(Boursier.com) — First-half 2022 revenue of Genomic Vision amounts to 511 KE and is up by 9.4% compared to the 1st half of 2021. This increase is explained in particular by the consolidation of the commercial offer, by greater efficiency in logistics and customer relations and by selling a scanner to the University of Florida.
Total revenue from the activity for the 1st half of 2022, after taking into account other revenue, amounted to 743 KE, up 5.8% compared to the 1st half of 2021. Other revenue, amounting to of 232 KE on June 30, 2021, correspond to the research tax credit.
Current operating expenses increased by 4.3% to 3.2 ME and mainly break down as follows, in addition to the cost of sales:
-€1.6 million in ‘R&D’ costs, up in the context of the coronavirus pandemic and continued control and refocusing on projects with higher added value;
-€0.3m in expenses associated with sales and marketing, down 47% compared to the first half of 2021 due to reduced activity during the half;
-€1.3 million in general expenses, stable amount compared to the first half of 2021.
Operating profit was -2.5 ME at June 30, 2022, compared to -2.3 ME at June 30, 2021. Net profit at June 30, 2022 was -2.6 ME, compared to -2.3 ME at June 30, 2021.
Genomic Vision had cash of 1 ME as of June 30, 2022, compared to 2.3 ME as of December 31, 2021. This cash consumption is essentially linked to the company’s current activity.
During the 1st half of 2022, cash consumption, excluding financing flows, amounted to 1.7 ME (compared to 2 ME in the 1st half of 2021) due in particular to the drop in WCR linked to significant collection work customer receivables.
Given the revised assumptions for sales growth and ‘R&D’, marketing and sales, and general expenses, the associated working capital requirement assumptions, and the contract signed with Winance, Genomic Vision has the necessary resources over the next 12 months to continue its development.
Covid-19 impact
The general economic slowdown related to the coronavirus pandemic has affected Genomic Vision’s main customers and prospects. The crisis has also greatly limited travel, which is necessary for our employees to sell and install platforms.
Impact of the crisis in Ukraine
Genomic Vision has no direct client in Ukraine or Russia, however the general economic slowdown linked to the crisis is having a negative impact on its other clients and prospects.
Next financial publication: Q3 2022 revenue on Thursday October 27, 2022 (after market).