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Sygnis Q3, Nine-Month Revenues Spike

NEW YORK (360Dx) – Sygnis today reported a sharp increase in its third quarter and nine-month revenues.

For the three months ended Sept. 30, the Heidelberg, Germany-based firm said that revenues reached €2.4 million ($2.8 million), up 446 percent from the year-ago period. Sygnis did not disclose its Q3 2016 revenue figure.

For the nine months ended Sept. 30, the company reported revenues grew to €5.3 million, up from €976,000 from a year ago.

Highlights for the period included an expanded deal with Chinese proteomics firm Tanon, and the acquisition of Innova Biosciences. Separately this week, Sygnis announced a partnership with Abingdon Health in the UK to provide Innova customers with full lateral flow assay development services.

Speaking about the Innova deal, Sygnis CEO and CSO Heikki Lanckriet said in a statement that the transaction "has significantly enhanced our existing sales and marketing capacity, as well as broaden[ed] the range of R&D projects being commercialized."

"We remain focused on the development and commercialization of additional innovative products for genomics and proteomics research and have a solid pipeline of new product developments, which are expected to support revenue growth into 2018 and beyond," he said.

The company's R&D spending for the first nine months of the year was reduced 38 percent year over year to €663,000 from €1.1 million, while its SG&A costs grew to €5.9 million from €1.8 million a year ago.

Sygnis posted a net loss of €3.1 million for the first nine months of the year, up 48 percent from a net loss of €2.1 million a year ago.

As of Sept. 30, the firm had €1.5 million in cash and cash equivalents.

It reaffirmed its full-year 2017 revenue guidance of between €7 million and €8 million.