On April 24, 2023 IntegraGen, a company specializing in the decryption of the human genome, which carries out interpretable genomic analyzes for academic and private laboratories and develops diagnostic tools in oncology and part of OncoDNA Group, reported its annual audited results for the full year 2022 (Press release, Integragen, APR 24, 2023, View Source [SID1234630433]). The annual accounts were approved by the company’s Board of Directors which met on April 21st, 2023.
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Bernard Courtieu, CEO IntegraGen, said: « The 2022 results, the first full year post to the integration of IntegraGen in OncoDNA Group, reflect the robustness of our economic model, with a second year at break-even while continuing its developments.
In particular, the launch of the OncoDEEP Kit at the European Society of Medical Oncology (ESMO) (Free ESMO Whitepaper), held in Paris last September, which represents the first pan-cancer genomic panel resulting from the Group’s research, materializes new development prospects for the activities of IntegraGen in France.
In a context made difficult by the high inflation affecting reagents and energy, we were able to maintain our margins and generate a positive EBITDA for an overall turnover of €12,552k.
Thanks to the loyalty of our customers and partners, and the exceptional quality of the services rendered by all the employees, we are particularly proud to be able to present these results and more generally to continue our contribution to the projects of researchers and clinicians contributing to the improvement of patient care.»
Increase of genomic service activities performed by Evry lab
Genomic service activities, performed at our site in Evry, include services provided for research laboratories and teams in charge of clinical research.
The annual turnover recognized during the 2022 financial year increased by 8% to €5,129k. Laboratory activity was relatively low in the first half and intensified in the second half of the year.
In 2022, the genomics teams have carried out about 20.000 biological samples on the Evry platform.
Strong growth in services provided for the Institut Pasteur
IntegraGen continued its services for the shared microbiology (P2M) platform of the Institut Pasteur.
During the first quarter, the platform continued to be very active in the context of the Covid-19 virus pandemic and variant sequencing needs. Volumes related to Covid-19 began to decrease in the second half of 2022 to give way to the usual microbiology activity.
In 2022, the platform carried out nearly 84.428 microbial sequencings, including 53.078 for SARS-Covid-19 or a growth of 30%.
Increased sequencing for GCS SeqOIA
As a reminder, in 2018 the GCS SeqOIA (made up of Assistance Publique-Hôpitaux de Paris [AP-HP], the Institut Curie and the Gustave Roussy cancer center) accepted the offer of IntegraGen for the provision of an operating service for a high-throughput sequencing data production platform.
The platform’s operations have started in early 2019 and the patients’ sequencing services have progressively increased including the effect of the broadening of the indications. As a consequence, the turnover increased by 20% to €4 008k during the financial year 2022.
FINANCIAL RESULTS
Profit & Loss
In thousands of euros (€k) 2022 2021 Var. %
Revenues 13.167 11.324 16%
Other operating revenues 329 222 48%
Total revenues 13.496 11.546 17%
EBITDA 62 170 -63%
EBIT -139 -44 216%
Pre-tax current result -72 82 -188%
Net result -4 15 -123%
The 2022 revenues amounted to €13,167k, an increase of 16% compared to the previous year. Excluding recharge of personnel costs to the parent company, the turnover was €12,552k representing a growth of 17% compared to 2021 (€10,778k). This growth reflects increased activity in all sales segments.
Operating income was €13,496k compared to €11,546k in 2021 after taking into account transfers of charges and reversals of depreciation and provisions and subsidies.
Operating expenses amounted to €13,635k, up 18% compared to the year before. This increase is explained by various factors including the increase in the cost of consumables for sequencing production, the increase of sales and marketing costs and the increase in payroll charges. Over the period, the average workforce increased to 53 people versus 49.
Following the increase of revenues and the control on the costs despite the inflation, EBITDA was positive at €62k compared to €170k in 2021.
After the consideration of financial result, exceptional items and tax, the 2022 financial year ended with a net result of -€4k€ compared to a profit of €15k in the previous year.
Balance sheet
In thousands of euros (€k) 31/12/2022 31/12/2021
Fixed assets 468 624
Stock 387 342
Accounts receivables 3.220 3.357
Other receivables 441 492
Cash 4.507 4.781
Current assets 8.555 8.972
Translation difference 0 8
TOTAL ASSETS 9.023 9.604
In thousands of euros (€k) 31/12/2022 31/12/2021
Shareholder’s equity 2.182 2.186
Provisions for risks and charges 0 8
Financial debt 1.672 1.953
Advances received from customers 0 430
Accounts payables 3.216 3.552
Other payables 1.934 1.475
Translation difference 18 0
TOTAL LIABILITIES 9.023 9.604
As of December 31st, 2022, the company’s cash position was €4,507, a decrease of €274 compared to the end of 2021. This moderate variation remains in line with previous periods. The position includes a state guaranteed loan (Prêt Garanti par l’État, PGE) for an outstanding amount of €1 633k that the company started to reimburse last June.
OUTLOOK FOR 2023: CONTINUED GROWTH EXPECTED
IntegraGen expects continued revenue growth in 2023 based on the order book to be delivered and the positive trend observed in the market with academic and private clients.
The completed integration within the OncoDNA Group confirms IntegraGen’s commercial development prospects outside France.
The available cash will finance operational and investment needs.
In 2023, the company is continuing its investments in the areas of certification and quality assurance so as to be able to significantly increase its service offering to industry, particularly support activities for the clinical development of new molecules in oncology.