Increased growth rate: record level revenues of €8,447k (+117%) and global
operating income of €9,271k
Net profit of €960k vs a loss of €5,305k in 2018; profitability one year ahead of
Sharp increase in the cash position at €2,006k
Partnership strategy to be continued in 2020 on high value markets. Mallya
continues as the devices' portfolio blockbuster
Issoire, April 9th, 2020, at 07:30 am CEST - BIOCORP (FR0012788065 - ALCOR / Eligible PEA PME), a French company specialized in the development and manufacturing of medical devices and smart drug delivery systems, announces today its annual results for the year ended on December 31, 2019, as approved by the Board of directors on April 6th (1).
2019 was an excellent year for BIOCORP in many ways. In terms of business, the company rolled out its innovation strategy at a sustained pace. This has benefited all our activities and mainly our digital healthcare business where BIOCORP is one of the world leaders. In financial terms, this transformation, which has concentrated the bulk of our investments and R&D efforts in recent years, has enabled the company to record outstanding business volumes and, most of all, to reach profitability faster than anticipated. Thanks to its industrial base and its capacity for disruption, BIOCORP has all the assets to maintain high growth and create value for its shareholders,"says Jacques Gardette, founder and Chairman of the Board of Directors of BIOCORP.
Key financial data on 12/31/2019:
8 447 741
3 890 416
Other operating income
Total operating income
9 271 476
3 770 104
4 017 994
External purchases and expenses
4 184 185
Taxes, duties and other levies
Wages and expenses
3 513 552
3 778 056
Other operating expenses
Total operating expenses
8 396 459
9 038 971
Net operating income
-5 268 868
Net financial income
Research Tax Credit and Innovation Tax Credit
-5 305 433
The turnover was €8,447k in 2019, an 117% increase compared to 2018 (€3,890k). This strong growth is primarily due to the global partnership signed with Sanofi in July 2019 concerning the Mallya device dedicated to insulin pens. The growth rate is also the result from sustained development activities of all BIOCORP's businesses. As a result, revenues generated by the connected devices activity increased last year by 470% to €6,380k compared to €1,120k a year earlier.
In 2019, other operating revenues amounted to €824k compared to (€120k) in 2018. This strong growth rate is mainly due to the recognition of outstanding production that generated an invoicing of €1 million in January 2020.
Operating expenses amounted to €8,396k, down 7% compared to 2018. This decrease is the consequence of controlled expenses, mainly on the subcontracting item and the payroll.
Thus, the operating result for 2019 is positive at €87 k compared with a negative result of (€5,269k) in 2018.
The financial result for 2019, which amounted to (€158k) compared to (€262k) in 2018, is mainly due to the result of interest on bonds. The Exceptional Result for the financial year amounts to €81k compared to (€107k) on 12/31/2018.
BIOCORP benefited last year from RTC (Research Tax Credit) and ITC (Innovation Tax Credit) for a total amount of €161k. In 2018, the claim had been evaluated at €243k for the RTC and €89k for the ITC.
Taking into account all these elements, BIOCORP comes out with a positive net result of €960k against a loss of € 5,305k in 2018. This profitability is achieved one year ahead of the company's strategic plan.
As a result, on 31 December 2019, BIOCORP shows a strong increase in its available cash at € 2,006k compared to € 1,341k on 31 December 2018.
Signature of a first strategic partnership with the American company AgaMatrix concerning the Mallya device in combination with blood glucose monitoring solutions
Strategic alliance with the Israeli company DreaMed Diabetes for the digitalization of diabetes by AI (Artificial Intelligence).
Completion of a €1 million capital increase through a private placement in March 2019.
Winner of the 2019 Growth Companies Grand Prize awarded by the French Ministry of Economy and Finance.
CE marking (class II-b) for the Mallya connected device.
Exclusive negotiations with SANOFI concerning Mallya (a €4 million up-front payment).
Commercial launch of the Injay connected syringe.
10-yearproduction contract with VITROBIO PHARMA and extension of automated manufacturing lines.
Worldwide partnership with SANOFI on Mallya (new payment of 2 M€).
Evolution of BIOCORP's governance: dissociation of the functions of Chairman of the Board of Directors and Chief Executive Officer.
Reinforcement of the partnership with SANOFI around Mallya: new payment of €1M with an additional €12M spread out until the end of 2021, bringing the total contract to more than €20M. This amount does not include future revenues generated by the production of the devices.
Marketing partnership with the American company iSage RX in the field of diabetes digitalization.
The COVID-19 epidemic exposes the Company to a slowdown or temporary suspension in the manufacturing of its raw materials and products. Most of the company's products are manufactured at its plant in Issoire, France. However, at this date, the implementation of prolonged restrictive measures to control the epidemic or any other public health event in France could have an adverse effect on the Company's production operations. Each of these factors is likely to affect BIOCORP's business, operating income and financial position. The impacts related to the COVID-19 epidemic on BIOCORP's activities are still too uncertain at this stage for the Company to communicate on quantified forecasts.
Outlooks for 2020:
Eric Dessertenne, CEO, declares: "2019 has revealed our pioneering position in the digitalization of diabetes with the success of our Mallya connected solution, the only device in the world with a CE class II-b mark. Its adoption pharmaceutical giants such as SANOFI and forefront start up in the diabetes space such as Dreamed Diabetes or Agamatrix has been a strong signal of our technological lead. We hope to continue this momentum in 2020 with other international partnerships, not only in the field of diabetes but also for other diseases where digital technology offers real benefits to patients. BIOCORP is uniquely positioned in the connected delivery device segment, with a technological lead and major partnerships. We intend to accelerate our deployment and partnerships over the next few years to take advantage of this tremendous opportunity".
Recognized for its expertise in the development and manufacture of medical devices and delivery systems, BIOCORP has today acquired a leading position in the connected medical device market thanks to Mallya. This intelligent sensor for insulin injection pens allows reliable monitoring of injected doses and thus offers better compliance in the treatment of diabetics. Available for sale from 2020, Mallya spearheads BIOCORP's product portfolio of innovative connected solutions.
BIOCORP is listed on Euronext since July 2015 (FR0012788065 - ALCOR). For more information, please visit www.biocorpsys.com.
Biocorp Production SA published this content on 09 April 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 April 2020 05:37:04 UTC