- Increase in services provided in 2023 by all sequencing
platforms, excluding COVID-related activities
- Positive EBITDA for the third year running, despite
inflation impacting reagent costs
- SeqOIA platform to cease operations in the first quarter of
2024
- Planned development of activities for the pharmaceutical
industry following CAP accreditation and CLIA
certification.
Regulatory News:
IntegraGen (FR0010908723 – ALINT – Eligible PEA PME), an
OncoDNA company specializing in the genomics of cancer and rare
genetic diseases, which performs interpretable genomic analyses for
academic and private laboratories, today announced its audited
annual results for fiscal 2023, the accounts having been approved
by the Board of Directors on April 5, 2024.
Bernard Courtieu, CEO of IntegraGen, comments: "The 2023
results demonstrate that despite the cessation or sharp reduction
in activities linked to the COVID-19 pandemic, IntegraGen was able
to control its cost base to maintain a positive EBITDA, despite a
highly inflationary context. Thanks to the loyalty of our customers
and partners supported by the exceptional quality of the work done
by all our employees, we are particularly proud to be able to
present these results, and more generally to continue to contribute
to the projects of researchers and clinicians, ultimately
supporting improved patient care. 2024 will be a year of
significant growth for IntegraGen, with the launch of activities
aimed at pharmaceutical companies as part of the development of
their new drugs, thanks to CAP (College of American Pathologists)
accreditation and CLIA (Clinical Laboratory Improvement Amendments)
certification.”
Slight reduction in genomic services activities at the Evry
laboratory
Genomic service activities, which include services provided for
research laboratories and clinical research teams, are now grouped
together at the Évry site. Annual sales for 2023 amounted to
€4,920k, down 4%, mainly due to the non-recurrence of projects
carried out at Évry in 2022 for the Mutualized Microbiology
Platform (P2M) and particularly linked to the pandemic, as well as
to delayed projects for pharma companies.
In all, our genomics teams successfully completed more than 482
projects for 119 academic and private-sector organizations.
Sharp drop in COVID-19 pandemic-related services for Institut
Pasteur
IntegraGen continued to provide services for the Institut
Pasteur's P2M platform. During the first quarter of 2023, the
platform continued to be called upon in connection with the
pandemic. Covid-19-related activity had begun to decline in the
second half of 2022, giving way to the usual microbiology activity,
which was confirmed in 2023. In 2023, the platform carried out over
17,000 microbial sequencings.
Éléments Financiers
In thousand euros (k€)
2023
2022
Var.%
Sales
12 537
13 167
-5%
other revenues
290
329
-12%
Total revenues
12 827
13 496
-5%
Purchases
-4 211
-5 191
-19%
Payroll
-4 826
-4 551
6%
Other charges and taxes
-3 709
-3 692
0%
Total Charges
-12 746
-13 434
-5%
Gross operating income
81
62
30%
Depreciation and amortization
-198
-202
-2%
Total Operating Expenses
-12 944
-13 635
-5%
Operating Income
-117
-139
-16%
Financial expenses
40
67
-41%
Net income before non recurring items
-77
-72
7%
Net result
-181
-72
153%
Revenues amounted to €12,537k, down 5% on 2022. This decrease is
mainly due to the reduction in activities linked to the COVID-19
pandemic, with a reduction in reagent purchases for the P2M
platform in charge of Institut Pasteur's microbiology sequencing
activities, and a few pandemic-specific projects in the first
quarter of 2022. Operating expenses came to €12,944k, also down 5%
on the previous year. This change was mainly due to lower orders
for consumables (-19%) linked to lower volumes, particularly at P2M
. Other expenses remained stable, despite the efforts made in
Quality Assurance to obtain CAP and CLIA accreditations. Lastly,
personnel costs rose by 6%, mainly due to increases in certain
salaries to reflect inflation. As a result of these various
developments, the company was able to keep costs under control and,
despite a highly inflationary environment, EBITDA remained positive
at €81k in 2022, compared with €62k the previous year (+30%). After
taking into account financial items, exceptional items and tax, net
profit is estimated at a loss of €171k, compared to a loss of €4k
in 2022.
