Curetis / Curetis Announces Financial Results for the First Six Months of 2017 . Processed and transmitted by Nasdaq Corporate Solutions. The issuer is solely responsible for the content of this announcement.
Curetis Announces Financial Results for the First Six Months of 2017
- Further advancement of product pipeline and integration of GEAR and Gyronimo platforms
- Expansion of global installed base to 161 as of June 30, 2017; 42.5% increase over prior year
Amsterdam, the Netherlands, and Holzgerlingen, Germany, August 16, 2017; published at 08:00 am CET -- Curetis N.V. (the "Company" and, together with Curetis GmbH, "Curetis"), a developer of next-level molecular diagnostic solutions, today reported its financial results for the first six months ended June 30, 2017, and provided an update on its financial and business guidance for the second half of 2017 and beyond.
Operational and Business Highlights 2017 to Date
Unyvero U.S. FDA Trials
Corporate Growth
Product Development
Installed Base
New Patents and Clinical Data
Management Board
Supervisory and Medical Advisory Boards
Financial Highlights, First Half-Year 2017
Anticipated Milestones
"In the first half of 2017, we continued to accelerate our corporate, commercial and product development initiatives," said Oliver Schacht, Chief Executive Officer of Curetis. "Most notably, we are looking forward to a FDA decision on potential U.S. clearance of the Unyvero Platform and LRT Application for tracheal aspirates in late 2017. This decision is expected to be a key value inflection point for Curetis, and we have already begun establishing the foundation for an impactful U.S. launch. We are also working to expand the Unyvero Platform's potential utility in the U.S. through development of a second Unyvero Application addressing invasive joint infections. We recently completed a clinical feasibility study of 80 samples and are preparing for a U.S. clinical trial, whose enrolment we aim to complete in 2018. Moreover, we are excited about the multitude of potential partnering opportunities currently being evaluated for our GEAR platform."
Financial Development and Guidance
For the six months ended June 30, 2017, revenues were EUR 594.8 thousand, as compared to EUR 654.7 thousand in the same period 2016. In general, revenues are expected to remain volatile from quarter-to-quarter, as early-stage instrument sales are unevenly spread throughout the year.
Expenses in the first six months of 2017 amounted to EUR 9.9 million (vs. EUR 7.5 million in the first half-year 2016). The increase is in line with the operational and organizational growth, and driven by higher distribution costs as well as G&A costs and cost of sales. The increase is also related to non-cash expenses accounting for the newly implemented equity settled stock option program 2016. This has resulted in expenses of EUR 0.8 million in H1-2017 (no such expense in the first half-year 2016).
Gross loss for the first six months of 2017 totaled EUR 457.3 thousand, compared with a gross loss of EUR 9.0 thousand in the same period 2016.
Net loss for the first six months of 2017 was EUR 9.7 million compared with a net loss of EUR 6.7 million in the same period in 2016.
As of June 30, 2017, the Company had a strong cash position of EUR 25.4 million (vs. EUR 22.8 million as of December 31, 2016). The net cash increase in the first half-year 2017 was EUR 2.8 million. The net cash outflow from operating and investing activities was EUR 7.2 million (vs. EUR 6.2 million in H1-2016). This was more than offset by the EUR 10.0 million cash inflow from financing activities following the drawdown of the first tranche of EUR 10.0 million from the EIB debt financing facility (senior unsecured debt, 5 years to maturity from drawdown of each tranche, 5 years interest only, no warrants attached).
Earnings Conference Call and Webcast
Curetis will host a public earnings conference call and webcast today, August 16, 2017, at 03:00pm CET / 09:00am EST to discuss the financial results of the first six months 2017, highlight the most important events and provide an outlook for the second half 2017 and beyond.
The conference call will be supplemented by a presentation which can be accessed during the call at http://www.curetis.com/en/investors/financial-reports-and-conferences/financial-reports.html (participants' passcode curetis0817).
A slide presentation accompanying the earnings conference call will be accessible at http://www.audio-webcast.com/ using the passcode curetis0817.
To access the call, please dial the following numbers using the passcode 93120684#
BEL: +32 11500307
D: +49 69 222229043
NL: +31 1071 372 73
UK: +44 20 30092452
US: +1 855 4027766
For further international dial-in numbers, please open the following link: http://events.arkadin.com/ev/docs/International%20Access%20Numbers_%20UKFELBRI1_SU7.pdf
The first half-year financial report 2017 will be available as of today, August 16, 2017, at http://www.curetis.com/en/investors/financial-reports-and-conferences/financial-reports.html
Disclaimer
CAUTION - Investigational device. Limited by Federal (or United States) law to investigational use. The information contained in this communication does not constitute nor imply an offer to sell or transfer any product, and no product based on the Curetis Unyvero technology is currently available for sale in the United States of America or Canada. The analytical and clinical performance characteristics of any Curetis Unyvero product which may be sold at some future point in time in the U.S. have not yet been established.
