Press release Biocartis Group NV: Biocartis Q3 2021 Business Update
10 November 2021 - 7:00AM
Press release Biocartis Group NV: Biocartis Q3 2021 Business Update
PRESS RELEASE: REGULATED INFORMATION10 November 2021, 07:00
CET
BIOCARTIS Q3
2021 BUSINESS UPDATE
Mechelen,
Belgium, 10 November
2021 – Biocartis Group NV (the ‘Company’ or
‘Biocartis’), an innovative molecular diagnostics company (Euronext
Brussels: BCART), today provides a business update for the third
quarter of 2021 and the outlook for remainder of the year 2021.
Commenting on the
Q3 2021 Business
Update, Herman Verrelst, Chief Executive Officer of
Biocartis,
said: “During Q3 2021, customer
demand in oncology continued to grow strongly and was no longer
disrupted by the pandemic in most parts of the world. This strong
demand could however only be partly met because of the two-month
production stop on our high-throughput cartridge manufacturing
line, caused by the fire end of July. Customer orders were
definitely there to maintain the growth rate of 96% we achieved in
H1 2021, but limited production capacity confined cartridge volume
growth to 29% in Q3 2021, and to 69% year-to-date.
The shortage of reagents which already held us back in serving
our customers’ needs during the first half of the year, now also
disrupts the replenishment of raw materials lost in the fire. The
entire team is working hard to maximize production output and I
believe that we are on track to significantly reduce the order
backlog by the end of the year. Before the fire, we were on track
to deliver record cartridge volume growth in 2021, but I am
nevertheless proud that our outlook of 40% is still within reach,
providing that reagent supply will allow us to produce as planned
for the remainder of the year.”
Q3
2021 HIGHLIGHTS
- Commercial cartridge
volume:
- 29% commercial cartridge volume
growth in Q3 2021 year-over-year and 69% growth year-to-date,
despite the customer order backlog caused by the fire
- Strongly growing demand in oncology
across Europe, and a consistent contribution of the Idylla™
SARS-CoV-2 Test (CE-IVD) to total volumes
- Confirmed recovery of oncology
volumes in distributor markets1 that recorded the strongest growth
of all regions in Q3 2021
- Steadily growing US cartridge
volumes in oncology while basic Idylla™ SARS-CoV-2 Test volumes
continue to come down
- Idylla™
installed base:
- Installed base expansion on track,
43% more Idylla™ instruments placed year-over-year
- Pace of new Idylla™ installations
in the US is picking up after a slow H1 2021
- Idylla™
test menu and
partnerships:
- Successful CE-IVD launch of the
Idylla™ SARS-CoV-2/Flu/RSV Panel on 2 September 2021
- First Idylla™ SARS-CoV-2/Flu/RSV
Panel (CE-IVD) cartridge volumes sold in European markets
- Financial:
- End of Q3 2021, Biocartis’ cash
position amounted to EUR 64m (unaudited figure), not yet including
insurance cover for damages caused by the fire
Commercial highlights
- Commercial cartridge volume –
Global commercial cartridge demand continued to grow strongly but
could only be partly fulfilled as a direct consequence of the
fire incident of 30 July 2021. Cartridge manufacturing had to
be suspended on the high-throughput manufacturing line ‘ML2’ for
nearly two months. The time needed to replenish available stocks of
raw materials still causes order backlogs across a variety of
Idylla™ assays. Commercial cartridge volume in Q3 2021 nevertheless
grew 29% year-over-year and average selling prices remained stable.
Despite the customer order backlog, cartridge volume growth was
particularly strong in Europe and in certain distributor markets
where the pandemic impact on oncology testing is clearly fading
out. As expected, the demand for the Idylla™ SARS-CoV-2 Test
continued to reduce in the US2. In contrast, the demand for
COVID-19 access testing in Europe with this Test remained robust,
complemented by initial supply of the newly launched Idylla™
SARS-CoV-2/Flu/RSV Panel (CE-IVD).
