BIOCORP Reports Half-year Results as of June 30, 2022
29 Septiembre 2022 - 12:30AM
Business Wire
- Operating revenues slightly down to €3.41 million
- Net loss for the first half of the year at €2.3 million
- Post-period: achievement of a milestone in the collaboration
with SANOFI and invoicing of €4 million
- Very promising outlook for fiscal year 2022: dynamic growth
expected and strategic focus on the development of software
solutions coupled with connected devices
Regulatory News:
BIOCORP (FR0012788065 – ALCOR / Eligible PEA‐PME) (Paris:ALCOR),
a French company specialized in the design, development, and
manufacturing of innovative medical devices, presents its half-year
financial results as of June 30, 2022(1).
Eric Dessertenne, CEO of BIOCORP, commented: “The first half of
2022 was characterized by intense discussions with our industrial
partners such as NOVO NORDISK, SANOFI, or MERCK. Our commercial
alliances signed around our Mallya device have not yet reached the
expected perspectives, mainly due to component supply issues and
the availability of software associated with our device. While
these issues should be resolved in the coming months, these
strategic discussions have confirmed our ambition to position
ourselves as a supplier not only of connected devices but more
broadly of digital solutions. Over the past two years, BIOCORP has
demonstrated its ability to present some of the most innovative and
secure connected devices on the market. To accelerate their
adoption by patients, BIOCORP also intends to develop dedicated
software solutions offering a range of new services. We are
convinced that this proactive strategic orientation towards "device
as a service" is a source of great commercial opportunities for
BIOCORP, with its current and future partners. From a financial
point of view, the stagnation of our half-year performance must be
seen in the light of important milestones carried over to the
second half of the year. This is the case, for example, of the
milestone reached with SANOFI, resulting in the invoicing of 4
million euros at the end of the month. As it was last year, the
second half of the year should more than compensate for our
performance as of June 30, 2022 and enable us to achieve sustained
growth over the full year.”
Half-year results as of June 30th, 2022
- Turnover for the first half of 2022 amounts to €3.011 K
compared to €3.593 K a year earlier. As last year, this relative
decrease is mainly explained by the postponement of milestones to
the second half of the current year.
- Operating expenses are up nearly 15% to €5,948K (vs. €5,214K in
H1 2021) and are mainly explained by the increase in salaries and
expenses related to the recruitments made last year to structure
some departments of the Company (regulatory, R&D, purchasing,
project management). As of June 30, 2022, the Company has 74
employees compared to 67 one year earlier.
- Taking these elements into account, the operating result for
the first six months of the year is a loss of €2.529 K compared
with a loss of €1.330 K in the first half of 2021.
- The half-year financial result shows a reduced loss of (€39 K)
compared to (€50 K) a year earlier.
- Exceptional items were positive at €156 K on June 30, 2022,
compared to €30 K in the first half of 2021.
- For tax purposes, BIOCORP estimates that it has acquired a
Research Tax Credit (CIR) of €99 K by June 30, 2022. The CIR and
the CII had been estimated at €125.6 K one year earlier.
- Considering the above elements, on June 30, 2022, the net
result is negative at (€2.313 K) compared to a loss of (€1.224 K)
in the first half of 2021.
- At the end of the period, BIOCORP shows a free cash-flow of
€589 K (vs. €1.814 K on June 30, 2021).
In K€
June 30th, 2022
June 30th, 2021
Sales
3 011
3 593
Other operating income
408
291
Total operating income
3 419
3 884
Net operating income
-2 529
-1 330
Net financial income
-39
-50
Exceptional item
156
30
Research Tax Credit & Innovation Tax
Credit
-99
-126
Net Profit
-2 313
-1 224
Highlights of the first half of 2022
- 11 new patents were issued in the United States, France, South
Korea, China, Japan, India, and Brazil and 5 new patents
filed.
- Continued R&D efforts around Injay pre-filled syringes and
presentation of the solution to several major OEMs; and intensified
Mallya's Life Cycle Management to evolve its technology
platform.
Post-period key factors
- Mallya's technology integration with AARDEX Group's software
solutions, the leader in clinical trial adherence measurement and
management tools. Both parties are selected by Trials@Home to
participate in a Phase IV study called RADIAL. Trials@Home is a
center of excellence for decentralized clinical trials (DCTs),
whose members include SANOFI, J&J, PFIZER and others.
- Obtaining the CE mark for SoloSmart®, a miniaturized version of
the Mallya connected device for SANOFI's SoloStar® pens. The DMR
("device master record") and the obtaining of the CE mark validate
a strategic step in the partnership between both companies and is
highlighted by the invoicing by BIOCORP of a milestone payment of 4
million euros.
Very favorable outlook for the second half of 2022 and
development of service activities
After a first half of 2022 marked by complex electronic
component supplies, Mallya's sales have not yet reached their
cruising speed. Although large orders are expected in the second
half of the year, they will only be fully delivered in the first
half of 2023.
In parallel, BIOCORP is intensifying its developments in the
field of software solutions to optimize the marketing of its range
of connected devices. These application environments packaged with
the connected devices developed by BIOCORP will significantly
increase the value of partnership agreements with pharmaceutical
companies. More than a device supplier, BIOCORP intends to offer
complete environments (devices and dedicated software platforms)
and thus provide a range of high value-added services. This new
strategic direction will be supported by BIOCORP's own R&D
teams but also through technological partnerships.
On the strength of these very promising elements, the Company
expects to grow its business over the entire 2022 fiscal year. This
expected growth in fiscal year 2022 will not require the injection
of new capital, as the company is aiming for self-financing on its
current projects.
(1) The Board of Directors of BIOCORP, meeting on September 28,
2022, approved the accounts for the first half of 2022.
The half-year financial report for 2022 is available on the
Company's website, in the "Investors" section.
ABOUT BIOCORP 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 smart sensor for insulin
injection pens allows reliable monitoring of injected doses and
thus offers better compliance in the treatment of patients with
diabetes. Available for sale from 2020, Mallya spearheads BIOCORP's
product portfolio of innovative connected solutions. The company
has 70 employees. BIOCORP is listed on Euronext since July 2015
(FR0012788065 – ALCOR).
For more information, please visit www.biocorpsys.com.
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CONTACTS BIOCORP Sylvaine Dessard Senior Director Marketing
& Communication rp@biocorp.fr + 33 (0)6 88 69 72 85
Bruno ARABIAN Press Officer barabian@ulysse-communication.com
+33 (0)6 87 88 46 26
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