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Genomic Vision Reports Q4 Revenue Up 127 Percent

NEW YORK (GenomeWeb) – French molecular diagnostics company Genomic Vision today reported fourth-quarter revenue rose 127 percent year over year, thanks in large part to its R&D collaboration with Quest Diagnostics.

Q4 revenue totaled €987,000 ($1.1 million), 95 percent of which came from the collaboration with Quest, Genomic Vision said. The firm reached several milestones in its deal with Quest, including delivering an automatic DNA extractor incorporated into a platform developed to create a lab-developed test version of Quest's BRCA test. Genomic Vision also completed final validation of its hereditary colon cancer (Lynch syndrome) assay.

Full-year 2015 sales, however, fell nearly 32 percent to €2.4 million from €3.5 million in 2014.

"The revenue from sales recorded over the final quarter of 2015 reflects the reaching of major milestones in our strategic collaboration with Quest Diagnostics, in accordance with our commitments," said Genomic Vision CFO Erwan Martin in a statement. "Over the year as a whole, all the milestones planned in the context of this collaboration were thus successfully reached."

Last week, the company announced its plans to start a patient study to test its FiberVision molecular combing technology in finding novel BRCA variants. The technology involves stretching DNA fibers on glass slides, "combing" them, and then uniformly aligning the DNA fibers across the whole surface, allowing for the identification of genetic anomalies.

Quest will fund the study, Genomic Vision added. The analysis will be conducted at Quest's lab in San Juan Capistrano, California, and at Genomic Vision's labs in France.