Exiqon A/S (NASDAQ OMX Copenhagen: “EXQ”) today announced first quarter results for 2012:
| In summary (DKK million) | Q1 (2012) | Q1 (2011) | FY (2011) | Outlook 2012 | Revised Outlook 2012 |
| Revenue | 24.0 | 27.6 | 111.5 | ~130 | ~110-115 |
| Production costs | -11.1 | -13.1 | -49.3 | ||
| Gross profit | 12.9 | 14.5 | 62.2 | ||
| Total operating expenses excl. special items | -19.7 | -17.9 | -76.4 | ||
| Special items | 0.0 | -0.4 | -14.2 | ||
| EBIT | -6.8 | -3.9 | -28.5 | > 0 | ~ -10 |
| Net profit | -8.2 | -4.9 | -24.9 | ||
| Cash Flow From Operating activities | -0.2 | -10.3 | -30.5 | > 0 | < 0 |
| EPS | -0.23 | -0.15 | -0.73 |
Reported figures are for the full reporting period. Figures for the comparable reporting period last year are stated in parenthesis.
Financial highlights
- Revenue decreased 13% to DKK 24.0 million (DKK 27.6 million).
- Organic growth in research product sales including services was 25% in Europe (excluding OEM) and -33% in North America where a new sales strategy is currently being implemented. Services decreased 33% due to periodic variation.
- Total operating expenses increased 10% to DKK 19.7 million (DKK 17.9 million) primarily due to an increase in personnel in Sales & Marketing.
- EBIT decreased 74% to DKK -6.8 million (DKK -3.9 million).
- Net profit was DKK -8.2 million (DKK -4.9 million). EPS amounted to DKK -0.23 (DKK -0.15).
- Cash flow from operating activities improved 98% to DKK -0.2 million (DKK -10.3 million).
- Full year outlook is revised to reflect current challenges in the North American market.
Operational highlights
- After end period, on 3 April 2012, Exiqon announced the launch of highly flexible and customizable microRNA qPCR panels for sensitive and specific quantification of microRNAs in human, rat, mouse, dog, monkey and several other organisms.
- After end period, on 11 April 2012, Exiqon announced the launch of its 7th generation of miRCURY LNA™ microRNA Arrays for expression profiling of microRNA from human, mouse and rat.
- After end period, on 17 April 2012, Exiqon announced the launch of microRNA qPCR panels for stem cell research.
In a comment, CEO Lars Kongsbak said: “We see continued strong growth in our own research product sales in Europe. First quarter sales in North America have disappointed and we have thus taken initiatives to improve North American sales. The challenging start on 2012 leads us to revise full year expectations. The first new products for 2012 have been launched according to plan and we maintain our plans for new product launches in 2012.”
See the full interim report in the attached PDF or at www.exiqon.com/investor/portal.
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)
