SYGNIS reports half-year results for the period ended June 30, 2015
- Two proprietary product lines succesfully launched
- Seven international sales and distribution agreements signed
- Revenues in H1 2015 improved by 22% compared to the prior-year period
- Operating expenses (before special factors) increased by 11% due to
expansion of the product business
- Outlook for 2015 confirmed
Madrid, Spain and Heidelberg, Germany, August 13, 2015 – SYGNIS AG (Frankfurt: LIO1; ISIN: DE000A1RFM03; Prime Standard) today reported results for the first six months ended June 30, 2015.
Financials first half 2015:
In the first half of 2015, revenues increased by 22% to €196 thousand (H1 2014: €161 thousand). Revenues do not reflect real sales of kits adequately as kits were sold with big discounts in the market launch phase. Due to the expansion of production of these kits, direct selling activities and special one-off effects as a result of additional restructuring measures, operating expenses increased to €2,073 thousand (H1 2014: €1,686 thousand). Excluding special factors of €203 thousand, operating expenses were €1,870 thousand. This development is mainly attributable to higher sales, general & administrative costs due to the marketing of own kits. Operating expenses included sales, general & administrative costs of €1,189 thousand as well as research & development expenses of €805 thousand.
As of June 30, 2015, cash and cash equivalents were €1,281 thousand (December 31, 2014: €3,764 thousand). Total short term assets were €1,762 thousand (December 31, 2014: €4,118 thousand). Cash outflow from operating activities amounted to –€2,179 thousand (H1 2014: –€1,976).
Activities during the first half of 2015 were strongly focused on the further development of SYGNIS’ new product and commercialization strategy.
Successful expansion of own product portfolio: Over the first half of 2015, SYGNIS launched two product lines based on the Company’s proprietary technologies covering three innovative new products.
The first product line, TruePrime™, covers a series of kits for whole genome amplification based on SYGNIS’ proprietary revolutionary TruePrime™ technology, processing multiple displacement amplifications (MDA) for use with various DNA or RNA species from a variety of samples for a multitude of applications. The first products are used for the primer-free amplification of entire genomes from single cells as well as for the amplification of DNA and entire genomes from various sample types and smaller sample volumes.
The second product line, SunScript™, covers a series of kits based on novel proprietary engineered reverse transcriptase (RT) to convert genetic information from RNA molecules back to DNA and is one of the most thermostable and fastest enzymes commercially available today.
Building global distribution network and strengthening commercialization capabilities: In parallel to its launch activities, the Company made enormous progress in expanding its sales and marketing capabilities by establishing a distribution network with leading industry partners in North America, Asia and Europe, covering the important regional markets such as Germany, France and the UK.
In addition, SYGNIS established its own online shop, where the products can be ordered directly. Furthermore, the Company presented and promoted its unique technologies and products at renowned scientific conferences in Europe and the U.S.
Pilar de la Huerta, CEO and CFO of SYGNIS commented: ” The first six months of 2015 were strategically a very important period for SYGNIS in which we have executed consistently on our new product and commercialization strategy introduced in September last year. Following the successful launch of two product lines in the first quarter and their incipient commercialization in the second quarter, we consequently continued with a focus on expanding and strengthening our sales network, the marketing of our young product portfolio while also presenting our products at numerous scientific conferences. As a result of our diverse marketing activities, we were able to increase demand for our products remarkably during the second quarter. We are convinced that with accelerating growth of our product range we are well on track to become a successful product company and leading provider of products and enabling technologies for DNA amplification and sequencing, addressing fast-growing markets in molecular biology including NGS and single cell analysis.”
SYGNIS confirmed the outlook for fiscal year 2015 that was published on 29 April 2015.
The revenues in the fiscal year 2015 are dependent on the success of the market launch of the Company’s first own products and on revenue growth arising from the license agreement with QIAGEN for additional products based on SensiPhi®. Depending on the success of these commercialization activities, revenues in 2015 were forecasted at approximately €500-€700 thousand, with strong upside potential in 2016.
The financial resources available as of June 30, 2015 and the planned financial cash inflows during the remaining fiscal year 2015 will provide SYGNIS with sufficient liquidity to cover the operating expenses until break-even, which is estimated to be in 2016.
|Figures H1 2015 and comparative figures in accordance with IFRS
[Numbers in € thousand]
|Operating Expenses (before special factors)||1,870||1,686|
|EBIT (before special factors)||-1,674||-1,525|
|Net results for the period||-1,914||-1,580|
|Operating Cash Flow||-2,179||-1,976|
|30 June 2015||31 December 2014|
|Liquidity at period-end||1,281||3,764|
|Long-term Financial Liabilities||2,032||2,890|
The interim report for the first half-year, ended June, 30 2015 is available at www.sygnis.com.
For further information please contact:
Pilar de la Huerta
Phone: +34 91 192 36 50
MC Services AG
Phone: +49 89 210228 30