IntegraGen: 2024 Half-Year Results - Sales up 6% on a Like-for-Like Basis (Excluding SeqOIA) and Profitability Maintained
Revenue growth for the Évry laboratory activities
Restructuring and cost reduction plan implemented after cessation of services to SeqOIA in February
Overall profitability remained stable
EVRY, France, October 17, 2024--(BUSINESS WIRE)--Regulatory News:
IntegraGen (FR0010908723 - ALINT - PEA PME eligible), an OncoDNA Group company specializing in cancer and rare genetic disease genomics, and providing genomic analyses for both academic and private clients, today announced its unaudited results for the first half of 2024, following approval by the Board of Directors on October 15, 2024
Bernard Courtieu, Chief Executive Officer of IntegraGen, comments: "The first half of 2024 was marked by intensified commercial efforts focused on genomic services from Évry, along with the implementation of a strategic restructuring plan, which became necessary following the cessation of activities with GCS SeqOIA. These initiatives resulted in a 6% increase in sales (excluding SeqOIA) and an improvement in net income compared to the same period in 2023.".
We anticipate an acceleration of our growth thanks to the ongoing acquisition of customers in the pharmaceutical sector. In January, we obtained CLIA (Clinical Laboratory Improvement Amendments) certification from the CMS (Centers for Medicare & Medicaid Services), paving the way for us to provide services to the pharmaceutical industry, notably for the clinical development of innovative treatments in oncology".
Financials
Simplified profit & loss statement
In Euro thousands | June 30th, | June 30th, |
|
2024 | 2023 | Delta | |
Revenues | 4.570 | 6.088 | -25% |
Of which SeqOIA | 727 | 2.200 | -67% |
Operating subsidies and other income | 269 | 151 | 78% |
Total income | 4.839 | 6.239 | -22% |
Operating expenses | -5.195 | -6.528 | -20% |
Gross operating income | -356 | -289 | 23% |
Depreciation, amortization and provisions | -54 | -102 | -47% |
Operating income | -410 | -391 | 5% |
Net financial expense | 40 | 29 | 38% |
Exceptional items | 219 | 14 |
|
Income tax | 36 | 87 |
|
Net income | -115 | -261 | 56% |
Total income totaled €4,839k, down 22% compared to the first half of 2023, a reduction mainly due to the discontinuation of services provided to the SeqOIA platform, which ended on February 28. Excluding SeqOIA, sales rose by 6.4% over the period, excluding exceptional items linked to the shutdown of the platform, such as the sale of hardware and associated LIMS software.
Operating expenses amounted to €5,195k, down 20% compared to the first half of 2023. This substantial reduction is primarily the result of the restructuring plan carried out between late 2023 and early 2024, aimed at mitigating the loss of SeqOIA-related revenues, as well as significant savings on external expenses, such as the optimization of cloud IT costs.
The increase in revenues, excluding SeqOIA, along with the cost reduction program, resulted in an EBITDA loss of -€356k, compared to -€289k in the first half of 2023.
After accounting for financial and exceptional items, net income showed a loss of -€115k, compared to -€261k in the first half of 2023, reflecting a 56% improvement.
The exceptional items are mainly related to the transfer of equipment from the platform to GCS SeqOIA.
Balance Sheet
ASSETS |
|
|
|
| |
In € thousands | June 30th, 2024 | Dec 31st, 2023 |
Non-current assets | 243 | 316 |
Inventories | 334 | 311 |
Trade receivables | 2.072 | 2.960 |
Other receivables | 1.656 | 1.535 |
Cash and cash equivalents | 1.907 | 2.879 |
Current assets | 5.970 | 7.684 |
Adjustments | 4 |
|
|
|
|
TOTAL ASSETS | 6.217 | 8.000 |
LIABILITIES
In € thousands | June 30th, 2024 | Dec 31st, 2023 |
Shareholders' equity | 1.895 | 2.011 |
Provisions for liabilities and charges | 4 | 157 |
Financial debt | 869 | 1.125 |
Operating liabilities | 2.107 | 2.915 |
Other liabilities | 1.342 | 1.784 |
adjustments |
| 9 |
TOTAL LIABILITIES | 6.217 | 8.000 |
The cash position at the end of June 2024 was €1,907k, a decrease of €971k compared to December 31, 2023. Additionally, the net position does not include the €1m loan granted to OncoDNA in August 2023, which is due for repayment in October 2024, along with 6.5% annual interest.
ABOUT INTEGRAGEN
IntegraGen is an OncoDNA group company specializing in the genomics of cancer and rare genetic diseases. Backed by highly competent and qualified teams, IntegraGen is a leading player in DNA sequencing services and genomic data interpretation software. The company runs one of the largest NGS labs in France and operates for research institutes of excellence. As part of OncoDNA group, IntegraGen leverages the power of next generation sequencing with the mission of delivering the promise of precision medicine to patients. IntegraGen has about 42 employees and generated €12.5 million of turnover in 2023. Based in France, IntegraGen is part of the Belgian OncoDNA group present in Spain, UK, Germany and works with an international network of 35 distributors. The Group also provides biomarker testing and clinical interpretation tools to guide treatment and monitoring of late stage solid tumors and accelerate the development of new cancer drugs.
IntegraGen is listed on Euronext Growth in Paris (ISIN: FR0010908723 – Mnemo: ALINT – Eligible PEA- PME).
For further information, please visit www.integragen.com or connect with us on LinkedIn or Twitter.
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Contacts
IntegraGen
Bernard COURTIEU
Directeur Général
contact@integragen.com
Tél. : +33 (0)1 60 91 09 00
NewCap
Relations Investisseurs
Louis-Victor DELOUVRIER
integragen@newcap.eu
Tél. : +33 (0)1 44 71 98 53