Balance sheet
k€
31/12/2023
31/12/2022
Fixed assets
316
468
Inventories
311
387
Trade receivables
2 960
3 220
Other receivables
1 535
441
Cash and cash equivalents
2 879
4 507
Current assets
7 684
8 555
translation adjustments
0
TOTAL ASSETS
8 000
9 023
En k€
31/12/2023
31/12/2022
Shareholders equity
2 011
2 182
Provisions for liabilities &
charges
157
0
Financial debt
1 125
1 672
Advances received
0
Operating liabilities
2 915
3 216
Other debts
1 784
1 934
Exchange differences
9
18
TOTAL LIABILITIES
8 000
9 023
The cash position at the end of December 2023 was €2,879k,
compared with4,507k at December 31, 2022, a decrease of €1,628k.
This change is explained by the granting of a €1,000k loan to
OncoDNA, which was the subject of a regulated agreement approved by
the Board of Directors, the repayment of the PGE (State Guaranteed
Loan) obtained in 2020 during the pandemic and which the company
began repaying in 2022 for a period of 5 years, and an operating
cash consumption of less than €300k.
OUTLOOK FOR 2024: END OF SEQOIA AND LAUNCH OF GENOMIC
SERVICES FOR THE PHARMACEUTICAL INDUSTRY
In September, the “Groupement de Coopération Sanitaire” SeqOIA
announced that it had decided to internalize its services, with the
termination of the contract with IntegraGen. The cessation of the
latter's activities, which was extended to February 29, will have a
significant impact on 2024 revenues, compared with the €4,362k
generated in 2023 by SeqOIA.
In the fourth quarter of 2023, the company took the decision to
implement a job-saving plan at the Évry site, beyond the
elimination of jobs linked to the SeqOIA contract, in order to
maintain the company's competitiveness.
Nevertheless, IntegraGen expects continued growth in revenues
from genomic services at the Evry site in 2024, based on the order
book and the positive trend observed with academic and
private-sector clients. The Company also expects Evry's genomics
services to become even more profitable, thanks to the automation
and productivity gains achieved.
In addition, investments in certification and quality assurance
have resulted in CAP accreditation and CLIA certification, making
it possible to offer services to the pharmaceutical industry in
support of the clinical development of new molecules in oncology.
The Company expects this fast-growing sector to become a major
focus of the laboratory's business in the short to medium term.
Available cash will allow the Company to finance its operating
and investment needs.
ABOUT INTEGRAGEN
IntegraGen is an OncoDNA group company specializing in the
genomics of cancer and rare genetic diseases. Backed by highly
competent and qualified teams, IntegraGen is a leading player in
DNA sequencing services and genomic data interpretation software.
The company runs one of the largest NGS labs in France and operates
for research institutes of excellence. As part of OncoDNA group,
IntegraGen leverages the power of next generation sequencing with
the mission of delivering the promise of precision medicine to
patients. IntegraGen has about 42 employees and generated €12.5
million of turnover in 2023. Based in France, IntegraGen is part of
the Belgian OncoDNA group present in Spain, UK, Germany and works
with an international network of 35 distributors. The Group also
provides biomarker testing and clinical interpretation tools to
guide treatment and monitoring of late stage solid tumors and
accelerate the development of new cancer drugs.
IntegraGen is listed on Euronext Growth in Paris (ISIN:
FR0010908723 – Mnemo: ALINT – Eligible PEA- PME).
For further information, please visit www.integragen.com or
connect with us on LinkedIn or Twitter.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240418179424/en/
IntegraGen Bernard COURTIEU Directeur Général
Virginie Decoster Directeur Financier contact@integragen.com
Tél. : +33 (0)1 60 91 09 00
NewCap Relations Investisseurs Louis-Victor
DELOUVRIER integragen@newcap.eu Tél. : +33 (0)1 44 71 98 53
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