Expedeon AG reported results for the first quarter ended March 31, 2019.
- EBITDA adjusted of €462 thousand for the quarter (Q1 2018: €77 thousand)
- Revenues of €3.5 million; 50% higher than Q1 2018 (€2.3 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® 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™ to product offering, a next generation cell signalling ELISA assay technology
David Roth, Chief Financial Officer, said: “With revenues of €3.5 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 €3.5 million for the first three months of 2019 (first quarter 2018: €2.3 million). This represents an increase of 50% against 2018.
Results from operating activities showed a loss of €280 thousand for the quarter (first quarter 2018: loss of €376 thousand. This includes amortisation and depreciation of €676 thousand (first quarter of 2018: €425 thousand), giving rise to reported EBITDA of €396 thousand for 2019 and €49 thousand for 2018.
Adjusted EBITDA for the first quarter of 2019 was €462 thousand (first quarter 2018: €77 thousand) after adding back the impact of equity settled share compensation, €66 thousand and €28 thousand respectively:
| 2019 | 2018 | |||||
| € thousand | ||||||
| Results of operating activities | (280) | (376) | ||||
| Depreciation of property, plant and equipment | 77 | 76 | ||||
| Amortisation and impairment of intangible assets | 599 | 349 | ||||
| EBITDA | 396 | 49 | ||||
| Share option charges | 66 | 28 | ||||
| Adjusted EBITDA | 462 | 77 | ||||
Reported net loss was €464 thousand (first quarter 2018: €322 thousand).
Cash and Cash equivalents stood at €5.6 million (first quarter 2018: €5.1 million). Cash outflows from operating activities were €0.3 million (first quarter 2018: €0.4 million), with cash outflows of investing activities of €0.2 million (first quarter 2018: €0.3 million) and outflows from financing activities of €0.3 million (first quarter 2018: inflow of €3.8 million following a capital increase).
Outlook 2019
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 €2 million for 2019.
EXPEDEON AG, Heidelberg, Germany
Interim results for the three months ending 31 March 2019
Expedeon AG
Consolidated statement of financial position
