Press release Biocartis Group NV: Biocartis Reports Results of First Quarter of 2022: On Track to Deliver on Full-Year Guidance, Gross Margin on Products of 35%
21 April 2022 - 07:00AM
Press release Biocartis Group NV: Biocartis Reports Results of
First Quarter of 2022: On Track to Deliver on Full-Year Guidance,
Gross Margin on Products of 35%
PRESS RELEASE: REGULATED INFORMATION
21 April 2022, 07:00 CEST
Biocartis Reports Results of First
Quarter of 2022: On Track to Deliver on Full-Year
Guidance, Gross Margin on Products of
35%
Mechelen, Belgium, 21
April 2022
– Biocartis Group NV (the ‘Company’ or
‘Biocartis’), an innovative molecular diagnostics company (Euronext
Brussels: BCART), today provides a business update for the first
quarter of 2022 and the outlook for the full year 2022.
Commenting on the Q1 2022
Business Update, Herman Verrelst, Chief Executive Officer of
Biocartis,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 which EUR 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 and EUR 101
overall
- 48 net new Idylla™ instruments
placed, adding to a total global installed base of 1,960
- 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 of EUR 37.3m (unaudited figure) end of Q1 2022.
The cash position of EUR 53.0m on 31 December 2021 included EUR
6.0m, drawn on available credit facilities which has been repaid
since. As of 31 March 2022, the available credit facilities of EUR
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.
OUTLOOKBiocartis reconfirms its
2022 guidance towards driving profitable growth and expects to:
- Achieve full year product revenue
of EUR 50 - 55m, representing growth of 24% - 36% over full year
2021 revenue of EUR 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 between
EUR 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
--- END ---
More information: Renate DegraveHead of
Corporate Communications & Investor Relations
Biocartise-mail rdegrave@biocartis.com
tel
+32 15 631 729
mobile +32 471 53 60 64
About Biocartis
Biocartis (Euronext Brussels: BCART) is an
innovative molecular diagnostics (MDx) company providing next
generation diagnostic solutions aimed at improving clinical
practice for the benefit of patients, clinicians, payers and
industry. Biocartis' proprietary MDx Idylla™ platform is a fully
automated sample-to-result, real-time PCR (Polymerase Chain
Reaction) system that offers accurate, highly reliable molecular
information from virtually any biological sample in virtually any
setting. Biocartis is developing and marketing a continuously
expanding test menu addressing key unmet clinical needs, with a
focus in oncology, which represents the fastest growing segment of
the MDx market worldwide. Today, Biocartis offers tests supporting
melanoma, colorectal and lung cancer, as well as for COVID-19, flu,
RSV and sepsis. More information: www.biocartis.com. Follow us
on Twitter: @Biocartis_.
Biocartis and Idylla™ are registered trademarks
in Europe, the United States and other countries. The Biocartis and
Idylla™ trademark and logo are used trademarks owned by Biocartis.
Please refer to the product labeling for applicable intended uses
for each individual Biocartis product. This press release is not
for distribution, directly or indirectly, in any jurisdiction where
to do so would be unlawful. Any persons reading this press release
should inform themselves of and observe any such restrictions.
Biocartis takes no responsibility for any violation of any such
restrictions by any person. This press release does not constitute
an offer or invitation for the sale or purchase of securities in
any jurisdiction. No securities of Biocartis may be offered or sold
in the United States of America absent registration with the United
States Securities and Exchange Commission or an exemption from
registration under the U.S. Securities Act of 1933, as amended.
Impact of the war in
UkraineBiocartis has no sales in Ukraine. In Russia,
Biocartis works through a local sales distributor who realized
first commercial sales in H1 2021 following completion of first
product registrations in Russia in Q1 2021. The impact to expected
revenue for 2022 from Russian distributor sales that were projected
prior to the start of the war, is not material. Supplier exposure
is limited to 1 indirect supplier for Idylla™ instrument sub-parts
who is based in Russia. Based on the current level of inventory
on-hand and on various alternative sources of supply that were
identified and are currently being assessed, Biocartis does not
expect any material adverse impact on the continued supply of
instruments.
Forward-looking
statementsCertain statements, beliefs and opinions in this
press release are forward-looking, which reflect the Company's or,
as appropriate, the Company directors' or managements' current
expectations and projections concerning future events such as the
Company's results of operations, financial condition, liquidity,
performance, prospects, growth, strategies and the industry in
which the Company operates. By their nature, forward-looking
statements involve a number of risks, uncertainties, assumptions
and other factors that could cause actual results or events to
differ materially from those expressed or implied by the
forward-looking statements. These risks, uncertainties, assumptions
and factors could adversely affect the outcome and financial
effects of the plans and events described herein. A multitude of
factors including, but not limited to, changes in demand,
competition and technology, can cause actual events, performance or
results to differ significantly from any anticipated development.
Forward-looking statements contained in this press release
regarding past trends or activities are not guarantees of future
performance and should not be taken as a representation that such
trends or activities will continue in the future. In addition, even
if actual results or developments are consistent with the
forward-looking statements contained in this press release, those
results or developments may not be indicative of results or
developments in future periods. No representations and warranties
are made as to the accuracy or fairness of such forward-looking
statements. As a result, the Company expressly disclaims any
obligation or undertaking to release any updates or revisions to
any forward-looking statements in this press release as a result of
any change in expectations or any change in events, conditions,
assumptions or circumstances on which these forward-looking
statements are based, except if specifically required to do so by
law or regulation. Neither the Company nor its advisers or
representatives nor any of its subsidiary undertakings or any such
person's officers or employees guarantees that the assumptions
underlying such forward-looking statements are free from errors nor
does either accept any responsibility for the future accuracy of
the forward-looking statements contained in this press release or
the actual occurrence of the forecasted developments. You should
not place undue reliance on forward-looking statements, which speak
only as of the date of this press release.
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 print3 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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