PRESS RELEASE: REGULATED INFORMATION
Biocartis Reports Results of First Quarter of 2022:
On Track to Deliver on Full-Year Guidance,
Gross Margin on Products of 35%
Commenting on the Q1 2022 Business Update, Herman Verrelst, Chief Executive Officer of
said: “Building on our strong fundamentals, we had a successful start into 2022. Our financial metrics for the first quarter clearly demonstrated our ability to scale. Our commercial cartridge volumes continued to increase globally, with nearly 2,000 Idylla™ instruments installed, increasing product revenues to EUR 10.1m in Q1 2022. The growth was particularly strong in oncology with 42% higher cartridge revenue compared to Q1 2021, whereas the revenue contribution for COVID-19 testing expectedly reduced by half year-on-year. The gross margin on product sales increased to 34.6%, a solid step-up from 16% in 2021. Unlike last year, we are producing at significantly higher capacity and productivity levels, as we leverage our fully automated second manufacturing line ML2. As a result, our operating cash burn was reduced to EUR 10.3m, compared to EUR 13.7m in Q1 2021. We believe we are clearly on track to achieve our stated targets for 2022 and to take a next step towards profitability.”
Q1 2022 HIGHLIGHTS
- Product revenue of
EUR 10.1m (Q1 2021:EUR 8.6m ), of whichEUR 8.1m revenue from 79.8k cartridges sold:- Continued strong growth in oncology, led by the US, and an overall
EUR 6.7m revenue in oncology, 42% higher than in Q1 2021 - As expected, the contribution of cartridge revenues in infectious diseases reduced to 10% of total product revenues as COVID-19 testing demand continues to diminish
- Average Sales Price (ASP) per commercial cartridge of
EUR 114 in oncology andEUR 101 overall - 48 net new Idylla™ instruments placed, adding to a total global installed base of 1,960
- Continued strong growth in oncology, led by the US, and an overall
- Gross margin on product sales of 35%, compared to 16% for the entire year 2021.
- Operating cash burn1 of
EUR -10.3m and cash position ofEUR 37.3m (unaudited figure) end of Q1 2022. The cash position ofEUR 53.0m on31 December 2021 includedEUR 6.0m , drawn on available credit facilities which has been repaid since. As of31 March 2022 , the available credit facilities ofEUR 15.0m remained fully undrawn. - Publication of a large new study2 in the
Journal of Clinical Pathology comparing the difference in turnaround time between in-house automated rapid PCR3-based EGFR analysis and Next-Generation Sequencing (NGS) by an external laboratory, showing that 6% of the patients died before the NGS report was available. - New partnership agreement with Ophiomics (
Portugal ), initially focused on the commercialization of HepatoPredict™, a prognostic gene expression signature test to help identify which patients could benefit from curative-intent surgery, in particular liver transplantation. - Continued ramp-up of the fully automated ML2 manufacturing line with the transfer of the Idylla™ SARS-CoV-2 products to this line during Q1 2022.
OUTLOOK
- Achieve full year product revenue of
EUR 50 - 55m, representing growth of 24% - 36% over full year 2021 revenue ofEUR 40.5 million - Increase gross margins on product sales to 25% - 30%
- Reduce the operating cash burn (EBITDA plus capital expenditure) by
EUR 9.5m-13.5m to be betweenEUR 43m - 47m for FY22
FINANCIAL CALENDAR 2022
13 May 2022 AGM Biocartis Group NV- 1 September 2022 H1 2022 results
- 10 November 2022 Q3 2022 Business Update
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More information:
Head of
e-mail rdegrave@biocartis.com
tel +32 15 631 729
mobile +32 471 53 60 64
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1 EBITDA plus capital expenditure
2 A. Finall et al., J Clin Pathol. 2022 Jan 18;jclinpath-2021-207987. doi: 10.1136/jclinpath-2021-207987. Online ahead of print
3 Polymerase Chain Reaction or PCR is a fast and inexpensive technique used to amplify or copy small segments of DNA and used to detect genetic material such as biomarkers that drive cancer
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