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About Curetis
Founded in 2007, Curetis is a molecular diagnostics company which focuses on the development and commercialization of reliable, fast and cost-effective products for diagnosing severe infectious diseases. The diagnostic solutions of Curetis enable rapid multi-parameter pathogen and antibiotic resistance marker detection in only a few hours, a process that today can take up to days or even weeks with other techniques.
To date, Curetis has raised EUR 44.3 million in an IPO on Euronext Amsterdam and Euronext Brussels and private equity funds of over EUR 63.5 million. Furthermore, Curetis has entered into a debt financing facility with EIB for up to EUR 25 million. The company is based in Holzgerlingen near Stuttgart, Germany. Curetis collaborates with Heraeus Medical, pharmaceutical companies, and has entered into several international distribution agreements covering many countries across Europe, the Middle East and Asia.
In 2017, Curetis established Ares Genetics GmbH, a wholly-owned subsidiary of Curetis GmbH in Vienna, Austria. Ares Genetics is dedicated to maximizing the R&D and related scientific and business opportunities of the GEAR assets acquired in 2016 for the entire Curetis Group.
For further information, please visit www.curetis.com.
Legal Disclaimer
This document constitutes neither an offer to buy nor to subscribe securities and neither this document nor any part of it should form the basis of any investment decision in Curetis.
The information contained in this press release has been carefully prepared. However, Curetis bears and assumes no liability of whatever kind for the correctness and completeness of the information provided herein. Curetis does not assume an obligation of whatever kind to update or correct information contained in this press release whether as a result of new information, future events or for other reasons.
This press release includes statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "anticipates", "expects", "intends", "may", "will", or "should", and include statements Curetis makes concerning the intended results of its strategy. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. Curetis' actual results may differ materially from those predicted by the forward-looking statements. Curetis undertakes no obligation to publicly update or revise forward-looking statements, except as may be required by law.
Contact details
Curetis
Max-Eyth-Str. 42
71088 Holzgerlingen, Germany
Tel. +49 7031 49195-10
pr@curetis.com or ir@curetis.com
www.curetis.com - www.unyvero.com
International Media & Investor Inquiries
akampion
Dr. Ludger Wess / Ines-Regina Buth
Managing Partners
info(@)akampion.com
Tel. +49 40 88 16 59 64
Tel. +49 30 23 63 27 68
U.S. Media & Investor Inquiries
The Ruth Group
Lee Roth
lroth@theruthgroup.com
Tel. +1 646 536 7012
CURETIS N.V.
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (UNAUDITED)
For the periods ended June 30
in Euro | Six months ended June 30, 2017 | Six months ended June 30, 2016 |
Revenue | 594,800 | 654,682 |
Cost of sales | 1,052,070 | 663,657 |
Gross loss / gross margin | -457,270 | -8,975 |
Distribution costs | 3,845,547 | 2,095,227 |
Administrative expenses | 1,847,996 | 1,406,161 |
Research & development expenses | 3,161,438 | 3,301,211 |
Other income | 49,766 | 85,976 |
Operating loss | -9,262,485 | -6,725,598 |
Finance income | 19,601 | 61,343 |
Finance costs | 405,471 | 41,127 |
Finance costs - net | -385,870 | 20,216 |
Profit / loss before income tax | -9,648,355 | -6,705,382 |
Income tax expenses | 14,242 | - |
Profit / loss for the period | -9,662,597 | -6,705,382 |
Other comprehensive income for the year, net of tax | 117,015 | 6,044 |
Total comprehensive income for the period | -9,545,582 | -6,699,338 |
Earnings / loss per share | Six months ended June 30, 2017 | Six months ended June 30, 2016 |
Basic | -0.61 | -0.43 |
Diluted | -0.61 | -0.43 |
CURETIS N.V.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION -
ASSETS (UNAUDITED)
As of 30 June 2017 and 31 December 2016
in Euro | June 30, 2017 | December 31, 2016 | |
Current assets | 32,284,377 | 30,272,260 | |
Cash and cash equivalents | 25,400,949 | 22,832,117 | |
Trade receivables | 197,685 | 101,398 | |
Inventories | 6,206,633 | 5,870,167 | |
Other current assets | 479,110 | 1,468,578 | |
Non-current assets | 11,844,994 | 12,514,826 | |
Intangible assets | 7,518,963 | 7,520,048 | |
Property, plant and equipment | 3,975,692 | 4,466,462 | |
Other non-current assets | 192,514 | 211,870 | |
Other non-current financial assets | 157,825 | 316,446 | |
Deferred tax assets | - | - | |
Total assets | 44,129,371 | 42,787,086 |
CURETIS N.V.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION -
LIABILITY & EQUITY (UNAUDITED)
As of 30 June 2017 and 31 December 2016
in Euro | 30 June 2017 | 31 December 2016 | |
Current liabilities | 2,350,146 | 2,384,156 | |
Trade and other payables | 482,710 | 721,113 | |
Liability PSOP | - | - | |
Provisions current | 86,000 | 51,000 | |
Tax liabilities | 22,677 | 10,128 | |
Other current liabilities | 1,118,731 | 1,120,299 | |
Other current financial liabilities | 640,028 | 481,616 | |
Non-current liabilities | 10,140,846 | 40,522 | |
Provisions non-current | 40,522 | 40,522 | |
Other non-current financial liabilities | 10,100,324 | - | |
Deferred tax liability | - | - | |
Total liabilities | 12,490,992 | 2,424,678 | |
Equity | 31,638,379 | 40,362,408 | |
Share capital | 155,384 | 155,384 | |
Capital reserve | 152,793,347 | 152,793,347 | |
Other reserves | 8,181,376 | 7,359,821 | |
Currency translation differences | 89,277 | -27,736 | |
Retained earnings | -129,581,005 | -119,918,408 | |
Total Equity and liabilities | 44,129,371 | 42,787,086 |
CURETIS N.V.
