- H1 2021 sales impacted by the Covid-19 crisis (-24.6% to €467 thousand)
- Encouraging upturn in activity in Q2, with sales almost doubling vs. Q1
- 6.2% reduction in the current operating loss
- Cash position of €2.9 million at June 30, 2021
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 half-year financial results to June 30, 20211. The H1 2021 financial report is available in the Investors section of Genomic Vision’s website.
H1 2021 results
Revenue from sales totaled €467 thousand in the first half of 2021, down 24.6% compared with the first half of 2020. This decrease was in large part the result of weak activity in the first quarter of 2021, notably with 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.
In the second quarter of 2021, revenue from sales totaled €302 thousand, almost double the previous quarter’s figure and up 350% compared with the second quarter of 2020, when activity was heavily impacted by lockdown measures.
Total revenue from activity, once other revenue is taken into account, slipped 6.4% in the first half of 2021 compared with the same period of 2020. Other revenue, which totaled €235 thousand over the six months to June 30, 2021, corresponds to Research Tax Credit.
Current operating expenses fell by 6.3% to €3.1 million, and principally broke down as follows, in addition to the cost of sales:
- €0.95 million in R&D expenses, down slightly within the context of the coronavirus pandemic and further good cost control and a refocus on projects with greater added value;
- €0.5 million associated with Sales & Marketing expenses, down 47% compared with H1 2020 due to reduced activity over the half;
- €1.3 million in General & Administrative expenses, up 34% compared with H1 2020.
The operating loss was -€2.3 million at June 30, 2021, versus -€2.4 million at June 30, 2020. The net loss at June 30, 2021 was -€2.3 million, almost identical to the figure at June 30, 2020 (-€2.4 million).
Financial structure at June 30, 2021
Genomic Vision had cash and cash equivalents of €2.9 million at June 30, 2021, versus €2.0 million at December 31, 2020. This improvement was essentially due to the drawdown of €3.0 million net of costs in the first half of 2021 within the framework of the financing line implemented with Winance in June 2020. In the first half of 2021, cash burn excluding financing flows was €2 million, versus €1.5 million in the first half of 2020, notably as a result of the decrease in working capital requirements.
Based on revised sales growth and R&D, Sales & Marketing and General & Administrative spending assumptions and associated working capital requirement assumptions, as well as the contract signed with Winance, Genomic Vision has the necessary financial resources to continue its development over the next 12 months.
Impact of the Covid-19 crisis
In the first quarter of 2021, the global economic slowdown associated with the public health crisis had a substantial impact on Genomic Vision’s main current and prospective clients. An upturn in activity was observed during the second quarter that should continue through the second half of the year.
Upcoming financial publication
- Q3 2021 revenue: Thursday October 28, 2021
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