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Biocartis Reports 12 Percent Rise in 2021 Revenues

NEW YORK – Belgian molecular diagnostics firm Biocartis on Thursday said that its full-year 2021 revenues rose 12 percent year over year.

For the 12 months ended Dec. 31, 2021, Biocartis' revenues rose to €48.3 million ($53.8 million) from €43.1 million in 2020.

Collaboration revenues fell 39 percent to €6.1 million in 2021 form €10.0 million in 2020. Total product sales revenues rose 27 percent year over year to €40.5 million from €31.9 million. Service revenue rose 42 percent year over year to €1.7 million from €1.2 million.

The firm said revenues from grants and other income fell 47 percent year over year to €6.6 million from €12.4 million.

Biocartis said it placed 331 net new Idylla instruments in 2021, reaching a global installed base of 1,912 Idylla instruments at the end of the year.

The firm noted that in 2021, it expanded its partnership with AstraZeneca to improve access to rapid Idylla EGFR testing products at selected hospital sites in European and global distributor markets. It also entered a partnership with SkylineDx for the development of the Merlin Assay on Idylla, aimed at predicting a patient’s risk of nodal metastasis in melanoma.

Biocartis' net loss for the year increased to €71.5 million, or €1.26 per share, from a net loss of €62.9 million, or €1.11 per share, in 2020.

The company said its 2021 R&D expenses rose 5 percent year over year to 48 million from €45.8 million, and its SG&A expenses rose 7 percent year over year to €32.4 million from €30.3 million.

At the end of 2021, the firm had cash and cash equivalents of €53.5 million.

For 2022, Biocartis said it anticipates product revenues to grow between 24 and 36 percent to €50 million and €55 million.

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