BIOCORP: Full-Year 2021 Financial Results and Outlook for 2022
05 April 2022 - 7:30AM
Business Wire
- Record revenues up 20% to €10.2 million
- Cost control with a 3.3% increase in operating
expenses
- Positive annual net income of €0.3
million
- Mallya's first commercial launches in selected
countries
- Acceleration of distribution and technology
partnerships
- Extremely strong 2022 outlook
Regulatory News:
BIOCORP (FR0012788065 – ALCOR / Eligible PEA‐PME) (Paris:ALCOR),
a French company specialized in the design, development, and
manufacturing of innovative medical devices, today announces its
annual results for the year ended on December 31, 2021, as approved
by the Board of directors on April 4th.
Éric Dessertenne, CEO of BIOCORP, commented: “2021 was another
year of remarkable execution of our development plan. Despite the
uncertainties related to the COVID crisis and the trade-offs within
the major pharmaceutical companies, BIOCORP has achieved notable
success in many fields. On the commercial front, new major
international diabetes and insulin players have adopted our Mallya
connected device in their patient monitoring arsenal, such as Roche
Diabetes Care for the French market and, even more structurally,
Novo Nordisk, the world leader in the sector. These agreements have
completed BIOCORP's transformation from an R&D company to an
advanced technology company. Mallya's stance has also led to
technological agreements with the French company Diabeloop and the
best applications dedicated to patient monitoring, such as
Health2Sync and SocialDiabetes. While Mallya's diabetes
applications have been identified as BIOCORP's focus for the coming
years, our R&D and business development teams have also
continued their efforts on other fronts. The alliance signed with
Merck in the field of human growth hormone around Mallya, or the
partnership with H&T Presspart for the marketing of our Inspair
device, offer exciting development prospects, independent of the
single diabetes market. Finally, the advances made by our Injay
pre-filled syringe device now attest to the diversity of our
product mix. More than ever, BIOCORP is recognized worldwide for
its ability to provide miniaturized and customized connected
solutions. This is evident in our financial performance. Our
operating revenues, which are still based on research fees, grew by
more than 20% last year. As for our net result, it has become
positive again despite the high level of investment in R&D. The
gradual increase in product sales by all our partners leads us to
expect a very dynamic second half of 2022. More than ever, we want
to share our optimism with the feeling that we are fully realizing
our unwavering ambition: to offer patients, regardless of their
pathology, a real improvement in their quality of life.”
Key financial data on 12/31/2021
In €
12/31/2021
12/31/2020
Sales
10 225 314
8 456 365
Other operating income
328 411
20 572
Total operating income
10 553 725
8 476 937
Operating expenses
External purchase and expenses
417 781
693 659
Taxes, duties and other levies
3 944 614
4 040 766
Wages and expenses
5 051 671
4 442 016
Other operating expenses
1 002 252
905 822
Total operating expenses
10 416 318
10 082 263
Net operating income
137 408
-1 605 325
Net financial income
-89 641
-155 923
Exceptionnal income
48 560
267 136
Research Tax Credit and Innovation Tax
Credit
197 908
251 544
Net Result
294 234
-1 242 571
Closing cash position
1 845 602
4 971 939
- Annual revenues reached €10,225K in 2021, up 20.9%
compared to 2020 (€8,456K) following the invoicing of services
provided for in Merck and Novo Nordisk contracts.
- In 2021, other operating income amounted to €328.5K against
€20.5K in 2020. This variation is mainly due to an increase in work
in progress related to the registration of Mallya in the United
States – the billing of a service to Sanofi is contractually
foreseen when this registration is obtained - and to an increase in
subsidies received.
- Operating expenses reached €10,416K, up 3.3% compared to
2020, demonstrating good control of operating expenses.
- As a result of these factors, the operating result for
2021 is positive at €137.4K compared to a loss of €1 605K for
2020.
- The financial result for 2021 showed a net amount of
(€89.6K) compared to (€155.9K) in 2020, mainly due to interest on
the bonds loans.
- The exceptional result for the year amounts to €48.5K
compared to €267K at 12/31/2020.
- BIOCORP benefited from CIR (Crédit d’Impôt Recherche)
and CII (Crédit Impôt Innovation) for a total amount of
€197,9K.
- Considering all these elements, BIOCORP shows a net
profit of €294.2K against a net loss of €1,242K in 2020.
- As of December 31, 2021, BIOCORP showed a cash position
of €1,845.6K compared to €4,971.9K at 12/31/2020.
2021 highlights
- Mallya's technological integration with digital applications
developed by the Spanish company SocialDiabetes and the Taiwanese
company Heath2Sync: opening new high-potential territories with
more than 850,000 users.
- Co-development agreement with Diabeloop in personalized
diabetes management: integration of automated solutions with the
market of insulin pens.
- Commercial launch of Mallya in French pharmacies by Roche
Diabetes Care: solution to better the daily life of diabetic
patients.
- Partnership agreement with Merck for the development of a
specific version of Mallya dedicated to the injection of human
growth hormone (upfront of €3 million).
- Signature of a major contract with Novo Nordisk, a major player
in diabetes worldwide, to develop a specific version of Mallya for
its insulin pens.
- Signature with H&T Presspart for the marketing of the
Inspair device.
Outlook for 2022
- Continued development of new generations of
Mallya for industrial partners (Life Cycle Management) and
continued expansion of its applications beyond diabetes. - Increase
in production capacity and target of 50,000 Mallya manufactured. -
Development and launch of new connected devices, particularly in
the field of injection. - Growth investments in software and cloud
(data collection and processing) that will generate revenues. These
services will support the sale of the devices developed by the
Company. - Continuation of the dynamic policy of strengthening the
teams with about ten recruitments planned in 2022.
The 2021 annual financial report is available on the Company's
website.
ABOUT BIOCORP Recognized for its expertise in the
development and manufacture of medical devices and delivery
systems, BIOCORP has today acquired a leading position in the
connected medical device market thanks to Mallya. This smart sensor
for insulin injection pens allows reliable monitoring of injected
doses and thus offers better compliance in the treatment of
patients with diabetes. Available for sale from 2020, Mallya
spearheads BIOCORP's product portfolio of innovative connected
solutions. The company has 70 employees. BIOCORP is listed on
Euronext since July 2015 (FR0012788065 – ALCOR). For more
information, please visit www.biocorpsys.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20220404005642/en/
BIOCORP Jacques Gardette Chairman of the Board
investisseurs@biocorp.fr
Éric Dessertenne Chief Executive Officer
Marketing & Communication Director Sylvaine Dessard
rp@biocorp.fr + 33 (0)6 88 69 72 85
ULYSSE COMMUNICATION Bruno ARABIAN
barabian@ulysse-communication.com +33 (0)6 87 88 46 26
Nicolas DANIELS ndaniels@ulysse-communication.com +33 (0)6 63 66
59 22
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