- Installed base – The expansion of
the Idylla™ installed base remained on track. The pace of new
Idylla™ instrument placements picked up again in the US, compared
to a slower H1 2021. Year-to-date Idylla™ instrument placements in
Europe and in distributor markets are equally well ahead of 2020
numbers.
- Regulatory update distributor
markets – During Q3 2021, the registration of the Idylla™ NRAS-BRAF
Mutation Test (CE-IVD) and the Idylla™ KRAS Mutation Test (CE-IVD)
was completed in Taiwan.
Test menu
and partnership
highlights
- Idylla™ SARS-CoV-2/Flu/RSV Panel –
Successful CE-IVD launch of the Idylla™ SARS-CoV-2/Flu/RSV Panel on
2 September 2021. The Panel detects SARS-CoV-2, Flu A/B and RSV
nucleic acids in one single cartridge3.
Organizational and operational
highlights
- Fire incident – On 23 September
2021, Biocartis announced the restart of its high-throughput ML2
cartridge manufacturing line following the completion of the
repairs and subsequent control and quality related procedures
leading to the successful restart of the ML2 line in the night of
21 September 2021. Following a fire that broke out at one of the
Company’s warehouse facilities in Mechelen (Belgium) during the
night of 30 July 2021, production on the ML2 line had been
temporarily suspended. With the ML2 line now restarted, the Company
is continuing efforts to secure the supply of certain
assay-specific reagents, which remains a key condition for
achieving the Company’s commercial cartridge volume guidance of 40%
growth in 2021 (see under ‘Outlook’).
Financial
highlights
- Cash position – End of Q3 2021,
Biocartis’ cash position amounted to EUR 64m (unaudited figure),
not yet including insurance cover for damages caused by the
fire.
Outlook
The shortage of certain reagents caused by the
pandemic is disrupting the timely replenishment of sufficient
inventory. This still causes certain Idylla™ products to be
temporarily unavailable to meet the entire customer demand, even
after resuming production on the ML2 cartridge manufacturing line.
Providing that this customer order backlog can be substantially
reduced by the end of the year, Biocartis confirms its 2021
guidance at 40% growth target for its cartridge volumes:
- Commercial cartridge volume:
Targeting a year-over-year growth of 40%, or commercial cartridge
volumes of 320k. This is still subject to the timely availability
of reagent raw materials for Idylla™ cartridges;
- Installed base:
Targeting 300-350 new Idylla™ instrument placements;
- Cash position:
Targeting at least EUR 50m cash position at year-end, provided
timely collection of insurance claims related to the fire incident
and potentially including a drawdown of available credit on the
Company’s multipurpose credit facility to rebuild sufficient safety
stock of raw materials and finished products.
Financial calendar 2022
- 24 February 2022
2021 full year results
- 31 March 2022
Publication 2021 annual report
- 21 April 2022
Q1 2022 Business Update
- 13 May 2022
Annual
General Shareholders’ meeting 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
SARS-CoV-2/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. The Idylla™ SARS-CoV-2 Test
and Idylla™ SARS-CoV-2/Flu/RSV Panel contain SuperScript™ III
Reverse Transcriptase and is provided subject to a license under
patents or patent applications owned by or licensed to Life
Technologies Corporation, which license is limited to the human
diagnostic field and research field and specifically excludes
applications in forensics (including human identity testing). The
SuperScript™ III trademark is owned by Life Technologies
Corporation.
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.
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 Defined as the world excluding European direct markets, US,
China and Japan2 The Idylla™ SARS-CoV-2 Test was CE-marked on 10
November 2020 and in August 2020, Biocartis submitted a
notification of intent to distribute and request for ‘Emergency Use
Authorization’ (EUA) from the US FDA for the Idylla™ SARS-CoV-2
Test3 And delivers results within approx. 90 minutes
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