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Biocartis 2015 Revenues Jump 57 Percent on Collaborations

NEW YORK (GenomeWeb) – Biocartis reported today a 57 percent increase in revenues for the full year 2015.

The Belgian molecular diagnostics firm said that total revenues climbed to €13.3 million ($15.1 million) from €8.5 million in 2014. Collaboration revenue more than tripled to €9.7 million from €3.2 million a year ago. Product sales revenue dropped 32 percent to €3.6 million from €5.3 million in 2014.

In a statement accompanying the release of results, Biocartis said it added collaborations with Microbiome, Fast-track diagnostics, A*Star, Merck KGaA, and Amgen in 2015.

Grants and other income totaled €1.6 million to bring Biocartis' total operating income to €15 million, up 44 percent from €10.4 million in the prior year.

The firm added that it increased the installed base of its Idylla molecular diagnostics system by 83 instruments to 165.

Biocartis' reported a net loss of €39.8 million, or €1.07 per share, compared to a loss of €9.7 million, or €.36 per share, in 2014.

Biocartis' R&D spending increased 46 percent to €36.6 million from €25 million in 2014, while SG&A spending increased 50 percent to €15.4 million from €10.3 million, driven by increased marketing and distribution expenses. The firm reported adding 12 people to its sales and marketing organization to support commercialization ramp-up.

The firm ended the year with cash and cash equivalents of €104.1 million.           

Biocartis guided for the Idylla installed base to eclipse 300 by the end of 2016, adding an additional 150 to 175 instruments. The firm also said it would launch four new tests — a research-use-only solid biopsy lung cancer panel, a rapid Ebola triage test, a liquid biopsy for colon cancer, and the Idylla MERS test — and would end the year with cash and cash equivalents between €45 million and €55 million.

Biocartis also said it anticipates CE-marking of the Idylla NRAS and NRAS/BRAF solid biopsy test and US Food and Drug Administration approval for the Idylla instrument, console, and respiratory panel.