DGAP-News: Expedeon AG: Expedeon reports first quarter 2019 financial results

Press release
9 May 2019

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Interim quarterly statement

Expedeon reports first quarter 2019 financial results

 

- EBITDA adjusted of EUR462 thousand for the quarter (Q1 2018: EUR77 thousand)

- Revenues of EUR3.5 million; 50% higher than Q1 2018 (EUR2.3 million)

- Strong product launch pipeline

Heidelberg, Germany and Cambridge, UK, 9 May 2019 - Expedeon AG (Frankfurt: EXN; ISIN: DE000A1RFM03; Prime Standard) today reported results for the first quarter ended March 31, 2019.

"We are pleased to report a second successive quarter of strong positive EBITDA and adjusted EBITDA, based on continuing growth in group revenues. This reinforces our ambitious goals for this year," said Dr Heikki Lanckriet, CEO of Expedeon AG. "2019 is expected to be a year with a number of significant R&D projects nearing completion. Several exciting product launches should add considerably to our revenue and profitability growth. We are confident we are on the right track and continue to focus our efforts on becoming a market leading innovator, enabling advances in research areas with central significance for human health."

2019 year to date operational updates:

- January 2019: Supply agreement for Lightning-Link^(R) Rapid Biotinylation technology to Cell Guidance Systems

- April 2019: Dr Cristina Garmendia Mendizábal steps down as chairwoman of the supervisory board. Joseph Fernández assumes responsibilities.

- May 2019: Addition of ELISA-ONE(TM) to product offering, a next generation cell signalling ELISA assay technology

 

David Roth, Chief Financial Officer, said: "With revenues of EUR3.5 million, 50% higher than Q1 2018, Expedeon has recorded another strong financial performance on which we expect to continue building during 2019. With the cash resources available to us, Expedeon is well positioned to focus on its product development activities and to drive both its revenues and profitability with continued investment. We reconfirm our 2019 financial guidance."

 

First quarter of 2019 financial results:

Total group revenues amounted to EUR3.5 million for the first three months of 2019 (first quarter 2018: EUR2.3 million). This represents an increase of 50% against 2018.

Results from operating activities showed a loss of EUR280 thousand for the quarter (first quarter 2018: loss of EUR376 thousand. This includes amortisation and depreciation of EUR676 thousand (first quarter of 2018: EUR425 thousand), giving rise to reported EBITDA of EUR396 thousand for 2019 and EUR49 thousand for 2018.

Adjusted EBITDA for the first quarter of 2019 was EUR462 thousand (first quarter 2018: EUR77 thousand) after adding back the impact of equity settled share compensation, EUR66 thousand and EUR28 thousand respectively:

					2019	2018
EUR thousand
Results of operating activities					(280)	(376)
Depreciation of property, plant and equipment					77	76
Amortisation and impairment of intangible assets					599	349
EBITDA					396	49
Share option charges					66	28
Adjusted EBITDA					462	77

 

Reported net loss was EUR464 thousand (first quarter 2018: EUR322 thousand).

Cash and Cash equivalents stood at EUR5.6 million (first quarter 2018: EUR5.1 million). Cash outflows from operating activities were EUR0.3 million (first quarter 2018: EUR0.4 million), with cash outflows of investing activities of EUR0.2 million (first quarter 2018: EUR0.3 million) and outflows from financing activities of EUR0.3 million (first quarter 2018: inflow of EUR3.8 million following a capital increase).

Outlook 2019

For the fiscal year 2019, Expedeon reaffirms its guidance of April 25, 2019: As a result of continued strong growth, the Company expects ongoing double-digit revenue growth supported by new product launches. Expedeon expects its revenue growth to translate into improving profitability with the Management Board expecting adjusted EBITDA to exceed EUR2 million for 2019.

 

EXPEDEON AG, Heidelberg, Germany

Interim results for the three months
ending 31 March 2019

 

Expedeon AG

Consolidated statement of financial position

EUR thousand		31 March 2019		31 December 2018
ASSETS
Property, plant and equipment		2,041		1,999
Goodwill		34,828		33,906
Other intangible assets		15,198		15,584
Deferred tax assets		321		319
Non-current assets		52,387		51,808
Trade receivables		2,351		2,627
Inventory		2,336		1,966
Other current assets		1,650		1,538
Cash and cash equivalents		5,644		6,238
Current assets		11,981		12,369
Total assets		64,368		64,177
EQUITY AND LIABILITIES
Issued capital		51,411		51,411
Capital reserves		19,786		19,753
Accumulated loss		(24,055)		(23,603)
Other comprehensive income		25		(1,059)
Equity		47,168		46,502
Deferred tax liabilities		2,355		2,440
Financial liabilities		7,833		7,476
Non-current liabilities		10,188		9,916
Financial liabilities		2,922		3,171
Trade payables		1,226		1,498
Other current liabilities		2,864		3,090
Current liabilities		7,011		7,759
Total equity and liabilities		64,368		64,177

 

 

Expedeon AG

Consolidated statement of comprehensive income

 

