Exiqon A/S (NASDAQ OMX Copenhagen: “EXQ”) today announced results for the first six month of 2013:
Strong performance in Q2 with positive EBITDA and revenue growth of 23%
| In summary (DKK million) | Q2 2013 | Q2 2012 | H1 2013 | H1 2012 | Outlook 2013 |
| Revenue | 33.3 | 29.1 | 65.1 | 53.0 | ~ 130 |
| Gross profit | 21.1 | 15.5 | 39.5 | 28.4 | |
| EBITDA | 0.5 | -3.9 | -1.6 | -8.7 | > 0 |
| Net profit | -1.3 | -4.1 | -5.7 | -12.3 | |
| Cash flows from operating activities | -0.2 | -6.0 | -3.4 | -6.2 | > 0 |
| EPS | -0.03 | -0.12 | -0.16 | -0.35 |
Financial highlights
- Revenue increased 23% to DKK 65.1 million (DKK 53.0 million). In the second quarter of 2013, revenue increased 15% to DKK 33.3 million (DKK 29.1 million).
- Research product sales and services (excluding OEM) increased 27% to DKK 52.5 (DKK 41.3 million). In the second quarter of 2013 research product sales and services increased 21% to DKK 26.8 million (DKK 22.2 million).
- Total operating expenses increased 6% to DKK 43.5 million (DKK 41.0 million) primarily due to new hirings in Sales & Marketing. In the second quarter of 2013 the operating expenses increased 2% to DKK 21.8 million (DKK 21.3 million).
- EBITDA improved to DKK -1.6 million (DKK -8.7 million) including non-cash cost of share-based payment of DKK 1.5 million (DKK 1.3 million). In the second quarter of 2013 EBITDA improved to DKK 0.5 million (DKK -3.9 million) including non-cash cost of share-based payment of DKK 0.7 million (DKK 0.9 million).
- Net result was DKK -5.7 million (DKK -12.3 million). EPS amounted to DKK -0.16 (DKK -0.35). In the second quarter of 2013 net result was DKK -1.3 million (DKK -4.1 million).
- Cash flow from operating activities was DKK -3.4 million (DKK -6.2 million).
- The financial outlook for 2013 is unchanged.
Operational highlights
- On 10 June, 2013 Exiqon announced the signing of a Service Center Agreement with Asuragen, Inc. that allows Asuragen, Inc. to provide real-time PCR services based on Exiqon’s miRCURY LNA™ Universal RT microRNA PCR products. Exiqon continues to expand its network of service providers to meet demand for services locally and grow primarily through increased product sales focus.
- On 26 June, 2013 Exiqon granted a non-exclusive license to an undisclosed commercial partner to use the LNA™ technology for specific infectious disease testing.
- On 27 June, 2013 Exiqon announced the launch of its miRCURY LNA™ microRNA Target Site Blocker products for efficient and specific blocking of microRNA binding. The continued addition of new products supports Exiqon’s growth strategy and helps cement Exiqon’s position as a leading supplier of products for gene expression analysis.
- On 30 May, 2013 Exiqon was awarded a 5 year grant of DKK 12 million within a total consortium budget of DKK 39 million by the Danish Technology Foundation to develop a “Danish Next Generation Sequencing and Bioinformatics platform for precision medicine”.
In a comment, CEO Lars Kongsbak said: “ We are very pleased with performance in the second quarter and I am encouraged to see continued improvement in our North American sales. Recent grants and bond financing have paved the way for a number of new initiatives that will help us accelerate growth and we are now taking steps to enter the fast growing market of Next Generation Sequencing in the first half of 2014.”
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 40902101) Hans Henrik Chrois Christensen, CFO, tel. +45 4566 0888 (cell: +45 40902131)
