Exiqon A/S (NASDAQ OMX Copenhagen: “EXQ”) today announced results for the first nine months of 2012:
| In summary (DKK million) | Q3 (2012) | Q3 (2011) | Q3 YTD (2012) | Q3 YTD (2011) | Outlook 2012 |
| Revenue | 30.1 | 27.1 | 83.1 | 81.3 | 110-115 |
| Production costs | -10.9 | -12.8 | -36.3 | -38.7 | |
| Gross profit | 19.2 | 14.3 | 46.8 | 42.7 | |
| Total operating expenses excl. special items | -18.5 | -18.0 | -58.6 | -56.3 | |
| Special items | 0.0 | -7.8 | 0.0 | -14.2 | |
| EBIT | 0.7 | -11.6 | -11.9 | -27.9 | ~ -10 |
| Net profit | -0.7 | -8.1 | -13.0 | -25.7 | |
| Cash Flow From Operating activities | -10.2 | -21.9 | < 0 | ||
| EPS | -0.02 | -0.23 | -0.37 | -0.76 |
Financial highlights
- Revenue increased 11% to DKK 30.1 million (DKK 27.1 million) in the third quarter of 2012. Research product sales and services (excluding OEM) increased 3% to a record DKK 22.5 (DKK 21.9 million) in the third quarter and 4% to DKK 63.9 million (DKK 61.5 million) in the first nine months of 2012.
- Total operating expenses increased 2% to DKK 18.5 million (DKK 18.0 million) in the third quarter of 2012 due to new hirings in Sales & Marketing.
- EBIT improved to DKK 0.7 million (DKK -11.6 million) in the third quarter and to DKK -11.9 (DKK -27.9) in the first nine months of 2012.
- Net profit was DKK -0.7 million (DKK -8.1 million) and EPS was DKK -0.02 (DKK -0.23) in the third quarter of 2012.
- Cash flow from operating activities improved 41% to DKK -4.0 million (DKK -6.9 million) in third quarter and 53% to DKK -10.2 million (DKK -21.9 million) in the first nine months of 2012.
- The financial outlook for 2012 is maintained.
Operational highlights
- On July 10, 2012 Exiqon launched a miRCURY™ microRNA QC PCR Panel which facilitates the assessment of RNA quality including the testing for occurrence of hemolysis in serum and plasma samples, presence of PCR inhibitors as well as the efficiency of RNA sample preparation.
- On September 27, 2012 Exiqon launched a highly advanced bioinformatics tool ‘miRSearch’ that allows researchers to simply enter a gene ID, reference number or keyword and find both validated and predicted microRNAs.
- After end period, on October 17, 2012 Exiqon announced the appointment of a Takara Bio Inc. as new distributor in Japan, China, Hong Kong, South Korea, and India. Takara Bio Inc. is a leading provider and distributor of life science research products in Asia.
- Exiqon provides update on timelines from the company’s collaborative hospital partners on the company’s program for early detection of colorectal cancer; publication of data is expected end September 2013.
In a comment, CEO Lars Kongsbak said: “We see continued organic growth in Europe and Rest of World and welcome Takara Bio Inc. as new distributor of our products in Asia. We continue to strengthen our operations in North America and expect to have completed new hirings by yearend - in time to promote the upcoming expansion of our qPCR product portfolio.”
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 4090 2101)
Hans Henrik Chrois Christensen, CFO, tel. +45 4566 0888 (cell: +45 4090 2131)
