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MarketScreener Homepage  >  Equities  >  Euronext Alternext  >  Crossject SA    ALCJ   FR0011716265

CROSSJECT SA

(ALCJ)
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Meaningless FY19 results and product update (Crossject)

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03/29/2020 | 06:14am EDT

Meaningless FY19 results and product update
EARNINGS/SALES RELEASES

FY19 results meaningless as usual

Some calendar delay due to the COVID-19 crisis

The company on track though for first filings in FY20/21

No change to our opinion after the release


FACT

Crossject released FY19 results. Revenues reached €5,994k vs €3.52m, operating result €-8,643k vs €-11,556k, and the net result €-7,174k vs €-10,711k. Net cash at the end of FY19 amounted to €7.9m vs €4.8m a year before.


ANALYSIS

As usual, we recall that numbers are of little relevance since the story of Crossject is based on the future launch of Zeneo combined with the NTEs the group is targeting. In particular, the group’s topline has so far little meaning, as well as the losses posted by the company. That said, the FY19 numbers still show a rather good control of operating expenses (staff as well as purchases) which has enabled the group to contain operating losses (actually down €3m), helped by higher capitalised production. In terms of cash position, the group has benefited from a number of sources (upfront from Desitin, subscription rights, convertible bonds…) which has enabled it to close the year with a very decent cash position, offering some visibility over the current year. As far as the COVID-19 outbreak is concerned, the group has taken necessary steps (home office, production stopped), although it is not too impacted since the industrial production has of course not started yet. However, Crossject also indicated that the calendar for the NTE filings will be impacted (without quantifying such a delay). We understand that little will happen on that front before year-end 20/beginning of FY21. By product, the focus is still on Midazolam (particularly in the US) and Adrenalin for which the group has bought back the rights from its former partner (which will include a future single-digit royalty). All in all, full-year results are not meaningful but the company seems on track (barring unexpected news on the COVID-19 front) to meet its targets in terms of marketing authorisation in a foreseeable future. The financial situation looks OK for the time being, with the prospects for some upfront payments that could hopefully avoid new issues.


IMPACT

We will not change our numbers after the release (other than adjusting FY19 numbers), since forecasts are based on future product launches and, as such, are not impacted by short-term financial results.

Stocks mentioned in the article
ChangeLast1st jan.
AT HOME GROUP INC. 2.76% 5.96 Delayed Quote.8.36%
CHANGE INC. 3.17% 8140 End-of-day quote.179.92%
CROSSJECT SA -6.76% 3.515 Real-time Quote.52.83%
JUST GROUP PLC 2.25% 49.06 Delayed Quote.-37.90%
MAX CO., LTD. -1.13% 1488 End-of-day quote.-32.18%
THE NEW HOME COMPANY INC. 2.16% 3.31 Delayed Quote.-28.97%
WILL GROUP, INC. -2.52% 618 End-of-day quote.-50.64%
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Latest news on CROSSJECT SA
07/07CROSSJECT : End of the conversion of convertible bonds in 2019
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07/07CROSSJECT : Result of votes at Combined General Meeting of 25 june 2020
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05/22No major changes after the release of the FY19 report (Crossject)
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03/29Meaningless FY19 results and product update (Crossject)
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03/28CROSSJECT : 2019 annual results and business update
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02/18CROSSJECT : Information relative au nombre total de droits de vote et d'actions ..
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01/29CROSSJECT : Information relative au nombre de droits de vote et d'actions compos..
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2019Extra-financing to increase visibility (Crossject)
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2019A €2.6m non-dilutive issue (Crossject)
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2019Cooperation agreement with the US Department of Defense (Crossject)
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Financials
Sales 2020 - - -
Net income 2020 - - -
Net Debt 2020 19,7 M 22,2 M 22,2 M
P/E ratio 2020 -6,06x
Yield 2020 -
Capitalization 89,1 M 101 M 101 M
EV / Sales 2019
EV / Sales 2020 -
Nbr of Employees 79
Free-Float 97,9%
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Technical analysis trends CROSSJECT SA
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Income Statement Evolution
Consensus
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Mean consensus UNDERPERFORM
Number of Analysts 1
Average target price 1,20 €
Last Close Price 3,52 €
Spread / Highest target -65,9%
Spread / Average Target -65,9%
Spread / Lowest Target -65,9%
EPS Revisions
Managers
NameTitle
Patrick Alexandre Chairman-Executive Board & Chief Executive Officer
Philippe Monnot Chairman-Supervisory Board
Eric Nemeth Member-Supervisory Board
Patrice Coissac Member-Supervisory Board
Jean-Francois Loumeau Member-Supervisory board
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