Copenhagen, 2015-01-30 08:38 CET (GLOBE NEWSWIRE) -- Exiqon ends 2014 on record fourth quarter sales and full year profitability measured on EBITDA.
Exiqon A/S today announced full year results for 2014:
| In summary (DKK million) | Q4 2014 | Q4 2013 | FY 2013 | FY 2014 |
Outlook 2015* |
| Revenue | 34.4 | 28.7 | 123.6 | 132.4 | 150-160 |
| Gross profit | 22.1 | 16.3 | 75.5 | 85.2 | |
| EBITDA | -1.1 | -2.6 | -4.1 | 3.1 | 5-10 |
| Net profit | -3.6 | -3.2 | -10.7 | -2.8 | |
| EPS | -0.10 | -0.09 | -0.29 | -0.08 |
* Based on an average USD/DKK exchange rate of DKK 6.50.
Financial highlights
- Fourth quarter revenue increased 20% to DKK 34.4 million (DKK 28.7 million), driven by record products and services sales (excl. OEM) of DKK 27 million (DKK 22 million).
- Full year revenue increased 7% to DKK 132.4 million (DKK 123.6 million), and products and services sales (excl. OEM) increased 6% to DKK 102.8 million (DKK 96.7 million) driven by 32% organic growth in services sales to DKK 20.5 million (DKK15.5 million).
- Full year gross profit improved 13% to DKK 85 million (DKK 75.5 million) driven by higher volumes and continued optimizations. Exiqon Life Sciences’ gross profit of DKK 82.4 million (DKK 70.8 million) was realized at improved gross margins of 63.9% (59.8%).
- Full year operating costs increased 5% to DKK 88.3 million (DKK 84.2 million), driven by 8% increase in R&D costs to DKK 26.3 million (DKK 24.2 million) and 32% increase in depreciations to DKK 6.2 million (DKK 4.7 million) following accelerated investments and established services for RNA sequencing.
- Full year profitability measured on EBITDA of DKK 3.1 million (DKK -4.1 million) despite increasing non-cash costs of share based payments of DKK 3.9 million (DKK 2.9 million).
- Full year EBIT improved 65% to DKK -3.1million (DKK -8.8 million).
- The net result for 2014 improved 74% to DKK -2.8 million (DKK -10.7 million).
- EPS improved 72% to DKK -0.08 (-0.29) for 2014.
- Cash flow from operating activities amounted to DKK -2.4 million (DKK 3.2 million) and was affected by high year end receivables as a result of record fourth quarter sales of products and services (excl. OEM).
Summarized financial outlook for 2015:
In 2015, Exiqon expects total revenue between DKK 150-160 million and EBITDA around DKK 5-10 million.
The outlook for 2015 is based on an average USD/DKK exchange rate of DKK 6.50 and does not include any significant one-time payments or any extraordinary costs.
In a comment, CEO Lars Kongsbak said:
”We are excited to have reached the important milestone of full year profitability measured on EBITDA in 2014, and the prospect of capturing new market opportunities and returning to double digit growth in 2015 while continuously improving EBITDA on the back of recent investments.
We continue to make important progress in our diagnostic programs, particularly within prostate cancer, and planning to further accelerate these programs during 2015.“
Please see the enclosed PDF for the full Annual Report 2014.
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)
