- WKN: A11QW5
- ISIN: DE000A11QW50
- Land: Deutschland
Nachricht vom 23.03.2018 | 08:20
Epigenomics AG Reports Results for Financial Year 2017
DGAP-News: Epigenomics AG / Key word(s): Final Results
Epigenomics AG Reports Results for Financial Year 2017
Berlin (Germany) and Germantown, MD (U.S.A.), March 23, 2018 - Epigenomics AG (Frankfurt Prime Standard: ECX, OTCQX: EPGNY), or the "Company", today announced its financial results (according to IFRS) for the year ended December 31, 2017.
- Total revenue of EUR 1.9 million
- EBITDA (before share-based payment expenses) loss of EUR 9.4 million
- Liquidity of EUR 13.7 million (incl. marketable securities) at year-end following successful capital raises in 2017
- Voluntary takeover offer by Summit Hero Holding GmbH in 2017 highlighted inherent value of the Company's products and technologies
- Epigenomics AG gets CE-IVD mark for lung cancer test Epi proLung(R)
First quarter 2018
- U.S. Senators Capito and Heinrich introduce Bi-Partisan Colorectal Cancer Detection Bill aiming to provide coverage under the Medicare program for FDA-approved qualifying blood-based colorectal cancer screening tests
Greg Hamilton, Chief Executive Officer of Epigenomics, commented: "In 2017, we remained focused on our key priorities medical guideline inclusion and initial payor coverage for our innovative blood-based colon cancer test, Epi proColon, while maintaining high cost discipline in all company areas. In 2018, we expect to reach significant milestones with regard to Medicare payment and coverage for Epi proColon. The recent bipartisan legislative initiative by U.S. Senators Capito and Heinrich addresses payment as the last remaining barrier for Medicare patients associated with colon cancer screening. The passing of this bill provides to millions of underscreened rural Americans access to colon cancer screening and has the potential to ultimately save thousands of lives."
- In 2017, Epigenomics' total revenue decreased to EUR 1.9 million (2016: EUR 4.2 million). In the previous year, our U.S. commercialization partner had initially stocked up on inventories of Epi proColon following the product's FDA approval. Revenue of about EUR 1.3 million was generated through licensing income, product sales were at EUR 0.5 million.
- Total operating costs decreased to EUR 13.2 million (2016: EUR 17.3 million). Research and development costs decreased to EUR 4.3 million (2016: EUR 5.1 million). Selling, general and administrative costs decreased to EUR 8.0 million (2016: EUR 10.2 million).
- Operating loss (EBIT) in 2017 decreased to EUR -10.3 million (2016: EUR -12.3 million). Net loss for the year decreased to EUR 10.2 million (2016: EUR 11.2 million) and loss per share decreased to EUR 0.44 (2016: EUR 0.55).
- Cash consumption in 2017 decreased to EUR 10.1 million (2016: EUR 13.7 million). Net cash inflows from financing activities reached EUR 11.5 million in 2017 (2016: EUR 17.4 million), net cash flow was at EUR 1.4 million (2016: EUR 3.8 million).
- The Company's liquidity (incl. marketable securities) at year-end 2017 was EUR 13.7 million (Dec 31, 2016: EUR 12.3 million).
- Our business projections for 2018 are based mainly on the commercialization of Epi proColon in the U.S.A. The commercialization of this product depends primarily on securing reimbursement from public and private health insurers. Prior to the entry into force of a reimbursement decision we expect only a slight increase in product revenue in 2018.
- Overall, we expect that revenue will increase but will remain on low levels, ranging between EUR 2.0 million and EUR 4.0 million.
- We anticipate that EBITDA before share-based payment expenses will be in a range EUR -11.5 million and EUR -14.0 million in 2018.
- Based on our business plans for 2018, we expect cash consumption in line with our EBITDA before share-based payment expenses guidance.
- We ended the 2017 fiscal year with EUR 13.7 million in cash and marketable securities. While current financial resources are sufficient at our projected cash consumption to support the Company's operations beyond 2018, we will raise additional capital if necessary in 2018.
- The forecast cash consumption is based on our assumption that the convertible notes maturing as of December 31, 2018 will be converted with no adverse effect on liquidity, or will be extended.
The annual report 2017 can be downloaded from Epigenomics' website at:
Conference call for analysts and investors
The Company will host a conference call and webcast at 2.30 pm CET / 9.30 am EDT, today. The webcast can be accessed on the Company's website: http://www.epigenomics.com/news-investors/financial-reports/
The dial-in numbers for the conference call are:
Dial-in number within Germany: +49 30 233225798
Dial-in number within the UK: +44 20 3872 0880
Dial-in number within the U.S.A.: +1 516-269-8974
Participants are kindly requested to dial in 10 minutes prior to the start of the call.
An audio replay of the conference call will be provided on Epigenomics' website subsequently.
Epigenomics is a molecular diagnostics company focused on blood-based detection of cancers using its proprietary DNA methylation biomarker technology. The company develops and commercializes diagnostic products across multiple cancer indications with high medical need. Epigenomics' lead product, Epi proColon, is a blood-based screening test for the detection of colorectal cancer. Epi proColon has received approval from the U.S. Food and Drug Administration (FDA) and is currently marketed in the United States, Europe, and China and selected other countries. Epi proLung(R), a blood-based test for lung cancer detection, has received CE mark in Europe.
For more information, visit www.epigenomics.com.
Epigenomics legal disclaimer
This communication expressly or implicitly contains certain forward-looking statements concerning Epigenomics AG and its business. Such statements involve certain known and unknown risks, uncertainties and other factors which could cause the actual results, financial condition, performance or achievements of Epigenomics AG to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Epigenomics AG is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
|Phone:||+49 30 24345-0|
|Fax:||+49 30 24345-555|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange|
|End of News||DGAP News Service|
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