Copenhagen, 2014-10-27 15:38 CET (GLOBE NEWSWIRE) -- Third quarter highlights include record services sales and record quarterly revenue.
Exiqon A/S (NASDAQ Copenhagen: “EXQ”) today announced results for the first nine months of 2014:
| In summary (DKK million) | Q3 2014 | Q3 2013 | Q3 YTD 2014 | Q3 YTD 2013 | Outlook 2014 |
| Revenue | 34.8 | 29.8 | 98.0 | 94.9 | ~135 |
| Gross profit | 20.8 | 19.6 | 63.1 | 59.1 | |
| EBITDA | 2.5 | 0.1 | 4.2 | -1.5 | ~5 |
| EBIT | 0.8 | -1.0 | -0.2 | -5.1 | |
| Net profit | 1.3 | -1.7 | 0.9 | -7.4 | |
| Cash flows from operating activities | 0.0 | 2.3 | -1.0 | -1.1 | |
| EPS | 0.04 | -0.05 | 0.02 | -0.20 |
Financial highlights
- In the third quarter of 2014 revenue increased 17% to a record DKK 34.8 million (DKK 29.8 million), and year to date 3% to DKK 98.0 million (DKK 94.9 million).
- Research product sales and services (excluding OEM sales) increased 7% to DKK 26.1 million (DKK 24.3 million) and services sales increased 127% to a record high DKK 7.1 million (DKK 3.1 million) in the third quarter. Year to date research product sales and services (excluding OEM sales) has increased 1% to DKK 75.8 million (DKK 74.8 million), and OEM sales decreased 20% to DKK 8.0 million (DKK 10.0 million).
- In the third quarter of 2014 the gross profit increased 6% to DKK 20.8 million (DKK 19.6 million). Year to date gross profit has increased 7% to DKK 63.1 million (DKK 59.1 million).
- Total operating expenses decreased 3% to DKK 20.0 million (DKK 20.7 million) in the third quarter of 2014 and year to date has decreased 1% to DKK 63.3 million (DKK 64.2 million).
- In the third quarter of 2014 EBITDA improved to DKK 2.5 million (DKK 0.1 million) and year to date EBITDA has improved to DKK 4.2 million (DKK -1.5 million) including higher non-cash costs of share-based payment of DKK 2.9 million (DKK 2.2 million).
- Net result improved to DKK 1.3 million (DKK -1.7 million) in the third quarter of 2014. Year to date net results has improved to DKK 0.9 million (DKK -7.4 million) and EPS amounts to DKK 0.02 (DKK -0.20).
- In the first nine months of 2014 Cash flow from operating activities improved to DKK -1.0 million (DKK -1.1 million).
- The financial outlook for 2014 is maintained.
Operational highlights
- On 9 September Exiqon launched version 4 of its proprietary miRCURY LNA™ Universal RT microRNA PCR platform with significantly improved performance.
- 12 September 2014 Exiqon announced the publication of data from a population based study of 554 patients with stage II colon cancer, using the company’s proprietary miRCURY LNA™ Universal RT microRNA PCR platform to validate the prognostic value of microRNA-21 based on tissue sections from formalin fixed paraffin embedded tumour blocks.
- Today, Exiqon announces new strategic initiatives for new markets.
In a comment CEO Lars Kongsbak said: “We saw a strong third quarter driven by services. Our recent growth initiatives now begin to take effect, and I’m optimistic that the new markets we address will allow us to capture double digit growth in our products and services sales.”
