Exiqon reports full year results for 2012
2/6/2013 12:44 PM EST
Exiqon A/S
Annual report/ annual accounts
Exiqon reports full year results for 2012
Reported figures are for the full reporting period unless otherwise stated.
Figures for the comparable reporting period last year is stated in parenthesis
after realized figures.
Exiqon A/S (NASDAQ OMX Copenhagen: “EXQ”) today announced full year results for
2012 at the high end of expectations following three consecutive quarters of
record sales of its life science products and services and positive EBIT in the
second half year:
Financial highlights Q4 (2012) Q4 (2011) FY (2011) FY (2012) Outlook
(DKK million) 2012
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Revenue 34.3 30.1 111.5 117.4 110-115
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Gross profit 20.4 19.5 62.2 67.2
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EBIT 0.1 -0.6 -28.5 -11.8 ~ -10
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Net profit -1.5 0.8 -24.9 -14.6
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EPS -0.04 0.02 -0.73 -0.41
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-- Revenue increased 5% to DKK 117.4 million (DKK 111.5 million) at the high
end of full year guidance of DKK 110-115 million:
-- Exiqon Life Sciences’ product sales and services (excluding OEM)
increased 11% to DKK 90.7 million (DKK 81.8 million) driven primarily by
Exiqon’s proprietary miRCURY LNA™ Universal RT PCR platform for academic
and clinical microRNA research and LNA™ products for functional
analysis.
-- Gross profit increased 8% to DKK 67.2 million (DKK 62.2 million):
-- Exiqon Life Sciences’ gross profit of DKK 61.9 (DKK 51.6) was realized
at a gross margin of 55.6% (51.4%) driven by higher volume in product
sales.
-- Total operating costs increased 3% to DKK 79.0 million (DKK 76.4 million).
-- EBIT improved 59% to DKK -11.8 million (DKK -28.5 million) in line with
full year guidance of approximately DKK -10 million. EBIT was affected by
non-cash costs of share based payments of DKK 2.9 million (DKK 2.7 million)
of which DKK 2.0 million was costs of warrants granted during the year 2012
and therefore not included in the full year EBIT guidance.
-- The net result for 2012 improved 41% to DKK -14.6 million (DKK -24.9
million).
-- EPS amounted to DKK -0.41 in 2012 (-0.73).
-- Expectations for 2013:
-- In 2013 Exiqon expects total revenue of approximately DKK 130 million
driven by continued strong growth in Exiqon Life Sciences’ product sales
(excluding OEM) and services of around 20%. A positive EBITDA and
positive cash flow from operating activities is expected in 2013.
In a comment, CEO Lars Kongsbak said:
”We saw accelerated growth in our product sales and services (excluding OEM)
throughout 2012 and we ended the year with two consecutive quarters of
profitability measured on EBIT. The run rate going in to 2013 is encouraging
and the goal for 2013 is to successfully use our current momentum to become
profitable measured on EBITDA and cash flow from operating activities.
In 2013, we will focus on strengthening the market position for our current
products by further demonstrating the added value of our LNA™ research products
to customers. Meanwhile, we will continue planned investments with significant
new near term potential and seek debt financing to accelerate investments in
our future growth potential.“
Please see the enclosed PDF for the full Annual Report 2012.
Additional information
Lars Kongsbak, CEO, tel. +45 4566 0888 (cell: +45 4090 2101)
Hans Henrik Chrois Christensen, CFO, tel. +45 4566 0888 (cell: +45 4090 2131)
See the full release and the annual report in the attached PDF files or at
www.exiqon.com/investor.