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Genomic Vision 2015 Revenues Fall 12 Percent

NEW YORK (GenomeWeb) – Genomic Vision reported today that its full-year 2015 revenues fell 12 percent from 2014.

The French molecular diagnostics company said total revenues fell to €4.3 million ($4.8 million) from €4.9 million in 2014. Product sales rose 23 percent to €291,000 from €237,000 the year before, but the gain was offset by a 34 percent fall in revenues from the company's R&D collaboration with Quest Diagnostics to €2.1 million from €3.2 million in 2014. The firm said the decrease was expected as milestone payments attached to the deal were ending.

The two companies teamed up in 2011 when Genomic Vision granted Quest exclusive rights to develop and offer clinical and research-use laboratory testing services for its molecular combing technique in the US, India, and Mexico. The firms extended their deal in 2013 with Quest investing in the planned development of a laboratory-developed test for an undisclosed hereditary genetic disease.

In October 2015, Genomic Vision reported its third quarter revenues had risen 47 percent, thanks in part to revenues from the Quest deal. And in January, the firm reported that Q4 revenue had risen 127 percent to €987,000, 95 percent of which had come from the collaboration with Quest as Genomic Vision had reached several milestones in the deal, including delivering an automatic DNA extractor incorporated into a platform developed to create a lab-developed test version of Quest's BRCA test.

Despite the overall drop, Genomic Vision said the increase in revenues from product sales show a positive trend for its three main sources of sales — direct sales of the CombHelix FSHD test at the Timone Hospital in Marseilles, France; royalties paid by Quest to distribute this test in the US; and direct sales of consumables and instruments to laboratories that use molecular combing technology for research purposes.

Genomic Vision reported that its net loss for the year widened to €4.3 million from €2.2 million in 2014.

Its R&D costs remained steady, while general costs rose 36 percent and sales and marketing costs almost tripled to €1.2 million due to a doubling of the technical sales team workforce over the course of the year.

The firm ended the year with €15.6 million in cash and cash equivalents.