The Company’s total headcount was 36 people at December 31,
2022, consistent with the previous closing.
Financial structure
As of December 31, 2022, Genomic Vision had cash and cash
equivalents of €0.76 million versus €0.5 million on September 30,
2022. The cash use of the Company is related to the day-to-day
activities and the gradual implementation of its strategic
plan.
Considering the updated projections for sales growth,
investments in R&D, sales, marketing, general expenses, along
with the associated working capital estimates and the contract
established with Winance, Genomic Vision possesses the necessary
resources to sustain its business development efforts throughout
the upcoming 12 months.
As disclosed in the press release dated May 20, 2022, the
Company signed a contract with Winance to set-up a financing line
by issuing convertible bonds (the “OC”) into ordinary shares to
each of which will be attached a share subscription warrant (the
“BSA” and together with the shares to which they are attached the
“ABSA” and with the OC the “OCABSA”), for a maximum total amount of
€28.8 million (€30 million nominal value). The extraordinary
shareholders meeting of the Company held on May 23, 2022 approved
the implementation of this financing line.
The Company can potentially use, as of December 31, 2022, up to
€26.88 million (€28 million nominal value) out of its financing
program. The main terms of this program structured in 15 tranches
of OCABSA are described in the prospectus approved by the Autorité
des Marchés Financiers (AMF) on May 20, 2022 under no. 22-170,
consisting of the universal registration document filed on April
14, 2022 under number D.22-0293, the amendment to the universal
registration document filed on May 20, 2022 under number
D.22-0293-A01, a transaction note and a summary, available at the
Company's registered office (80/84 Rue des Meuniers, 92220
Bagneux), on the Company's website (www.genomicvision.com) and on
that of the AMF (www.amf-france.org).
The investment and growth financing requirements are based on
the following key strategic priorities:
- Acceleration in the launch of high value-add applications into
the bioproduction markets and cell & gene therapy markets
- Improvement in the performances and design of new products,
notably in bioinformatics to enhance the Company’ sales
offering
- Rapid strengthening of the sales teams, by recruiting talented
new staff
Governance
The Supervisory Board is composed of:
- Mrs. Florence Allouche, independent President of the
Supervisory Board
- Mr. Eric Edery, independent vice-president of the Supervisory
Board
- Mr. Mohammad Afshar, independent member of the Supervisory
Board
The Executive Board is composed of:
- Mr. Aaron Bensimon, President of the Executive Board and VP
Sciences and Technologies
- Mr. Lionel Seltz, member of the Executive Board and CFO
- Mrs. Emilie Chataignier, member of the Executive Board
As a reminder, the Company's governance committees underwent
significant changes after the General Assembly held on July 11,
2022, and the subsequent Supervisory Board meeting on July 21 2022.
During the shareholders' General Meeting, the decision was made to
revoke the mandates of Mrs. Elisabeth Ourliac, Mrs. Tammou
Abikhzer, and Mr. Stéphane Verdood as members of the Company's
Supervisory Board, effectively ending Mrs. Elisabeth Ourliac's and
Mr. Stéphane Verdood's tenure as Chair and Vice-Chair of the
Supervisory Board. Shareholders' also voted to revoke Mrs.
Dominique Remy-Renou's mandate as a member of the Executive
Board.
Following these decisions at the General Meeting, the Company's
shareholders approved the appointment of Mrs. Florence Allouche,
Mr. Mohammad Afshar, and Mr. Eric Edery as independent members of
the Supervisory Board for a six-year term, as stipulated in the
Company's articles of association.
Subsequently, the newly formed Supervisory Board unanimously
appointed the Executive Board members as presented above on July
21, 2022.
***
Upcoming financial publication
- URD, Universal Registration Document, on Thursday April 27th,
2023
- Revenue for the first quarter of 2022, on Thursday May 4th,
2023
***
ABOUT GENOMIC VISION
GENOMIC VISION is a biotechnology company developing products
and services dedicated to the structural and functional analysis 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 products and services, based on DNA combing technology
and artificial intelligence, provide robust quantitative
measurements needed for high confidence characterization of DNA
alteration in the genome. These products and services are also used
for monitoring DNA replication in cells to improve anti-cancerous
drugs development. Genomic Vision, based near Paris in Bagneux, is
a public company listed in compartment C of Euronext’s regulated
market in Paris (Euronext: GV – ISIN: FR0011799907).
Member of the CAC® Mid & Small and CAC®
All-Tradable indices
FORWARD LOOKING STATEMENT
Genomic Vision has set up a financing line in the form of
convertible notes with warrants (OCABSA) with Winance, which does
not intend to remain a shareholder of the company, after receiving
the shares resulting from the conversion or exercise of the
securities. The shares resulting from the conversion or exercise of
the aforementioned securities will, in general, be sold on the
market very quickly, which is likely to create strong downward
pressure on the share price as well as a strong dilution.
Shareholders could therefore suffer a loss of their invested
capital due to a significant decrease in the value of the company's
shares. The company has carried out several dilutive financing
operations, and investors are advised to be very careful before
making a decision to invest in the company's securities.
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 April 14, 2022 under
reference number R.22-0293, as updated by the amendment filed with
the AMF on May 20, 2022, under number D.22-0293-A01, 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 audited and approved by the
Supervisory Board on April 19, 2022. URD, Universal Registration
Document, provided in due time
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230420005802/en/
Genomic Vision Aaron Bensimon President of the Executive
Board Tel.: +33 1 49 08 07 51 investisseurs@genomicvision.com
Ulysse Communication Media Relations Bruno Arabian Tél.:
+33 1 42 68 29 70 barabian@ulysse-communication.com
Consilium Strategic Communications International Investor
Relations & Strategic Communications Tel.: +44 (0) 20 3709 5700
GenomicVision@consilium-comms.com
NewCap France Investor Relations & Strategic
Communications Tel.: +33 1 44 71 94 94 gv@newcap.eu
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