(ABM FN) Biocartis has seen the results rise nicely in 2019 and announced a new collaboration with Bristol-Myers Squibb in China. This appeared on Thursday morning from press releases from the diagnostics company.
Biocartis saw sales rise 32.0 percent to 37.7 million euros. More than 24 million of those came from product sales, an increase of 29.0 percent.
The product sales were already announced in early January in a preliminary notice. In 2019, 337 new Idylla devices were installed and 175,000 cartridges or tests were sold.
A total of 1,310 Idylla devices are now in circulation.
Biocartis also noted that the sales strategy in the United States, with its own team, achieved good results in the fourth quarter.
In 2019, Biocartis suffered a loss of 64 million euros. A year earlier there was a minus of 48 million euros. The net cash flow increased from 49.3 million negative to 115.3 million positive.
At the end of December, Biocartis had € 179 million in cash. That was just 65 million euros a year earlier.
Biocartis expects only a limited impact of the corona virus on the 2020 results and assumes a stabilization of the situation around April.
The diagnostics company wants to sell around 228,000 cartridges and between 300 and 350 new devices. There should still be 110 million euros left in cash. Japan and China will be tapped into as new markets.
“The financial results that we are announcing today show continued healthy revenue growth and a cash position that will allow us to continue to implement our plans for the coming years. More importantly, today we are also announcing strong prospects for 2020 that will encourage encouraging growth in our expect cartridge volumes, “said CEO Herman Verrelst in a comment.
In a separate press release, Biocartis also reported a new collaboration with Bristol-Myers Squibb.
The two partners will jointly register the Idylla MSI test in China.
The Biocartis test is considered “companion diagnostic” with Bristol therapies against metastatic colon cancer. Both companies are already working together on the same subject in America.
ABM Financial News; [email protected]; Editorial staff: +31 (0) 20 26 28 999.
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