Expedeon AG: Expedeon reports first quarter 2019 financial results (news with additional features)
DGAP-News: Expedeon AG / Key word(s): Quarterly / Interim Statement
Interim quarterly statement
Expedeon reports first quarter 2019 financial results
- EBITDA adjusted of EUR462 thousand for the quarter (Q1 2018: EUR77 thousand)
- Revenues of EUR3.5 million; 50% higher than Q1 2018 (EUR2.3 million)
- Strong product launch pipeline
Heidelberg, Germany and Cambridge, UK, 9 May 2019 - Expedeon AG (Frankfurt: EXN; ISIN: DE000A1RFM03; Prime Standard) today reported results for the first quarter ended March 31, 2019.
"We are pleased to report a second successive quarter of strong positive EBITDA and adjusted EBITDA, based on continuing growth in group revenues. This reinforces our ambitious goals for this year," said Dr Heikki Lanckriet, CEO of Expedeon AG. "2019 is expected to be a year with a number of significant R&D projects nearing completion. Several exciting product launches should add considerably to our revenue and profitability growth. We are confident we are on the right track and continue to focus our efforts on becoming a market leading innovator, enabling advances in research areas with central significance for human health."
2019 year to date operational updates:
- January 2019: Supply agreement for Lightning-Link(R) Rapid Biotinylation technology to Cell Guidance Systems
- April 2019: Dr Cristina Garmendia Mendizábal steps down as chairwoman of the supervisory board. Joseph Fernández assumes responsibilities.
- May 2019: Addition of ELISA-ONE(TM) to product offering, a next generation cell signalling ELISA assay technology
David Roth, Chief Financial Officer, said: "With revenues of EUR3.5 million, 50% higher than Q1 2018, Expedeon has recorded another strong financial performance on which we expect to continue building during 2019. With the cash resources available to us, Expedeon is well positioned to focus on its product development activities and to drive both its revenues and profitability with continued investment. We reconfirm our 2019 financial guidance."
First quarter of 2019 financial results:
Total group revenues amounted to EUR3.5 million for the first three months of 2019 (first quarter 2018: EUR2.3 million). This represents an increase of 50% against 2018.
Results from operating activities showed a loss of EUR280 thousand for the quarter (first quarter 2018: loss of EUR376 thousand. This includes amortisation and depreciation of EUR676 thousand (first quarter of 2018: EUR425 thousand), giving rise to reported EBITDA of EUR396 thousand for 2019 and EUR49 thousand for 2018.
Adjusted EBITDA for the first quarter of 2019 was EUR462 thousand (first quarter 2018: EUR77 thousand) after adding back the impact of equity settled share compensation, EUR66 thousand and EUR28 thousand respectively:
Reported net loss was EUR464 thousand (first quarter 2018: EUR322 thousand).
Cash and Cash equivalents stood at EUR5.6 million (first quarter 2018: EUR5.1 million). Cash outflows from operating activities were EUR0.3 million (first quarter 2018: EUR0.4 million), with cash outflows of investing activities of EUR0.2 million (first quarter 2018: EUR0.3 million) and outflows from financing activities of EUR0.3 million (first quarter 2018: inflow of EUR3.8 million following a capital increase).
For the fiscal year 2019, Expedeon reaffirms its guidance of April 25, 2019: As a result of continued strong growth, the Company expects ongoing double-digit revenue growth supported by new product launches. Expedeon expects its revenue growth to translate into improving profitability with the Management Board expecting adjusted EBITDA to exceed EUR2 million for 2019.
Interim results for the three months
Consolidated statement of financial position
Consolidated statement of comprehensive income
Consolidated statement of cash flows
Consolidated statement of changes in equity
For further information, please contact:
About Expedeon AG: www.expedeon.com
# # # This publication is intended for information only and constitutes neither an offer to sell nor an invitation to buy securities. Some statements included in this press release, relating neither to proven financial results nor other historical data, should be viewed as forward-looking, i.e. not definite. Such statements are mainly predictions of future results, trends, plans or goals. These statements should not be considered to be total guarantees since given their very nature they are subject to known and unknown risks and imponderability and can be affected by other factors as a consequence of which the actual results, plans and goals of Expedeon AG may deviate greatly from the established conclusions or implied predictions contained in such statements. Expedeon does not undertake to publicly update or revise these statements in the light of new information or future results or for any other reason. # # #
Document title: Q1_2019_Eng
09.05.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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