SYGNIS Reports Results for the First Quarter 2015
- SYGNIS Reports Results for the First Quarter 2015
- Seven international sales and distribution agreements signed
- Revenues increased year-on-year by 19%
- Net loss reduced year-on-year by 13%
- Outlook 2015 confirmed
Madrid, Spain and Heidelberg, Germany, 13 May 2015 – SYGNIS AG (Frankfurt: LIO1; ISIN: DE000A1RFM03; Prime Standard) today announced its financial results for the first quarter of 2015, ended 31 March 2015.
In the first quarter of 2015, revenues increased by 19% to €76 thousand (Q1 2014: €64 thousand). As expected, in Q1 revenues were still at a lower level given the Company currently is still in the ramp-up phase after just having launched the first kits and started to build up its distribution network.
Operating loss improved by 13% to €721 thousand (Q1 2014: €811 thousand), mainly due to reduced operating expenses of €797 thousand (Q1 2014: €875 thousand).
Operating expenses included sales, general & administrative costs of €503 thousand as well as research & development costs of €307 thousand. The decrease of operating costs mainly resulted from lower personnel costs of €308 thousand, a reduction of 21% compared to the previous year period (Q1 2014: €390 thousand).
As of 31 March 2015, cash and cash equivalents amounted to €2.5 million (31 December 2014: €3.8 million). Total short term assets were €3.0 million (31 December 2014: €4.1 million).
Activities during the first quarter of 2015 were strongly focused on the further development of SYGNIS’ new product and commercialization strategy.
Successful first product launches: Over the first quarter 2015, SYGNIS launched two product lines based on the Company’s proprietary technologies covering three innovative new products.
The first product line, TruePrimeTM, covers a series of kits for whole genome amplification based on SYGNIS’ proprietary revolutionary TruePrimeTM 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, SunScriptTM, 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 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 industry leading 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.
In April, Dr. Miguel-Antonio Viribay joined SYGNIS and assumed responsibility for the further development, implementation and execution of sales and marketing strategies as Vice President Sales and Marketing. In this newly created position, he will support and further enhance SYGNIS position as a leading provider of innovative products and technologies for DNA amplification and sequencing in growth markets, especially in Europe and the U.S.
Pilar de la Huerta, CEO and CFO of SYGNIS commented: “During the first quarter of 2015, we have strongly focused on expanding our product portfolio and on strengthening our commercialization capabilities. The effect of our efforts did not yet materialize into actual sales and revenues in the launch period over the recent months. However, this period has been essential for paving our way to accelerated growth and a successful future as a product company and as a leading supplier for products and enabling technologies for DNA amplification and sequencing, addressing high growth markets in molecular biology including NGS and single cell analysis.”
SYGNIS confirmed the outlook for fiscal year 2015 published on 29 April 2015.
The revenues in the fiscal year 2015 are dependent on the success of the market launch of our first own products and on revenue growth arising from the license agreement with QIAGEN for additional products based on SensiPhi®. Furthermore, SYGNIS expects first revenues from the out-licensing of Double Switch. Depending on the success of these commercialization activities, revenues in 2015 were forecast at approximately €700 thousand, with a strong upside potential in 2016. The Company expects net losses to be significantly lower than in 2014.
The financial resources available as of 31 March 2015 and the expected cash inflow 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 Q1 2015 and comparative figures in accordance with IFRS
[Numbers in € thousand]
|Net results for the period||-735||-840|
|Operating Cash Flow||-1,175||-1,091|
|31 March 2015||31 December 2014|
|Liquidity at period-end||2,515||3,764|
|Long-Term Financial Liabilities||2,912||2,890|
The interim report for the first quarter, ended 31 March 2015, is available for download from the Company’s webpage at http://www.sygnis.com/wp-content/uploads/2015/05/2015_Q1_SYG_Interim_Report.pdf
For further information please contact:
Pilar de la Huerta
Phone: +34 91 192 36 50
MC Services AG
Phone: +49 89 210228 30