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Epigenomics Preliminary Q1 Revenues Drop 33 Percent

NEW YORK ─ Epigenomics on Wednesday reported preliminary revenues of €200,000 ($216,000), down 33 percent from €300,000 in Q1 2019.

The firm said that its net loss for Q1 2020 narrowed slightly year over year to €2.9 million from €3.0 million.

Among the company highlights in Q1, Epigenomics said that on Feb. 28, the US Centers for Medicare and Medicaid Services opened a National Coverage Determination review of Epi proColon, the firm's US Food and Drug Administration approved blood-test for colorectal cancer screening. The Berlin, Germany-based molecular diagnostics testing company anticipates that CMS will issue a proposed NCD by Aug. 28 and a final NCD by Nov. 28.

It noted that a positive reimbursement decision would be a breakthrough for the marketing of the blood test in the US market.

Further, the National Comprehensive Cancer Network (NCCN) announced last week that it has included Epi proColon in updated 2020 NCCN colorectal cancer screening guidelines.

To finance its ongoing operations, the company completed a capital raise from private investors of about €4 million at the end of March.

Epigenomics also said today that for full-year 2019 it generated total revenues of €1.1 million, down 27 percent year over year from €1.5 million, mainly due to a decrease in licensing revenue from China. Product revenues for 2019 were €1 million, up 25 percent from €800,000 in 2018.

Epigenomics said that in 2019 its SG&A costs rose to €8.9 million from €8.7 million in 2018, and its R&D costs rose to €7.3 million from €6.4 million, primarily because of expenses associated with clinical studies.

The company's net loss for the year widened to about €17.0 million, or €.46 per share, compared to €12.7 million, or €.47 per share, in 2018, and was impacted by a one-off non-cash expense of €2.5 million.

Epigenomics said it anticipates FY 2020 revenues to be in the range of €1 million to €2 million.