First quarter highlights include 18% growth in North American sales, 20% increase in gross profit, positive EBIT of DKK 0.5 million and first ever reported positive Earnings Per Share of DKK 0.02.
Exiqon A/S (NASDAQ OMX Copenhagen: “EXQ”) today announced results for the first quarter of 2014:
| In summary (DKK million) | Q1 2014 | Q1 2013 | FY 2013 | Outlook 2014 |
| Revenue | 32.5 | 31.8 | 123.6 | ~ 150 |
| Gross profit | 22.0 | 18.4 | 75.5 | |
| EBITDA | 1.6 | -2.0 | -4.1 | ~ 5 |
| EBIT | 0.5 | -3.4 | -8.8 | |
| Net profit | 0.8 | -4.5 | -10.7 | |
| Cash flows from operating activities | -2.3 | -3.2 | 3.2 | |
| EPS | 0.02 | -0.12 | -0.29 |
Financial highlights
- Revenue increased 2% to DKK 32.5 million (DKK 31.8 million). Research product sales and services (excluding OEM) increased 1% to DKK 24.9 (DKK 24.7 million) driven by North America and Rest of World.
- Gross profit increased 20% to DKK 22.0 million (DKK 18.4 million) driven by optimizations in the supply chain and manufacturing in combination with increased income from licensing.
- Total operating expenses decreased 1% to DKK 21.6 million (DKK 21.8 million).
- EBITDA improved to DKK 1.6 million (DKK -2.0 million) including non-cash costs of share-based payments of DKK 0.9 million (DKK 0.8 million). EBIT improved to DKK 0.5 million (DKK -2.0 million).
- Net result was DKK 0.8 million (DKK -4.5 million). EPS amounted to DKK 0.02 (DKK -0.12).
- Cash flow from operating activities was DKK -2.3 million (DKK -3.2 million).
- The financial outlook for 2014 is unchanged.
Operational highlights
- On 21 January 2014 Exiqon announced the launch of the company’s new Next Generation Sequencing services for microRNAs and other RNAs.
- On 4 February 2014 Exiqon announced the launch of a new version of miRSearch, an established online search tool for rapid retrieval of detailed information about microRNA as well as related mRNA and lncRNA.
- After end period, on 23 April 2014 Exiqon announced the launch of highly potent miRCURY LNA™ microRNA Mimics to complement the company’s product offering for functional analysis.
In a comment CEO Lars Kongsbak said: ““First quarter 2014 marks an important milestone of positive earnings, driven by improved gross profit, that has taken priority for the past three years. Our qPCR product offering and products for functional analysis including LNA™ Gapmers continue to pave the way for profitability. We have launched our new Next Generation Sequencing Services and completed the first service projects during the first quarter to support our continued growth.”
Additional information
Lars Kongsbak, CEO, +45 4566 0888 (mobil: +45 4090 2101)
Hans Henrik Chrois Christensen, CFO +45 4566 0888 (mobil: +45 4090 2131)
About Exiqon
Exiqon's products are based on the proprietary LNA™ technology. This technology offers unique advantages for detection of miRNA biomarkers for life science researchers, drug developers and cancer treating physicians working towards personalizing medicine. Exiqon operates in two business areas: Exiqon Life Sciences has established a position for itself as one of the market's leading providers of miRNA research products for miRNA analysis in cells. Our research products are used by academia, biotech and pharmaceutical companies around the world to make groundbreaking discoveries about the correlation between gene activity and the development of cancer and other diseases. Exiqon Life Sciences is also collaborating with pharmaceutical companies in their effort to develop new medicines based on miRNA as biological markers. Exiqon Diagnostics collaborates with pharmaceutical and diagnostic companies to develop novel molecular diagnostic tests for early detection of diseases which can help physicians make treatment decisions. Exiqon is listed on the NASDAQ OMX in Copenhagen. For more information about us, please visit www.exiqon.com
