Regulatory News:
Ikonisys SA (Euronext Growth Paris: ALIKO), a
company specializing in the early and accurate detection of cancers
through a unique, fully automated solution for medical analysis
laboratories, today announces its annual results for the year
ending December 31, 2023, as approved by the Board of Directors on
June 28, 2024 and provides an update on its latest
developments.
Mario Crovetto, CEO of Ikonisys, stated: “2023 has been a
structuring year marked by the achievement of several successes in
our commercial, financial and R&D strategy. We are now fully
able to capitalize on our solid assets to develop the sales of the
Ikoniscope20 platform benefitting from a unique integrated vertical
solution, now integrating also by the products of the
recently-acquired Hospitex International, best-in-class in their
category. Boosted by proprietary AI features, we continue our
mission of helping our customers and patients in the earlier
detection of cancer cells, in particular in the fast-growing CTC
market. Strengthened by the partnership with Biocare Medical that
provided us with an increased financial visibility in the coming
years and potential additional recurring revenues, we now aim at
expanding our commercial footprint both in the US and Europe.”
2023 and H1 2024 key highlights
The 2023 fiscal year was extremely structuring for the Company
that laid the foundations for the exciting developments that
already took place in the first half of 2024.
From a commercial point of view, the commercialization of the
Ikoniscope20max is ongoing, with a new configuration of the
Ikoniscope20 platform that was specifically studied for high-volume
laboratories. This instrument is of particular interest for the
USA, the largest market for Ikonisys, where the Company has
recorded an increase in the number of FISH tests performed.
Furthermore, to fully tackle the US market, Ikonisys signed an
agreement with Biocare Medical, a US leader in immunohistochemistry
(IHC) and FISH (Fluorescent in situ hybridization) tools and
reagents with 4,000+ customers, in October 2023. This alliance
focuses on expanding the global distribution of Ikoniscope20
platform, notably in the US. Thanks to this collaboration, together
with the ongoing commercial developments, Ikonisys has expanded its
visibility over the next two years and expects to reach annual
revenues between €5 and €7 million by that time. Moreover, the
Company secured recurring revenues in the form of royalties on
reagents sold by Biocare to users of the Ikoniscope20 platform.
Continuing on the strategic moves implemented by the management,
in November 2023, Ikonisys announced the acquisition of Hospitex
International, an Italian company leader in the cytology field,
thanks to their ability to prepare the “best slides in the world”.
Ikonisys will integrate Hospitex's extensive expertise in slide
preparation, completing its existing solutions in automated slide
analysis. Together, the Companies will offer a premium efficient
cancer diagnostic on a global scale, benefitting from an extended
geographical reach and a common customer base.
On the R&D side, two major projects have been completed with
the Ikoniscope20 platform and the high-volume system
Ikoniscope20max, accordingly with the Company’s innovation DNA. In
order to be able to exploit the full capabilities of AI, Ikonisys
started the development of another upgrade to all the platforms,
with the integration of an ultra-high-resolution camera and more
powerful hardware. This will be also benefitting from efforts put
in the CTCs detection field, for early detection of cancer and
monitoring of treatment.
2023 Full-Year Results vs. 2022 - Simplified consolidated
income statement (audited)
Euros
FY 2023
FY 2022
Net Sales
448,557
616,866
Other income
196,616
318,352
Cost of goods sold
(192,730)
(183,413)
Operating expenses
(2,646,172)
(3,186,585)
Operating income / (loss)
(2,193,729)
(2,434,784)
Financial income / (loss)
(73,918)
(13,537)
Taxes
-
-
Net income / (loss)
(2,267,646)
(2,448,320)
Cash and cash equivalents at end of
year
9,402
93,985
Net sales for the period ending on December 31, 2023 decreased
to €449k, compared to €617k for the period ending December 31,
2022, due to the sale cycle of a specialized instrument such as the
Ikoniscope20max, launched in the course of the year. It should be
noted that the agreement with Biocare Medical was closed at the end
of October 2023 and will be fully developed in the course of
2024.
The Company recorded a decrease of the operating expenses. In
particular the company cut to more than half G&A expenses,
while continuing investing in R&D and Selling expenses. As a
reminder, since 2022 the Company started amortizing capitalized
R&D expenses for the Ikoniscope20 project. From 2023 the
company started amortizing also capitalized R&D for the
Ikoniscope20max project. Total D&A in 2023 was equal to 1.26m,
while new capitalized R&D expenses for new development projects
were equal to €540k.
