GENOMIC VISION
GENOMIC VISION
Open: -
Change: -
Volume: -
Low: -
High: -
High / Low range: -
Type: Stocks
Ticker: GV
ISIN: FR0011799907

Genomic Vision: 2021 Annual Results

  • 119

Regulatory News:

Genomic Vision (FR0011799907 – GV – the “Company”) (Paris:GV), a biotechnology company that develops tools and services dedicated to the analysis and control of changes in the genome, today reported its annual financial results for the year to December 31, 20211.

2021 annual results

(in € thousands – IFRS)

2021

2020

Sales

994

1,084

Other revenue

419

220

Total revenue from activity

1,413

1,304

Current operating expenses

(6,273)

(6,638)

Current operating loss

(4,860)

(5,334)

Other operating expenses/income

(34)

180

Operating loss

(4,895)

(5,153)

Cost of financial debt and other financial expenses/income

(67)

(24)

Net loss

(4,998)

(5,177)

Total revenue from activity over the year to December 31, 2021 was €1,413 thousand, up 9% compared with the year to December 31, 2020, and broke down as follows:

  • sales of €994 thousand in 2021, down 8% compared with 2020, each of these two financial years including the sale of a platform. It should be noted that in 2021 commercial activity was slowed by the Covid-19 crisis and the world’s focus on virology research and stoppages in activity associated with successive lockdowns in some countries. In particular, orders of consumables such as Coverslips were affected. Platform sales also saw a significant slowdown, travel restrictions having made commercial prospecting difficult.
  • other revenue of €419 thousand over the year to December 31, 2021, corresponding to Research Tax Credit whose increase was a direct result of the Company’s refocus on its Research & Development activities in 2021.

Current operating expenses decreased by 5.5% to €6.3 million and primarily broke down as follows, on top of the cost of sales:

  • €2.7 million in R&D spending, up 35%, reflecting the Company’s refocus on projects with greater added value. 2021 allowed it to continue the development of priority and high-value-added projects, such as the launch of TeloSizer® for the precise detection and quantitative measurement of telomere length;
  • €1 million in Sales & Marketing expenditure, down 39% compared with December 31, 2020;
  • €2 million in General & Administrative expenses, down 12% compared with December 31, 2020, demonstrating good control over these costs.

The operating loss and net loss at December 31, 2021 were -€4.9 million and -€5 million respectively, an improvement of 5% and 3.5% compared with the previous year, despite a 32% increase in the workforce, reflecting good control over other expenses.

The Company’s total headcount was 33 people at December 31, 2021, compared with 25 a year earlier.

Financial structure

The Company does not have sufficient net working capital to cover its obligations and operating cash requirements for the next twelve months.

The financial statements at December 31, 2021 were nonetheless drawn up in accordance with the operational continuity principle by notably taking into account the following elements:

  • at December 31, 2021, “Cash and cash equivalents” totaled €2.3 million.
  • on the basis of its proposed development plan, the Company estimates that its available cash will enable it to finance its activities until the end of May 2022 (excluding the exercise of the Winance warrants and Bracknor/Negma warrants already in circulation) and that its additional cash requirements enabling it to continue its activities in 2022 are estimated at €4 million.
  • in order to cover its working capital requirements, the Company decided to put in place a financing line with Winance via the signing, on June 11, 2020, of an OCABSA (convertible notes with warrants) issuance contract, of which it has used €6 million gross (€5.7 million net of costs) out of a possible €12 million. The Company can no longer use this financing line given the expiry of the Prospectus relating to this operation that was in any case due to expire in June 2022.
  • within this context, the Company decided to implement a new financing line with Winance via the signing of a new contract on April 11, 2022 providing for the provision of a maximum of 15 tranches of €2 million each, i.e. up to €30 million, subject to the following conditions precedent:
    • the granting of an AMF visa for the new Prospectus,
    • prior approval for the operation by the Company’s shareholders at an Extraordinary General Meeting scheduled for May 23, 2022,
    • the conditions for the drawdown of each tranche being met, notably with the share price not being below the share’s par value.

In the event that one or more of these conditions precedent – which are not all in the Company’s hands – were not fulfilled within the given timeframe, the Company could then not be in a position to realize its assets and liabilities and settle its debts within the framework of its normal course of business, and the application of IFRS accounting rules and principles within a normal context of the continuation of its activities, notably concerning the evaluation of assets and liabilities, could prove to be inappropriate. Consequently, this situation is generating significant going concern uncertainty.

Governance

Jérôme Vailland, Chief Financial Officer of Genomic Vision, has decided to leave the Company to pursue other projects.

Upcoming financial publication

  • Revenue for the first quarter of 2022, on Thursday May 5, 2022

***

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.

1 Financial statements were approved by the Supervisory Board on April 19, 2022. The statutory auditor’s certification report will be issued upon completion of the ongoing audit procedures.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220421005763/en/

Business Wire
Business Wire
Business Wire, acquired by Berkshire Hathaway in 2006, is the global market leader in commercial news distribution. Thousands of member companies and organizations depend on Business Wire to transmit their full-text press releases, regulatory filings, photos and other multimedia content to journalists, financial professionals, investor services, regulatory authorities and consumers worldwide.