Copenhagen, 2016-02-08 14:42 CET (GLOBE NEWSWIRE) -- Exiqon A/S (NASDAQ OMX Copenhagen: “EXQ”) today announced full year 2015 results in line with the company’s most recently announced expectations of revenue around DKK 162 million and EBITDA around DKK 12 million. Exiqon realized full year 2015 profitability of DKK 5.9 million in net profit.
In 2015 Exiqon successfully executed its growth strategy towards becoming the leading provider of flexible solutions for validation of RNA sequencing results by leveraging existing capabilities and capturing significant new market opportunities. In 2015, new products for qPCR analysis of mRNA and functional analysis of lncRNA were launched to further strengthen future growth. Exiqon has positioned itself as market innovator with the launch of the XploreRNA™ cloud-computing environment designed to transform the NGS workflows by integrating automated data analysis with custom assay design. After having secured recent bond financing of DKK 40 million, Exiqon accelerates planned growth initiatives.
Financial highlights:
| In summary (DKK million) | Q4 2015 | Q4 2014 | FY 2014 | FY 2015 |
| Revenue | 46.6 | 34.4 | 132.4 | 162.0 |
| Gross profit | 28.4 | 22.1 | 85.2 | 102.6 |
| EBITDA | 3.8 | -1.1 | 3.1 | 12.2 |
| Net profit | 5.2 | -3.6 | -2.8 | 5.9 |
| EPS | 0.14 | -0.10 | -0.08 | 0.16 |
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Total revenue increased 22% to DKK 162.0 million (DKK 132.4 million) driven by 25% growth in the company’s own products and service sales (excluding OEM):
- Product sales (excluding OEM) is the key driver for Exiqon’s growth. Sales increased 26% to DKK 103.8 million (DKK 82.6 million) in 2015.
- Services paves the way for development of new proprietary products and so initially drive Exiqon’s growth in new market. In 2015 services increased 23% to DKK 25.2 million (DKK 20.5 million).
- Gross profit improved 20% to DKK 102.6 million (DKK 85.2 million) driven by higher sales volumes.
- Total operating costs increased 12% to DKK 98.9 million (DKK 88.3 million) due to new hiring's in R&D and S&M:
- EBITDA improved to DKK 12.2 million (DKK 3.1 million)
- EBIT improved to DKK 3.6 million (DKK -3.1 million)
- The net result for 2015 improved to DKK 5.9 million (DKK -2.8 million)
- EPS improved to DKK 0.16 (-0.08)
- Cash flows from operating activities amounted to DKK 16.1 million (DKK -2.4 million)
Summarized financial outlook for 2016:
In 2016, we expect total revenue between DKK 180-185 million driven by around 20% growth in sales of products and services (excluding OEM) with EBITDA of DKK 15-20 million (exclusive of shared-based costs) and EBIT more than doubling.
The outlook for 2016 is based on an average USD/DKK exchange rate between DKK 6.75-7.00 and does not include any significant one-time income or extraordinary costs.
In a comment, CEO Lars Kongsbak said: ”We are excited to have reached the important milestone of full year profitability in 2015 and secured continued strong revenue growth driven by products and service sales. Our recent bond financing has allowed us to accelerate important growth initiatives that will help us capture significant new market opportunities in 2016.
We continue to make progress in our diagnostic programs and expect to publish important validation results from our prostate cancer programs during Q3 2016.“
Please see the enclosed PDF for the full Annual Report 2015.
Additional information
Lars Kongsbak, CEO, mobile phone: +45 4090 2101
Hans Henrik Chrois Christensen, CFO, mobile phone: +45 4090 2131
About Exiqon
At Exiqon, we advance the research of when and where genes are expressed. We empower scientists across the world with best-in-class products and user-friendly business solutions designed to transform workflows in our industry. Exiqon operates in two business areas: Exiqon Life Sciences is a leading provider of flexible solutions for gene expression analysis. Academia, biotech and pharmaceutical companies around the world use Exiqon’s research products to make ground-breaking discoveries. Exiqon Diagnostics collaborates with diagnostic and pharmaceutical companies to develop novel molecular diagnostic tests for early detection of diseases, which can help physicians make better treatment decisions. Exiqon is listed on Nasdaq Copenhagen. For more information about us, please visit www.exiqon.com