EUR thousand						3 months ended 31 March
						2019		2018
Revenues						3,451		2,309
Costs of goods sold						(822)		(665)
Expenses:
	Sales					(602)		(578)
	Administration					(1,925)		(1,213)
	Research and development					(433)		(213)
	Other operating income (expenses)					52		(16)
Total operating expenses						(3,731)		(2,685)
Results of operating activities						(280)		(376)
	Finance costs					(132)		(12)
Earnings before taxes						(412)		(388)
	Income tax					(52)		66
Net profit/loss for the period						(464)		(322)
	Exchange rate adjustments					1,099		(14)
Other comprehensive income (after taxes)						1,099		(14)
Total comprehensive income						635		(336)
Earnings per share
> Basic, loss for the year attributable to ordinary equity holders						(0.01)		(0.01)
> Diluted, loss for the year attributable to ordinary equity holders						(0.01)		(0.01)

 

 

Expedeon AG

Consolidated statement of cash flows

 

	3 months ended 31 March
EUR thousand	2019		2018
Operating activities:
Net loss for the period	(464)		(322)
Reconciliation of net profit/loss to cash flow
from operating activities:
Depreciation of property, plant and equipment	77		76
Amortisation and impairment of intangible assets	599		349
Movement in deferred tax	(85)		(64)
Share option charges	66		28
Other non-cash items	45		(57)
Change in operating assets and liabilities:
Trade receivables and other current assets	210		(153)
Trade payables and other current liabilities	(416)		(299)
Inventories	(215)		74
Cash outflow from operating activities	(184)		(368)
Interest paid	(155)		(9)
Net cash outflow from operating activities	(339)		(377)
Investing activities:
Business acquisitions, net of cash acquired	(0)		(76)
Investments in property, plant and equipment and intangible assets	(89)		(139)
Investments in development expenses recognized as an asset	(86)		(106)
Cash outflow from investing activities	(175)		(321)
Financing activities:
Cash in(out)flow due to changes of current financial liabilities	(260)		(334)
Capital increase by way of cash contribution (less costs of issuing equity)	0		4,131
Cash inflow from financing activities	(260)		3,797
Net change in cash and cash equivalents	(776)		3,099
Exchange differences	181		1
Cash and cash equivalents at the beginning of the period	6,238		1,954
Cash and cash equivalents at the end of the period	5,644		5,054

 

 

 

Expedeon AG

Consolidated statement of changes in equity

 

								Other comprehensive income
								Accumulated	Exchange effect
	Issued capital			Capital		Accumulated		exchange	on long term			Total
EUR thousand (except Number)	Number	Amount		reserves		loss		differences	assets	Total		equity
For the period from 1 January to 31 March 2018
1 January 2018	46,934,087	46,934		16,644		(23,460)		93	(1,144)	(1,051)		39,066
IFRS15 modified approach effect on opening reserves						178						178
1 January 2018 position adjusted	46,934,087	46,934		16,644		(23,282)		93	(1,144)	(1,051)		39,243
Reclassification of capital increases against cash	443,171	443		(443)								0
Capital increase for cash	2,995,298	2,995		1,198								4,193
Other capital increase costs				(292)								(292)
Share option expense charged to income				28								28
Result recorded directly in equity representing exchange rate adjustments						(20)		(2)	16	14		(6)
Net loss for the period						(322)						(322)
Total comprehensive income						(342)		(2)	16	14		(328)
31 March 2018	50,372,556	50,372		17,135		(23,624)		91	(1,128)	(1,037)		42,844
For the period from 1 January to 31 March 2019
1 January 2019	51,411,323	51,411		19,753		(23,603)		64	(1,121)	(1,057)		46,502
Other capital increase costs				(33)								(33)
Share option expense charged to income				66								66
Result recorded directly in equity representing exchange rate adjustments						15		108	974	1,082		1,099
Net loss for the period						(464)						(464)
Total comprehensive income						(449)		108	974	1,082		633
31 March 2019	51,411,323	51,411		19,786		(24,054)		172	(147)	25		47,168

 

 

For further information, please contact:

Expedeon AG
Dr Heikki Lanckriet
CEO
Phone: +44 1223 873 364
Email: [email protected]
Investors' website: https://investors.expedeon.com/

MC Services AG (Investor Relations and International Media Relations)
Raimund Gabriel
Managing Partner
Phone: +49 89 210228 0
Email: [email protected]

About Expedeon AG: www.expedeon.com
Expedeon is an enabler of exciting advances in medical science and patient care. The Company's core technologies, innovative products and services are used in research laboratories around the world, enabling scientists to push the boundaries of research and product development, and play an integral part in new diagnostic tools being brought to market. With applications spanning the entire workflows in genomics, proteomics and immunology, Expedeon's technologies both accelerate and simplify research and make new and cost-effective processes available to biopharmaceutical and diagnostic organisations alike, thereby underpinning its customers' development and commercialisation objectives. Expedeon's products are sold through a direct sales force and several distribution partners in Europe, the USA and Asia. Expedeon AG has offices in Germany, Spain, UK, USA and Singapore. The Company is listed on the Prime Standard segment of the Frankfurt Stock Exchange (Ticker: EXN; ISIN: DE000A1RFM03).

# # # This publication is intended for information only and constitutes neither an offer to sell nor an invitation to buy securities. Some statements included in this press release, relating neither to proven financial results nor other historical data, should be viewed as forward-looking, i.e. not definite. Such statements are mainly predictions of future results, trends, plans or goals. These statements should not be considered to be total guarantees since given their very nature they are subject to known and unknown risks and imponderability and can be affected by other factors as a consequence of which the actual results, plans and goals of Expedeon AG may deviate greatly from the established conclusions or implied predictions contained in such statements. Expedeon does not undertake to publicly update or revise these statements in the light of new information or future results or for any other reason. # # #