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Press release Biocartis Group NV: Biocartis Reports Results of First Quarter of 2022: On Track to Deliver on Full-Year Guidance, Gross Margin on Products of 35%

Biocartis NV
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PRESS RELEASE: REGULATED INFORMATION

21 April 2022, 07:00 CEST

Biocartis Reports Results of First Quarter of 2022:
On Track to Deliver on Full-Year Guidance,
Gross Margin on Products of 35%


Mechelen, Belgium, 21 April 2022 – Biocartis Group NV (the ‘Company’ or ‘Biocartis’), an innovative molecular diagnostics company (Euronext Brussels: BCART), today provides a business update for the first quarter of 2022 and the outlook for the full year 2022.

Commenting on the Q1 2022 Business Update, Herman Verrelst, Chief Executive Officer of Biocartis,
said: “Building on our strong fundamentals, we had a successful start into 2022. Our financial metrics for the first quarter clearly demonstrated our ability to scale. Our commercial cartridge volumes continued to increase globally, with nearly 2,000 Idylla™ instruments installed, increasing product revenues to EUR 10.1m in Q1 2022. The growth was particularly strong in oncology with 42% higher cartridge revenue compared to Q1 2021, whereas the revenue contribution for COVID-19 testing expectedly reduced by half year-on-year. The gross margin on product sales increased to 34.6%, a solid step-up from 16% in 2021. Unlike last year, we are producing at significantly higher capacity and productivity levels, as we leverage our fully automated second manufacturing line ML2. As a result, our operating cash burn was reduced to EUR 10.3m, compared to EUR 13.7m in Q1 2021. We believe we are clearly on track to achieve our stated targets for 2022 and to take a next step towards profitability.”

Q1 2022 HIGHLIGHTS

  • Product revenue of EUR 10.1m (Q1 2021: EUR 8.6m), of which EUR 8.1m revenue from 79.8k cartridges sold:

    • Continued strong growth in oncology, led by the US, and an overall EUR 6.7m revenue in oncology, 42% higher than in Q1 2021

    • As expected, the contribution of cartridge revenues in infectious diseases reduced to 10% of total product revenues as COVID-19 testing demand continues to diminish

    • Average Sales Price (ASP) per commercial cartridge of EUR 114 in oncology and EUR 101 overall

    • 48 net new Idylla™ instruments placed, adding to a total global installed base of 1,960

  • Gross margin on product sales of 35%, compared to 16% for the entire year 2021.

  • Operating cash burn1 of EUR -10.3m and cash position of EUR 37.3m (unaudited figure) end of Q1 2022. The cash position of EUR 53.0m on 31 December 2021 included EUR 6.0m, drawn on available credit facilities which has been repaid since. As of 31 March 2022, the available credit facilities of EUR 15.0m remained fully undrawn.

  • Publication of a large new study2 in the Journal of Clinical Pathology comparing the difference in turnaround time between in-house automated rapid PCR3-based EGFR analysis and Next-Generation Sequencing (NGS) by an external laboratory, showing that 6% of the patients died before the NGS report was available.

  • New partnership agreement with Ophiomics (Portugal), initially focused on the commercialization of HepatoPredict™, a prognostic gene expression signature test to help identify which patients could benefit from curative-intent surgery, in particular liver transplantation.

  • Continued ramp-up of the fully automated ML2 manufacturing line with the transfer of the Idylla™ SARS-CoV-2 products to this line during Q1 2022.

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