Copenhagen, 2014-08-14 17:18 CEST (GLOBE NEWSWIRE) -- Exiqon A/S (NASDAQ OMX Copenhagen: “EXQ”) today announced results for the six months of 2014:
In summary (DKK million) Q2 2014 Q2 2013 H1 2014 H1 2013 Outlook 2014
Revenue 30.7 33.3 63.2 65.1 ~135
Gross profit 20.2 21.1 42.3 39.5
EBITDA 0.1 0.5 1.7 -1.6 ~5
EBIT -1.5 -0.7 -1.1 -4.1
Net profit -1.2 -1.3 -0.5 -5.7
Cash flows from
operating activities 1.3 -0.2 -1.0 -3.4
EPS -0.03 -0.03 -0.01 -0.16
Financial highlights
- Revenue decreased 3% to DKK 63.2 million (DKK 65.1 million) and was affected negatively by a decrease in OEM sales to Exiqon’s licensing partners of 29% to DKK 4.9 million (DKK 6.9 million).
- Research product sales and services (excluding OEM sales) decreased 1% to DKK 49.8 million (DKK 50.5 million) due to unfavorable impact of foreign currency exchange rates (DKK 1 million).
- Gross profit increased 7% to DKK 42.3 million (DKK 39.5 million) due to improved margins.
- Total operating expenses of DKK 43.3 million were at the same level as last year (DKK 43.5 million).
- EBITDA improved 208% to DKK 1.7 million (DKK -1.6 million) including non-cash costs of share-based payment of DKK 1.9 million (DKK 1.5 million).
- Net result improved 91% to DKK -0.5 million (DKK -5.7 million). EPS amounted to DKK -0.01 (DKK -0.16).
- Cash flow from operating activities improved to DKK -1.0 million (DKK -3.4 million).
- Full year financial guidance is maintained for EBITDA around DKK 5 million and revised for expected revenues of approximately DKK 150 million to revenues of approximately DKK 135 million.
Operational highlights
- On 23 April 2014 Exiqon announced the launch of highly potent miRCURY LNA™ microRNA Mimics for functional analysis.
- On 6 May 2014 Exiqon announced the launch of its miRCURY™ Exosome Isolation kits for exosome isolation from various biofluids and cell media.
- On 9 May 2014 Exiqon announced the launch of its XploreRNA™ app for advanced cross-database searches, easy interpretation of data and seamless planning of experiments. XploreRNA™ is the first in a series of new apps from Exiqon for scientists in both academia and industry.
In a comment CEO Lars Kongsbak said: “I am encouraged by our continued profitability, driven by improved margins following last years’ supply chain optimizations, despite soft revenues in the first half year. Towards end of the second quarter we have witnessed an accumulation of large orders, and we expect renewed growth in products and services sales will come from new products once our recent growth initiatives begin to take effect in the second half year.”
