- Resilient profitability despite inflationary environment
- Business growth at Evry laboratories
Evry, France, Thursday, October 19, 2023, 5:45pm - IntegraGen (FR0010908723 - ALINT - PEA PME eligible)an OncoDNA company specializing in the genomics of cancer and rare genetic diseases, which carries out interpretable genomic analyses for academic and private laboratories, today announced its unaudited results for the first half of 20223, the accounts having been approved by the Board of Directors on October 16, 2023.
Bernard Courtieu, General Manager of IntegraGendeclares: " IntegraGen turned in a solid performance in the first half of 2023, adjusted for the drop in activity linked to COVID at the Institut Pasteur site. This decline was mainly due to lower orders for reagents for the platform, which explains the limited impact on profitability.
Excluding Covid, business in H1 2023 was brisk at the Évry laboratory and on the platform operated on behalf of GCS SeqOIA.
As part of our strategic plan, IntegraGen has pursued its efforts in the field of quality, in order to obtain the certifications necessary for the development of its services to the pharmaceutical industry for the clinical development of new oncology drugs. These developments will be the main growth drivers in 2024/2025. "
FINANCIAL INFORMATION
- Simplified income statement
| In thousands of eurosAt June 30 At June 3020232022Revenue6 0886 764Operating grants and other income151169Total income6 2406 933EBITDA-290-79Depreciation, amortization and provisions-102-115Operating income-391-194Financial income-28-55Exceptional income5-75Taxes8772Net income-271-142 |
Revenues amounted to €6,088K, down 10% on the same period last year. in the first half of 2022. Excluding re-invoicing of personnel costs to the parent company, sales came to €5,628k, compared with €6,438k in 2022, a decline of 13%. This is mainly due to the drop in P2M platform activity following the sharp reduction in sequencing linked to Covid-19. Excluding this unfavorable base effect, sales would have risen by 6% over the period.
Operating income came to €6,240,000, compared with €6,933,000 at 06/30/2021, after taking into account expense transfers, write-backs of depreciation, amortization and provisions, and subsidies.
Operating expenses came to €6,631k, down 7% on the first half of 2022.. This variation can be explained by various factors, including lower purchases of reagents for the P2M platform, offset by higher production costs, notably due to inflation. At the end of June 2023, the company had 62 employees. After a period of investment and recruitment, particularly in the Quality department, these costs are now stable.
Earnings before interest, tax, depreciation and amortization (EBITDA) showed a loss of €290,000. compared with -79 K€ in the first half of 2022.
After taking into account financial income and exceptional items, net loss of -271 K€ compared with -142 K€ in the first half of 2022.
- Balance sheet
| In thousands of euros | At June 30 | At June 30 |
| 2023 | 2022 | |
| Non-current assets | 418 | 549 |
| Stocks | 525 | 444 |
| Operating receivables | 3 680 | 3 276 |
| Sundry receivables | 223 | 335 |
| Treasury | 4 281 | 4 489 |
| Current assets | 9 001 | 8 810 |
| Currency translation adjustment | 0 | 17 |
| TOTAL ASSETS | 9 419 | 9 376 |
| In thousands of euros | At June 30 | At June 30 |
| 2023 | 2022 | |
| Shareholders' equity | 1 911 | 2 044 |
| Provisions for contingencies and charges | 0 | 17 |
| Financial liabilities | 1 379 | 1 886 |
| Operating liabilities | 4 312 | 3 682 |
| Sundry liabilities | 1 798 | 1 487 |
| Currency translation adjustment | 18 | 0 |
| TOTAL LIABILITIES | 9 419 | 9 376 |
Visit cash position at the end of June 2023 is €4,281,000, i.e. a variation of -0.2 M€ compared with the cash position at December 31, 2022. This moderate variation remains in line with previous periods. The position includes the State Guaranteed Loan (PGE) for 1,317 K€, obtained in 2020 in the context of the pandemic and whose repayment began last June.
POST H1 2023 EVENTS and OUTLOOK
IntegraGen intends to pursue its development strategy within the OncoDNA group, focusing in particular on genomic services for research, in line with its historic position as private leader in France, but also on services to the pharmaceutical industry for the clinical development of new molecules in oncology, thanks to the CLIA CAP certifications currently being obtained. In this respect, IntegraGen has invested in a new state-of-the-art Illumina sequencer to deliver the volumes required for these clinical studies at competitive prices.
The GCS SeqOIA, for which IntegraGen was awarded the 5-year platform operation contract in 2018, has indicated that it will not renew the contract in order to internalize services within the GCS. This contract, which generated sales of €2,183k in the first half of 2023, will end on December 31, 2023, for estimated full-year sales of €4,400k.
IntegraGen's available cash of €4,281,000 at June 30, 2023 should enable the company to meet its needs at least until the end of 2024, without prejudging the growth drivers under development.
ABOUT INTEGRAGEN
IntegraGen is an OncoDNA Group company specializing in the genomics of cancer and genetic diseases. Backed by highly experienced and qualified teams, IntegraGen is a major player in DNA sequencing services and genomic data interpretation software. The company manages one of the largest NGS laboratories in France and operates for leading research institutes. As part of the OncoDNA Group, IntegraGen harnesses the potential of high-throughput sequencing to offer patients the promise of precision medicine. IntegraGen has around 60 employees and generated revenues of €12.6 million in 2022. Based in France, IntegraGen is part of the Belgian OncoDNA group, which has a presence in Spain, the UK and Germany, and works with an international network of 35 distributors. The group also provides diagnostic tests and clinical interpretation tools to guide the treatment and follow-up of advanced solid tumors and accelerate the development of new cancer drugs.
IntegraGen is listed on Euronext Growth in Paris (ISIN: FR0010908723 - Mnemo: ALINT - PEA-PME eligible).
For further information, visit www.integragen.com and follow us on LinkedIn or Twitter.
CONTACTS
INTEGRAGEN
Bernard COURTIEU - General Manager
Phone: +33 (0)1 60 91 09 00
NEWCAP
Investor Relations
Louis-Victor DELOUVRIER
Phone: +33 (0)1 44 71 98 53
October 19, 2023
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