EUROBIO SCIENTIFIC 2020 HALF-YEAR RESULTS
EBITDA reaches 20.3 M€
Strengthening of financial resources
Continuation of momentum expected during second half of the year
| in K€ | Variation | |||
| Sales of in vitro diagnostics products | 62,086 | 29,440 | +111% | |
| Other revenues and grants | 377 | 185 | ||
| Total revenues | 62,463 | 29,625 | +111% | |
| Cost of Goods Sold | (32,168) | (18,256) | +76% | |
| Gross margin | 30,295 | 11,369 | +166% | |
| R&D expenses | (918) | (568) | +62% | |
| Sales and marketing expenses | (7,581) | (5,704) | +33% | |
| G&A expenses | (3,392) | (2,781) | +22% | |
| Operating result | 18,404 | 2,316 | +695% | |
| EBITDA | 20,284 | 4,082 | +397% | |
| Financial result | (208) | (159) | ||
| Extraordinary result | - | (19) | ||
| Amortization of goodwill | (1,420) | (1,419) | ||
| Tax | (1,406) | (369) | ||
| Deferred tax asset | 10,316 | |||
| Net result | 25,685 | 351 | ||
| Result excl. amort. of goodwill and deferred tax asset | 16,789 | 1,770 | +849% | |
| Cash (including cash equivalents) | 16,313 | 7,619 | ||
| Financial debt * | 27,544 | 15,104 | ||
| Shareholders equity | 60,572 | 35,249 |
* excluding equipment leases (€3.8 M at
“With a global health crisis of this magnitude, the capacity for growth that we structured over the past two years has been tested faster than expected. The test proved conclusive, both from a scientific and commercial point of view -
An important player in the fight against the COVID-19 epidemic
In line with its mission to provide all healthcare stakeholders with diagnostic tools to fight diseases,
Half-year 2020 revenue, up 111% to € 62.1 million, is made up for half (€ 31.0 million) of sales of COVID-19-related diagnostic tests and automates. Traditional activities grew by 6% to € 31.2 million, including 2% at constant scope (excluding the subsidiary in the
A multiplier effect on the result
The strong mobilization of all Group's departments and the experience in the fight against prior local epidemics enabled
The gross margin rate thus increased (48.7% against 38.6% last year), in line with the increase in sales of proprietary products, including the COVID-19 range.
Operating expenses, particularly for marketing and sales, increased significantly to support the doubling of activity, but in much lower proportions than the sales increase, resulting in an EBITDA multiplied by nearly 5, to € 20.3 million against € 4.1 million in the 1st half of 2019.
The increase in R&D spending over the first half (+ 62% to € 0.9 million) reflects the responsiveness of the development teams to bring to the market new tests tailored to the demand of laboratories and health authorities, with consequently an extension of the range of proprietary products.
Financial charges remain under control (€ 0.2 million), in a context of increased debt to finance growth.
Tax loss carryforwards have a double effect, both on the tax for the period (€ 1.4 million) and on the activated deferred tax asset (+ € 10.3 million) which anticipates their impact over the next two years.
The net result stands at + € 25.7 million as of
Strengthened financial resources
Eurobio Scientific’s return to profitability during the past two years has enabled the company to benefit from the confidence of its financial partners and to form a banking consortium for a loan on much more attractive terms than in the past. A financing of
At
These increased financial resources notably enabled
At the same time, in order to finance the significant increase in its working capital requirement, the company put in place, for a limited one-year period, an additional loan guaranteed by the French State (PGE) of € 10 million in
Continuation of momentum expected during second half of the year
The Group is working to maintain a minimum growth in its historical activities, in a healthcare environment where laboratories, public and private, devote a large part of their resources to the fight against the COVID-19 epidemic.
On the epidemic front,
This strong growth will enable the Group to accelerate the deployment of its strategy, by expanding its geographic presence, by investing in the development of new products, either on its own or in partnership, and by seizing potential opportunities for external growth.
Availability of the half-year financial report
The 2020 Half-Year Financial Report is made available to the public and will be filed with Euronext tomorrow (16/10/20). It can be viewed on the company's website (https://www.eurobio-scientific.com).
Next financial meeting
2020 Sales:
About
For more information, please visit : www.eurobio-scientific.com The company is publicly listed on the Euronext Growth market in Euronext Growth BPI Innovation, PEA-PME 150 and Next Biotech indices, Euronext European Rising Tech label. Symbol: ALERS - ISIN Code: FR0013240934 - Reuters: ALERS.PA - Bloomberg: ALERS:FP |
| Contacts |
| Group Tel. +33(0) 1 69 79 64 80 | Calyptus Investors relations Tel. +33(1) 53 65 68 68 eurobio-scientific@calyptus.net |
Disclaimer
This press release contains non-factual elements, including, but not limited to, certain statements regarding future results and other future events. These statements are based on the current vision and assumptions of the management of the Company. They incorporate known and unknown risks and uncertainties that could result in significant differences in results, profitability and expected events. In addition,
Attachment
- 201015_Eurobio_RS2020_EN
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