Exiqon A/S Interim report for the period 1 January - 31 March 2009 (unaudited)


Exiqon A/S (NASDAQ OMX Copenhagen: “EXQ”), today reported 69% growth in revenue
for the first quarter of 2009 compared to the same period last year. New
product launches and market growth supports Exiqon's expectations of continued
solid revenue growth through 2009. Operational initiatives have been
implemented to improve the company's cash flow. Exiqon's full-year revenue
guidance is revised from DKK 175-200 million to DKK 165-190 million
attributable to Exiqon Life Sciences but guidance is otherwise maintained. 

• Revenue in the first quarter of 2009 increased by 69% relative to the
year-earlier period to DKK 27.9 million. Exiqon Life Sciences contributed DKK
16.8 million and Exiqon Diagnostics contributed DKK 11.1 million. Exiqon Life
Sciences research product sales grew organically by 29.7% compared to the same
period last year. 
 
• The direct contribution margin in the first quarter of 2009 was 68.3%
compared to 67.8% in the same period last year. 

• Total operating expenses in the first quarter of 2009 increased by 48%
relative to the same period last year to DKK 51.0 million, distributed on DKK
23.8 million for Exiqon Life Sciences and  DKK 27.2 million for Exiqon
Diagnostics. 

• The net loss for the first quarter of 2009 was DKK 43.7 million. EPS amounted
to DKK -1.44 in the first quarter of 2009. The average USD/DKK exchange rate
applied to translate first quarter revenue and expenses was DKK 5.77. 

• Successful launch of miRCURY™ sample isolation system completes
“one-stop-supplier” strategy for Exiqon Life Sciences. 

• Successful launch of KRAS test through Exiqon Diagnostics CLIA-laboratory
marks first step to implement “one-stop-supplier” strategy for selected cancers
in the diagnostics segment to complement proprietary drug resistance tests and
miRNA-based tests for recurrence. 

CEO Lars Kongsbak says: “We are encouraged by the fact that growth in our life
sciences revenue remained strong during the first quarter of 2009 despite
having to slightly reduce our full-year expectations. We began 2009 by
accomplishing a significant strategic goal of becoming a one-stop-supplier for
miRNA research products and through the launch of KRAS, we have now embarked on
a similar strategy for Exiqon Diagnostics to address a market need for improved
cancer treatment selection and also to improve our cash flow.” 

See the full interim report in the attached PDF.

Attachments

announcement_11_2009_final.pdf