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Sygnis Posts 64 Percent Q1 Revenue Increase

NEW YORK (GenomeWeb) – Sygnis today reported a 64 percent increase in its first quarter revenues on strong sales of its research kits and devices.

For the three-month period ended March 31, the company's revenues rose to €2.3 million ($2.8 million) from €1.4 million in the same quarter the year before.

The Heidelberg, Germany-based firm posted a Q1 net loss of €322,000, or €.01 per share, down 73 percent from a loss of €1.2 million, or €.03 per share in the year-ago period.

R&D spending climbed 20 percent to €213,000 from €177,000, while selling and administrative costs  were up 13 percent to €1.8 million from €1.6 million year over year.

At the end of the quarter, Sygnis has cash and cash equivalents of €5.1 million.

"Our overall results for the first quarter build upon the break-even EBITDA position of Q4 2017 and provide a strong basis for the rest of the year," Sygnis CEO and CSO Heikki Lanckriet said in a statement. "We are very positive about 2018 and we expect the group to report EBITDA profitability and drive continued revenue growth."

Sygnis said it expects its 2018 revenues to be in the range of €11 million to €12 million, excluding the impact of recently acquired Australian reagent maker TGR Biosciences. The company added that it will update its guidance once it has evaluated how TGR will affect its finances, but said that the transaction is expected to be immediately revenue and earnings accretive.