Exiqon A/S (NASDAQ OMX Copenhagen: “EXQ”) today announced results for the first nine month of 2013 :
| In summary (DKK million) | Q3 2013 | Q3 2012 | Q3 YTD 2013 | Q3 YTD 2012 | Outlook 2013 |
| Revenue | 29.8 | 30.1 | 94.9 | 83.1 | ~ 130 |
| Gross profit | 19.6 | 19.2 | 59.1 | 46.8 | |
| EBITDA | 0.1 | 2.7 | -1.5 | -6.0 | > 0 |
| Net profit | -1.7 | -0.7 | -7.4 | -13.0 | |
| Cash flows from operating activities | 2.3 | -4.0 | -1.1 | -10.2 | > 0 |
| EPS | -0.05 | -0.02 | -0.20 | -0.37 |
Financial highlights
- In the first nine months of 2013 revenue increased 14% to DKK 94.9 million (DKK 83.1 million) with research product sales and services (excluding OEM) increasing 24% to DKK 78.9 (DKK 63.9 million). In the third quarter of 2013 research product sales and services (excluding OEM) increased 17% to DKK 26.5 million (DKK 22.5 million) with research product sales and services (excluding OEM) in North America increasing 44%.
- In the first nine months of 2013 operating expenses increased 9% to DKK 64.2 million (DKK 58.6 million) due to new hiring’s in Sales & Marketing. In the third quarter of 2013 operating expenses increased 12% to DKK 20.7 million (DKK 18.5 million) due to DKK 1.8 million in one-time costs expensed under R&D.
- In the first nine months of 2013 EBITDA improved to DKK -1.5 million (DKK - 6.0 million) including non-cash cost of share-based payment of DKK 2.2 million (DKK 2.1 million). In the third quarter of 2013, EBITDA was affected by one-time costs and decreased to DKK 0.1 million (DKK 2.7 million) including non-cash cost of share-based payment of DKK 0.7 million (DKK 0.9 million).
- In the first nine months of 2013 the net result was DKK -7.4 million (DKK -13.0 million). EPS amounted to DKK -0.20 (DKK -0.37). In the third quarter of 2013, net result was DKK -1.7 million (DKK -0.7 million).
- Cash flow from operating activities was DKK -1.1 million (DKK -10.2 million) in the first nine months of 2013.
- The financial outlook for 2013 is unchanged.
Operational highlights
- On 3 September 2013, Exiqon announced an extension to the LNA™ longRNA GapmeR product line with the launch of a novel on-line bioinformatics tool for the design of custom LNA™-gapmer antisense oligonucleotides for specific and efficient inhibition of mRNA and lncRNA. The new on-line LNA™ gapmer design tool provides a valuable addition to Exiqon’s fast growing product line for functional analysis by allowing scientists to effortlessly design optimal LNA™ gapmers through a simple and intuitive interface.
- Exiqon is establishing new laboratory facilities for its upcoming offering of Next Generation Sequencing services and work is progressing as planned with first sales expected by first quarter of 2014.
In a comment, CEO Lars Kongsbak said: “ I’m very pleased with the strong performance in North America which indicates that the changes implemented over the past year are starting to pay-off . I’m also very pleased to see that our Next Generation Sequencing effort which we established on the back of the bond financing is on track for launch early 2014”.
See the full interim report in the attached PDF or at www.exiqon.com/investor/portal .
Additional information Lars Kongsbak, CEO, phone +45 4566 0888 (cell: +45 4090 2101) Hans Henrik Chrois Christensen, CFO, phone +45 4566 0888 (cell: +45 4090 2131)
