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Genomic Vision H1 Revenues Drop 56 Percent

NEW YORK (GenomeWeb) – French molecular diagnostics firm Genomic Vision today said that revenues for the first half of 2015 dropped 56 percent year over year.

For the six months ended June 30, the Genomic Vision said that total revenues decreased to €1.4 million ($1.5 million) from €3.2 million ($3.5 million) a year ago. Genomic Vision VP of Finance and Corporate Development Erwan Martin said in a statement that the drop was expected, due to a lack of scientific and technical milestones with Quest Diagnostics. Milestone payments accounted for more than half of total revenue in the first half of 2014, he said.

Revenue from R&D for Quest Diagnostics accounted for €515,000 in the recently completed quarter, compared to £2.5 million in the year-ago quarter. The firm said it renewed its strategic partnership with Quest for three years.

Genomic Vision's net loss in the half was €2.2 million, compared to a net loss of €310,000 a year ago.

Genomic Vison did not disclose the amount of its R&D spending but said it dropped 18 percent, due to the reduction in subcontracting costs associated with the development of a new high-throughput scanner. It also did not disclose its general costs, saying only that it rose 16 percent. Sales and marketing costs rose more than three-fold to €473,000 from €109,000 as Genomic Vision added a sales and marketing department.

Genomic Vision ended the half with €18.7 million in cash and cash equivalents.

The firm said it expects Quest to launch a BRCA1/2 test in the US in 2016 using Genomic Vision's molecular combing technology, which would trigger milestone payments to the firm.