Six-month report January-June 2013
- Net sales rose by 92% to SEK 2,200k (1,148k).
- Loss after financial items was SEK 3,903k (loss: 4,430k).
- Comprehensive income was a loss of SEK 3,852k (loss: 4,392k).
- Comprehensive income per share basic and diluted totaled SEK -0.27 (-0.53).
- Cash flow from operating activities during the period was SEK -3,251k (-4,474k).
- Cash and cash equivalents at the end of the period amounted to SEK 10,851k (14,772k).
- The rights issue in April raised about SEK 13.8 million before issue expenses for Genovis.
- Genovis and the wholly owned subsidiary GeccoDots are moving to new premises in Medicon Village, Lund, in September.
January - June
- Net sales rose by 96% to SEK 4,106k (2,092k).
- Loss after financial items was SEK 7,860k (loss: 8,438k).
- Comprehensive income was a loss of SEK 7,799k (loss: 8,363k).
- Comprehensive income per share basic and diluted totaled SEK -0.60 (-1.10).
- Cash flow from operating activities during the period was SEK -7,680k (-7,356k).
Events after the end of the period
Genovis signed an agreement with Respiratorius to test and evaluate RESP-3000 as a new biomarker for early diagnosis of cardiovascular disease using a “PET” camera. Genovis is coordinating the work, but GeccoDots AB, Genovis’ wholly owned subsidiary, will conduct the final evaluation. The evaluation is expected to be completed in late 2013 or early 2014. The agreement includes the option for Genovis to acquire technology and patents relating to RESP-3000 in preclinical applications and Genovis intends to initiate negotiations for an acquisition if the tests show favorable results.
Comments from CEO Sarah Fredriksson
We continued to prioritize meetings with clients during the spring. This strategy produces results and during the second quarter sales jumped 92%, number of orders rose by 36% and the average order value was up 42% compared with last year. An analysis of individual orders shows that the increase in number of orders is mainly attributable to new customers, while established customers account for the increase in volume per order. The number of publications and presentations at conferences featuring our products continue to grow. The FDA, Pfizer, and Bruker were among the participants at the American Society for Mass Spectrometry’s annual meeting in early June who featured methods and results based on the use of FabRICATOR. Marketing activities will hopefully yield long-term results, even if in the short-term they require an investment in staff, webinars, workshops, and an increased number of conferences and meetings.
The results for the second quarter and the first six months of the year improved somewhat compared with 2012. It is encouraging to see that our persistent long-term efforts are effective, although we have a ways to go before the protein engineering portfolio generates a positive result. To achieve this objective we will develop our business to include commercial production at the customer. Sales today are generated by products that the customer uses to screen new candidates, in production development and in preclinical development.
Our primary goal for 2013 is to continue to achieve robust sales growth. In September and October we will therefore launch two products in the protein engineering portfolio. Earlier product launches in the protein engineering portfolio have been well-received by existing customers and sales of smaller test volumes usually take off quickly. During the autumn our subsidiary GeccoDots will also introduce itself to the market and the first product will be launched in September.
Lund in August
For more information, please contact: Sarah Fredriksson, CEO, Genovis AB Tel: 46 (0)46 -101235 firstname.lastname@example.org
Genovis’ business concept is to develop, produce and market innovative technologies that facilitate and enable development of new treatment methods and diagnostics for customers in the medical device and pharmaceutical industries. The Group consists of Genovis AB and the subsidiary GeccoDots AB. Genovis develops and sells unique enzymes (protein engineering portfolio) in innovative product formats that facilitate development and quality control of and biological drugs. GeccoDots uses nanotechnology to produce a new type of contrast agent that is used in medical imaging.
Genovis shares are listed on NASDAQ OMX First North, and Thenberg Fondkommission is Certified Adviser for the Company, t: 46 (0)31-745 50 00