Exiqon A/S (NASDAQ OMX Copenhagen: “EXQ”) today announced full year results for 2013:
|
Financial highligts (’DKK million) |
Q4 (2012) | Q4 (2013) | FY (2012) | FY (2013) | Outlook 2013 |
| Revenue | 34.3 | 28.7 | 117.4 | 123.6 | 125-128 |
| Gross profit | 19.7 | 16.3 | 67.2 | 75.5 | |
| EBITDA | 1.7 | -2.6 | -4.4 | -4.1 | ~ -5 |
| Net profit | -1.5 | -3.2 | -14.6 | -10.7 | |
| Cash flows from operation activities | 4.8 | 4.3 | -5.4 | 3.2 | <0 |
| EPS | -0.04 | -0.09 | -0.41 | -0.29 |
- Total revenue increased 5% to DKK 123.6 million (DKK 117.4 million). Exiqon Life Sciences’ product and services sales (excl. OEM) increased 7% to DKK 96.7 million (DKK 90.7 million) despite fourth quarter supply problems.
- Gross profit increased 12% to DKK 75.5 million (DKK 67.2 million). Exiqon Life Sciences’ gross profit of DKK 70.8 million (DKK 61.9 million) was realized at an improved gross margin of 59.8% (55.6%) driven by higher volume in product sales and supply chain optimizations.
- Total operating costs increased 7% to DKK 84.2 million (DKK 79.0 million), primarily driven by investments in Next Generation Sequencing and new hirings in Sales and Marketing.
- EBIT improved 25% to DKK -8.8 million (DKK -11.8 million). Higher operating costs were compensated by improved gross profit. EBITDA improved 6% to DKK -4.1 million (DKK -4.4 million) and was affected by non-cash costs of share based payments of DKK 2.9 million (DKK 2.9 million).
- The net result for 2013 improved 27% to DKK -10.7 million (DKK -14.6 million).
- EPS amounted to DKK -0.29 in 2013 (-0.41)
- Cash flow from operating activities improved 160% to DKK 3.2 million (DKK -5.4 million) as a result of improved operating profit and focused working capital management.
Summarized outlook for 2014:
In 2014, Exiqon expects revenue of approximately DKK 150 million and EBITDA around DKK 5 million.
In a comment, CEO Lars Kongsbak said:
”We saw accelerated growth in our product sales (excluding OEM) throughout the first three quarters of 2013. Unfortunately, we encountered supply chain problems in the fourth quarter, however, these have since been resolved, and we are optimistic about 2014. We have just launched our new initiative within Next generation Sequencing and have the first orders in the book. We expect 2014 to be a year with continued growth, positive EBITDA and significant news from our diagnostic programs.“
Please see the enclosed PDF for the full Annual Report 2013.
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)