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
For the periods ended June 30
in Euro | Six months ended June 30, 2017 | Six months ended June 30, 2016 |
Profit before income tax | -9,662,597 | -6,705,382 |
Adjustment for: | ||
- Net finance income / costs | 385,870 | -20,216 |
- Depreciation, amortization and impairments | 694,338 | 897,324 |
- Gain on disposal of fixed assets | 0 | 1,550 |
- Changes in provisions | 35,000 | -26,998 |
- Changes in equity settled stock options | 821,555 | 0 |
- Changes in the PSOP-liability | 0 | 0 |
- Net exchange differences | 217,095 | 39,316 |
Changes in working capital relating to: | ||
- Inventories | -336,466 | -1,608,393 |
- Trade receivables and other receivables | 1,071,158 | 756,373 |
- Trade payables and other payables | 93,822 | 547,066 |
Effects of exchange rate differences not realized from consolidation | -100,082 | 6,044 |
Income taxes received (+) / paid (-) | -14,242 | 0 |
Interest paid (-) | -174,625 | -41,127 |
Net cash flow provided by operating activities | -6,969,174 | -6,154,443 |
Payments for intangible assets | -50,955 | -3,524 |
Payments for property, plant and equipment | -151,528 | -147,008 |
Proceeds from sale of property, plant and equipment | 0 | 0 |
Interest received | 5,850 | 61,343 |
Net cash flow used in investing activities | -196,633 | -89,189 |
Proceeds from borrowings | 10,000,000 | 0 |
Payments for finance lease liabilities | -48,266 | -69,304 |
Net cash flow provided by financing activities | 9,951,734 | -69,304 |
Net increase (decrease) in cash and cash equivalents | 2,785,927 | -6,312,936 |
Net cash and cash equivalents at the beginning of the year | 22,832,117 | 46,060,397 |
Net increase (decrease) in cash and cash equivalents | 2,785,927 | -6,312,936 |
Effects of exchange rate changes on cash and cash equivalents | -217,095 | -39,316 |
Net Cash and cash equivalents at the end of the period | 25,400,949 | 39,708,145 |
CURETIS N.V.
CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
As of June 30, 2017
In Euro | Share capital | Capital reserve | Other reserve | Currency transl. diff. | Retained earnings | TOTAL equity |
Balance at January 1, 2016 | 155,384 | 152,793,347 | 6,592,372 | 0 | -104,746,112 | 54,794,991 |
Loss of H1-2016 | -6,705,382 | -6,705,382 | ||||
Other comprehensive income | 6,044 | 6,044 | ||||
Balance as of June 30, 2016 | 155,384 | 152,793,347 | 6,592,372 | 6,044 | -111,451,494 | 48,095,653 |
in Euro | Share capital | Capital reserve | Other reserve | Currency transl. diff. | Retained earnings | TOTAL equity |
Balance at January 1, 2017 | 155,384 | 152,793,347 | 7,359,821 | -27,736 | -119,918,408 | 40,362,408 |
Loss of H1-2017 | -9,662,597 | -9,662,597 | ||||
Equity settled ESOP | 821,555 | 821,555 | ||||
Other comprehensive income | 117,013 | 117,013 | ||||
Balance as of June 30, 2017 | 155,384 | 152,793,347 | 8,181,376 | 89,277 | -129,581,005 | 31,638,379 |
--- End of Message ---
Curetis
Max-Eyth-Str. 42 Holzgerlingen Germany
Listed: Open Market (Freiverkehr) in Frankfurter Wertpapierbörse;
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