NEW YORK (GenomeWeb) – French molecular diagnostics firm Genomic Vision reported today a roughly 21 percent drop in full-year 2016 revenues, reflecting a sharp decrease in revenues from its collaboration with Quest Diagnostics.
For the year, the company's total revenues fell to €3.4 million ($3.6 million) from €4.3 million in 2015. Revenues from product sales and services jumped to €1.3 million from €291,000, with the company installing FiberVision molecular combing platforms at five industrial and academic sites during 2016. However, these gains were more than offset by an 33 percent fall in Quest-related revenues to €316,000 from €2.1 million the year before.
In 2011, Genomic Vision granted Quest exclusive rights to develop and offer clinical and research-use laboratory testing services for its molecular combing technique in the US, India, and Mexico. Although the deal was extended in 2013, Genomic Vision said that Quest completed its milestone obligations during 2016, resulting in the collaboration revenue drop-off.
Genomic Vision's net loss for 2016 doubled to €8.6 million from €4.3 million, as net operating expenses climbed to €12 million from €8.7 million amid continuing clinical studies of in vitro diagnostic candidates and development of new life science research (LSR) tools and services.
Genomic Vision ended the year with cash and cash equivalents totaling €6.9 million.
"In 2016 Genomic Vision turned a corner as we successfully launched our strategy targeting the LSR market, a new and important autonomous growth area for the company, while we continued to develop our IVD pipeline," Genomic Vision CEO Aaron Bensimon said in a statement.
"With the ramp-up of our commercial efforts, we doubled our FiberVision installed base and have seen strong interest from pharma and genome-editing companies in using our sophisticated platform in their drug-discovery efforts," he added. "Our DNA combing technology is ideally suited for applications in genome editing, and going forward we expect to increase our footprint in this exciting space."