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Exiqon A/S
Exiqon A/S
08/09/2012 | Press release
Exiqon A/S - INTERIM REPORT FOR THE PERIOD 1 JANUARY - 30 JUNE 2012 (UNAUDITED)
distributed by noodls on 08/09/2012 03:48
Exiqon A/S
Half Year financial report
INTERIM REPORT FOR THE PERIOD 1 JANUARY - 30 JUNE 2012 (UNAUDITED)
Exiqon A/S (NASDAQ OMX Copenhagen: "EXQ") today announced results for the first six months of 2012:
| In summary (DKK million) | Q2 (2012) | Q2 (2011) | H1 (2012) | H1 (2011) | Outlook 2012 |
| Revenue | 29.1 | 26.7 | 53.0 | 54.2 | ~110-115 |
| Production costs | -13.6 | -12.7 | -24.7 | -25.9 | |
| Gross profit | 15.5 | 13.9 | 28.4 | 28.4 | |
| Total operating expenses excl. special items | -21.3 | -19.9 | -41.0 | -38.3 | |
| Special items | 0.0 | -6.4 | 0.0 | -6.4 | |
| EBIT | -5.8 | -12.4 | -12.6 | -16.3 | ~ -10 |
| Net profit | -4.1 | -12.8 | -12.3 | -17.7 | |
| Cash Flow From Operating activities | -6.2 | -15.0 | < 0 | ||
| EPS | -0.12 | -0.38 | -0.35 | -0.53 |
Financial highlights
- Revenue increased 9% to DKK 29.1 million (DKK 26.7 million) in the second quarter of 2012. Research product sales and services (excluding OEM) increased 17% to DKK 22.2 (DKK 19.0 million) in the second quarter, the highest ever in the company's history, and 4% to DKK 41.3 million (DKK 39.7 million) in the first six months of 2012.
- Total operating expenses increased 7% to DKK 21.3 million (DKK 19.9 million) in the second quarter mainly driven by new hirings in Sales & Marketing.
- EBIT improved 53% to DKK -5.8 million (DKK -12.4 million) in the second quarter of 2012.
- Net profit was DKK -4.1 million (DKK -12.8 million) in the second quarter and EPS amounted to DKK -0.12 (DKK -0.38).
- Cash flow from operating activities improved 59% to DKK -6.2 million (DKK -15.0 million) in the first six months of 2012.
- On June 22, 2012 Exiqon launched and completed a directed issue of 1,805,056 new shares of DKK 1 nominal value at the price of DKK 9 per share that was registered on June 27, 2012.
- The financial outlook for 2012 is maintained.
Operational highlights
- During the second quarter Exiqon launched several new products, including the 7th generation of miRCURY LNA™ microRNA Arrays, microRNA qPCR Focus Panels for stem cell research and preclinical toxicology research.
- On June 1, 2012 Exiqon announced the presentation of data, using the company's proprietary LNA™ based in situ hybridization (ISH), from a clinical study including all stage II colon cancer patients in Denmark in the year 2003 with associated six years follow-up data at the 2012 ASCO annual meeting.
- On June14, 2012 Exiqon announced the launch of a unique state-of-the-art online tool for design of LNA™ enhanced qPCR assays for quantitation of messenger RNA and ncRNA in combination with associated microRNAs.
In a comment, CEO Lars Kongsbak said: "We see first signs of improved sales in North America and continued strong growth in sales of our own research products and services in Europe and Rest of World leading to record sales in the second quarter. In Diagnostics, we are following up on the recently announced ISH data on the risk of recurrence of stage II colon cancer by using our proprietary microRNA qPCR system to confirm data. The initial results look very encouraging for our opportunity to capture this significant market opportunity."
See the full interim report in the attached PDF or at www.exiqon.com/investor/portal.
Additional information
Lars Kongsbak, CEO, tel. +45 4566 0888 (cell: +45 4090
2101)
Hans Henrik Chrois Christensen, CFO, tel. +45 4566 0888
(cell: +45 4090 2131)