Taking into account the above elements, as of December 31, 2023
the operating result amounted to €-2.19m, with an increase of €240k
versus 2022 and the net income amounted to €-2.3m as of December
31, 2023, with an increase by €180k in comparison to the previous
year.
The consolidated cash position as of December 31, 2023 amounted
to €9k, compared to €94k as of December 31, 2022. It must be
reminded that, as announced on December 28, 2023, on January 2,
2024, the Company closed a capital increase for a total of €1m.
Strategy and outlook
As a continuation of the 2023 and first half of 2024
achievements, the Company intends to continue its journey to become
a major player in global cancer diagnostics, paving new ways as it
expands its horizon with strategic alliances and acquisitions.
More specifically, in the second half of 2024, complete the full
integration of Hospitex, Ikonisys will continue to move in the
direction of strategic partnerships, alliances or integrations, to
become an even more important player in the cancer diagnostics,
offering integrated vertical solutions to customers. The combined
management of the two companies has gathered its sustained efforts
during the first months of 2024 to materialize this game-changing
value proposition and expects to see the results starting from the
second half of the year. In line with this strategy, Ikonisys has
just announced a strategic collaboration1 with Ulisse BioMed, a
healthcare biotech company, aim at offering comprehensive and
precise diagnostics in cancer and thus, enhance patient
outcomes.
Regarding its financial resources, in order to strengthen its
financial structure and ensure the continuation of its day-to-day
operations, Ikonisys recently closed a capital increase through
private placement of €150k on June 3, 2024. Thanks to the Capital
Increase and the previously secured financing facilities, the
Company is now in a position to meet its financing needs for more
than 12 months.
About Ikonisys Ikonisys SA is a cell-based diagnostics
company based in Paris (France), New Haven (Connecticut, USA) and
Milan (Italy) specialized in the early and accurate detection of
cancer. The company develops, produces and markets the proprietary
Ikoniscope20® and Ikoniscope20max® platforms, fully-automated
solutions designed to deliver accurate and reliable detection and
analysis of rare and very rare cells. Ikonisys has received FDA
clearance for several automated diagnostic applications, which are
also marketed in Europe under CE certification. Through its
breakthrough fluorescence microscopy platform, the company
continues to develop a stream of new tests, including liquid biopsy
tests based on Circulating Tumor Cells (CTC).
For further information, please go to https://ikonisys.com/
Disclaimer This press release contains forward-looking
statements about the Company's prospects and development. These
statements are sometimes identified by the use of the future tense,
the conditional tense and forward-looking words such as "believe",
"aim to", "expect", "intend", "estimate", "believe", "should",
"could", "would" or "will" or, where appropriate, the negative of
these terms or any other similar variants or expressions. This
information is not historical data and should not be construed as a
guarantee that the facts and data set forth will occur. This
information is based on data, assumptions and estimates considered
reasonable by the Company. It is subject to change or modification
due to uncertainties relating to the economic, financial,
competitive and regulatory environment. This information contains
data relating to the Company's intentions, estimates and objectives
concerning, in particular, the market, strategy, growth, results,
financial situation and cash flow of the Company. The
forward-looking information contained in this press release is made
only as of the date of this press release. The Company does not
undertake to update any forward-looking information contained in
this press release, except as required by applicable law or
regulation. The Company operates in a competitive and rapidly
changing environment and therefore cannot anticipate all of the
risks, uncertainties or other factors that may affect its business,
their potential impact on its business or the extent to which the
materialization of any one risk or combination of risks could cause
results to differ materially from those expressed in any
forward-looking information, it being recalled that none of this
forward-looking information constitutes a guarantee of actual
results.
______________________________ 1 “Ikonisys and Ulisse Biomed
Announce Strategic Partnership to Support Innovation in Cancer
Diagnostics”, June 11, 2024
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version on businesswire.com: https://www.businesswire.com/news/home/20240701273606/en/
Ikonisys Alessandro Mauri CFO investors@ikonisys.com
NewCap Louis-Victor Delouvrier/Aurélie Manavarere
Investor Relations ikonisys@newcap.eu +33 (0)1 44 71 94 94
NewCap Nicolas Merigeau Media Relations
ikonisys@newcap.eu +33 (0)1 44 71 94 98
Ikonisys (EU:ALIKO)
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Ikonisys (EU:ALIKO)
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