SYGNIS reports nine month results for the period ended September 30, 2015
- Two proprietary product lines with five kits launched
- 15 international sales and distribution agreements signed
- Revenues from the sale of kits increasing quarter by quarter
- Operating expenses (before special factors) in line with expectations
- Outlook for 2015 confirmed
Madrid, Spain and Heidelberg, Germany, November 6, 2015 – SYGNIS AG (Frankfurt: LIO1; ISIN: DE000A1RFM03; Prime Standard) today reported results for the nine months ended September 30, 2015.
Financials 9M 2015:
In the first nine months of the year revenues amounted to €307 thousand (9M 2014: €302 thousand). Higher sales of proprietary kits were able to balance lower revenues from the Caco-2 business which were exceptionally higher in the nine-months-period of the previous year. In the third quarter kit sales experienced an increasing demand and repeat orders by several distributors and customers. Due to special one-off factors as a result of additional reorganization and optimization measures, the expansion of kit production and direct selling activities operating expenses were up to €3,026 thousand (9M 2014: €2,656 thousand). Excluding these special factors of €363 thousand, operating expenses amounted to €2,663 thousand and were in line with the previous year. They included sales, general & administrative costs of €1,551thousand as well as research & development expenses of €1,112 thousand.
As of September 30, 2015, cash and cash equivalents amounted to €609 thousand (December 31, 2014: €3,764 thousand). Total short term assets were €1,105 thousand (December 31, 2014: €4,118 thousand). Cash outflow from operating activities amounted to –€3,120 thousand (9M 2014: –€2,561).
Activities during the first nine months of 2015 were strongly focused on the further development of SYGNIS’ new product and commercialization strategy.
Expansion of own product portfolio: Over the first nine months of 2015, SYGNIS launched two product lines based on the Company’s proprietary technologies. These lines include three products of the TruePrime™ series and two kits of the SunScript™ series. SYGNIS completed its schedule of product launches for this period as planned.
The first product line, TruePrime™, covers a series of kits for whole genome amplification based on SYGNIS’ proprietary 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 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 commercialization: In parallel to its launch activities, the Company established a distribution network with leading industry partners in North America, Asia, Australia 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 technologies and products at renowned scientific conferences in Europe and the U.S.
“We have made significant progress in the first nine months of 2015. Since January, we have launched five products and signed 15 distribution agreements. This strong news flow illustrates the transformation process of the Company from a technology licensing partner towards an integrated product company. Product sales are in line with our expectations. Starting from very low levels, we were able to increase our revenues from the sale of own kits significantly quarter by quarter which is a strong indicator for the increasing acceptance and a rising interest in our kits.” Pilar de la Huerta, CEO and CFO of SYGNIS commented. “We have a full pipeline of innovative products to be launched in the remainder of the year and 2016. I am convinced that we are well on track to make our products the leading technologies for DNA amplification and sequencing.”
SYGNIS confirmed the outlook for fiscal year 2015 that was published on April 29, 2015.
In the remaining quarter of the current fiscal year, SYGNIS expects revenues from its own products lines TruePrime™ and SunScript™ and from the license agreement with Qiagen for additional products based on SensiPhi®. Depending on the success of these commercialization activities, the Management Board maintains its initial guidance for 2015, forecasting revenues for the whole year between €500 thousand and €700 thousand.
The financial resources available as of September 30, 2015 as well as the financial tools available and planned for the remaining fiscal year 2015 will provide SYGNIS with sufficient liquidity for the financing of the Company.
|Figures 9M 2015 and comparative figures in accordance with IFRS
[Numbers in € thousand]
|Operating Expenses (before special factors)||2,657||2,571|
|EBIT (before special factors)||-2,350||-2,269|
|Net results for the period||-2,779||-2,365|
|Operating Cash Flow||-3,120||-2,561|
|30 September 2015||31 December 2014|
|Liquidity at period-end||609||3,764|
|Long-term Financial Liabilities||2,012||2,890|
The interim report for the first nine months, ended September 30, 2015 is available at http://www.sygnis.com/financial-year-2015/.
For further information please contact:
Pilar de la Huerta
Phone: +34 91 192 36 50
MC Services AG
Phone: +49 89 210228 30