Expedeon AG: Expedeon AG reports third quarter 2019 financial results with strongest ever revenues and EBITDA (news with additional features)
DGAP-News: Expedeon AG
/ Key word(s): Quarterly / Interim Statement
Interim quarterly statement
Expedeon AG reports third quarter 2019 financial results with strongest ever revenues and EBITDA
- Strongest revenue quarter ever and full year adjusted EBITDA guidance met in Q3
- 23% increase in revenues to EUR 11.5 million for the first nine months of 2019 versus same period 2018
- Adjusted EBITDA of EUR 2 million for the first nine months of 2019 compared to EUR 461 thousand in 2018
- Adjusted EBITDA of EUR 804 thousand for the third quarter; EBITDA of EUR 671 thousand
- 2019 financial guidance: adjusted EBITDA guidance revised upwards on 29 October with full year target of EUR 2.5-3 million; revenue guidance of full year double digit growth reaffirmed
Heidelberg, Germany and Cambridge, UK, 7 November 2019 - Expedeon AG (Frankfurt: EXNN; ISIN: DE000A2YN801; Prime Standard) today reported results for the third quarter of 2019 and nine-month period ended 30 September 2019.
"We are very pleased with our strong operational performance year to date which has allowed us to raise our adjusted EBITDA guidance for 2019. Q3 has shown the strongest revenue quarter in Expedeon's history," said Dr. Heikki Lanckriet, CEO of Expedeon. "We continue to focus on innovative product solutions facilitating developments in medical science and patient care and we are confident that the Company is well placed to continue its exciting growth trajectory."
2019 year-to-date operational highlights:
- January 2019: Licensing of Lightning-Link(R) Rapid Biotinylation technology to Cell Guidance Systems in supply agreement
- May 2019: Addition of ELISA-ONE(TM) next generation cell signalling assay technology and CaptSure DIY ELISA to immunoassay technology product range
- June 2019: Introduction of Lightning-Link(R) Metal Labelling Kits to support single cell analysis
- August 2019: Commercial agreement with Sona Nanotech, Expedeon providing gold nanoparticle, bioconjugation technologies and expertise
David Roth, CFO of Expedeon, commented: "We are pleased to report our highest ever grossing revenue quarter reflecting our very strong financial performance over the course of 2019 and are committed to further strenghtening our financial position going forward. We have achieved our full year EBITDA guidance in Q3 - earlier than expected - and raised our adjusted EBITDA guidance to reflecting the excellent operational progress."
First nine months of 2019 financial results:
Total Group revenues increased by 23% to EUR 11.5 million for the first nine months of 2019 (nine months 2018: EUR 9.3 million)
Adjusted EBITDA for the nine months was EUR 2 million (2018: EUR 461 thousand), with underyling reported EBITDA of EUR 945 thousand (2018: EUR 136 thousand):
The result for the period included depreciation and amortisation of tangible and intangible assets (including customer lists and patents capitalised on the acquisitions of Expedeon Group, Innova Biosciences and TGR BioSciences) of EUR 2.2 million (nine months 2018: EUR 1.7 million).
Results from operations reflected a loss for the period of EUR 1.3 million (2018: loss of EUR 1.6 million) which included the effect of the revaluation of Innova and TGR earn outs of EUR 866 thousand as shown above. (Further detail regarding these earn out adjustments is included in the H1 half year report at 30 June 2019.) Excluding this item, the net loss from operating activities improved to EUR 402 thousand.
Net loss for the period was EUR 2 million (2018: EUR1.4 million) reflecting the above items as well as finance costs of EUR515 thousand (2018: EUR85 thousand) and a net tax charge of EUR 207 thousand (2018: positive EUR 270 thousand reflecting deferred tax movements).
In the first nine months of 2019, the cash and cash equivalent levels decreased by EUR 3 million to EUR 3.3 million. This arose primarily with an outflow from financing activities following the repayment of Spanish softloans, the TGR shareholder loan and other debt payments totalling EUR 2.2 million (2018: net inflow from financing of EUR 10.2 million).
Cash outflows from operating cashflows (prior to tax and interest) were a positive EUR 704 thousand (2018: negative EUR 1.4 million) including the adverse effect of the payment to German tax authorities of EUR 540 thousand in the period (which is explained in further detail in the 2019 H1 half year report). Interest and tax payments amounted to EUR 770 thousand, while cash outflows from investing activities fell to EUR 697 thousand compared with EUR 6.4 million in the same period for 2018 (which related primarily to the acquisition of TGR BioSciences in 2018).
At 30 September 2019, total assets were EUR 61.9 million including goodwill of EUR 34.5 million and other intangibles of EUR 14.4 million.
Third quarter of 2019 financial results:
Revenues increased to EUR 4.1 million in the third quarter of 2019 (Q3 2018: EUR 3.7 million), representing a year on year increase of 12.2%. Expedeon reported an adjusted EBITDA for Q3 2019 of EUR 804 thousand, against an adjusted EBITDA of EUR 296 thousand in Q3 2018. On a reported basis, Q3 EBITDA was EUR 671 thousand versus a 2018 EBITDA of EUR 113 thousand.
Reported net loss for the third quarter 2019 amounts to EUR 205 thousand compared to EUR 519 thousand for the third quarter of 2018.
The Company expects a strong final quarter for the year and reconfirms its recently revised guidance from October 2019: Resulting from continued strong growth, Expedeon expects ongoing double-digit revenue growth and adjusted EBITDA to be EUR 2.5 - 3 million for the year.
For further information, please contact:
MC Services AG (Investor Relations and International Media Relations)
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. ###
EXPEDEON AG, Heidelberg, Germany
Interim results for the nine months ending 30 September 2019
Consolidated statement of financial position
Consolidated statement of comprehensive income
Consolidated statement of cash flows
Consolidated statement of changes in equity
Document title: Q3_Eng
07.11.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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