BIOCORP: Full-Year 2022 Financial Results and Outlook for 2023
29 March 2023 - 4:30PM
Business Wire
- Sales up 14% to €11.67 million
- Significant increase in operating expenses to €12.58 million
(+20%) due to the growing internationalization of connected
products activities
- Positive EBITDA at €42.9K
- Negative annual net income of €0.65 million
- Closing cash position of €2.67 million compared to €1.84
million in 2021
- Acceleration of distribution partnerships in all geographical
areas
- Extremely favorable outlook for 2023 with the ramp-up of
revenues from sales of connected products
Regulatory News:
BIOCORP (FR0012788065 – ALCOR / Eligible PEA PME) (Paris:ALCOR),
a French company specialized in the design, development, and
manufacturing of innovative medical devices, today announces its
annual results for the year ended on December 31, 2022, as approved
by the Board of directors on March 27th.
Eric Dessertenne, CEO of BIOCORP, commented: "More
products, more partnerships and more geographical areas to cover.
In a macro-economic environment that remains as complex as ever, we
have managed to make it on three levels this year. First, on the
industrial and commercial level, with the strengthening of
strategic positions for our connected devices, whether with our
historical or recent partners: Sanofi, Merck, Novo Nordisk and
Becton Dickinson. Secondly, on the regulatory front, 2022 has
enabled us to reach a crucial milestone with the FDA’s 510k
clearance, making our Mallya connected device the only one in its
class to be cleared on both sides of the Atlantic Ocean. Finally,
at the strategic level, our vision of the connected health devices
market has been strengthened. This market, dynamic but still in its
infancy, appears today to all our interlocutors as an obvious
necessity due to the constant pressure on healthcare systems
(increase in the cost of treatments, consideration of compliance by
payers). More than ever, BIOCORP is recognized by the major
industry players as a trusted partner to embark on the path to
digital health. In this general context, our revenues, which still
come mainly from the receipt of milestone payments, increased last
year by more than 12%. As for our result, slightly negative at €
-0.6 million, it results mainly from the strong increase in fees
related to regulatory affairs (patent filings in all territories)
and expenses related to the internationalization of our device
deliveries (compatibility tests). However, the EBITDA remains
positive at € 42.9K. In conclusion, 2022 was a year of growth
investments reflecting our internationalization. 2023 will also be
marked by a high level of investment with the extension of our
production site in Issoire and by a gradual transition to a model
of recurring revenues from the sale of our connected devices.”
Key financial data on 12/31/2022
In €
31/12/2022
31/12/2021
Sales
11 670 405
10 225 314
Other operating income
177 783
328 411
Total operating income
11 848 188
10 553 725
Operating expenses
External purchase and expenses
802 110
417 781
Taxes, duties, and other levies
4 700 143
3 944 614
Wages and expenses
6 010 074
5 051 671
Other operating expenses
1 067 961
1 002 252
Total operating expenses
12 580 288
10 416 318
Net operating income
42 904
936 817
Net financial income
-732 100
137 408
Exceptionnal income
-60 932
-89 641
Research Tax Credit and Innovation Tax
Credit
-116 736
48 560
Total operating expenses
258 589
197 908
Net Result
-651 179
294 234
Closing cash position
2 666 352
1 845 602
- Annual revenues reached €11.670K in 2022, up 14%
compared to 2021 (€10.225K).
- In 2022, other operating income amounts to €177.8K
compared to €328.4K in 2021. This variation is mainly due to a
decrease in the amount of work in progress.
- Operating expenses reached €12.580K, up more than 20%
compared to 2021, resulting in particular from a sharp increase in
expenses related to regulatory approvals (FDA registration), fees
as well as Intellectual Property expenses (patent filings) and
expenses related to the internationalization of device sales
(expert and compatibility tests), as well as an increase in
salaries and expenses related to the reinforcement of strategic
functions in order to ensure the expected growth in the years to
come.
- Considering these elements, the operating result for
2022 is negative at (€732K) compared to a positive result of €137K
one year earlier.
- The financial result for 2022 showed a net amount of
(€60.9K) compared to (€89.6K) in 2021, mainly due to interest on
loans.
- The extraordinary result amounts to (€116.7K) against
€48.5K in 2021 mainly due to the malus recorded on BIOCORP shares
within the framework of the liquidity contract.
- BIOCORP benefited from CIR (Crédit d’Impôt Recherche) and CII
(Crédit Impôt Innovation) for a total amount of €258.59K (vs
€197.9K in 2021).
- Considering all these elements, BIOCORP shows a net loss of
€651.2K against a net profit of €294.2K in 2021.
- As of December 31, 2022, BIOCORP showed a cash position of
€2.666,3K compared to €1.845,6 at 12/31/2021.
2022 Highlights
- Obtaining 510(k) clearance from the U.S. Food & Drug
Administration (FDA) for Mallya® and opening of markets on the
other side of the Atlantic with the support of major diabetes
players (Sanofi, Roche, and Novo Nordisk).
- Technology integration of Mallya with digital applications
developed by the Belgian AARDEX Group. Both parties were
selected by Trials@Home, a center of excellence for
decentralized clinical trials, which includes manufacturers Sanofi,
Pfizer, and J&J.
- Expanded industrial collaboration with German Merck KGaA
for the development and worldwide distribution of a specific
version of Mallya. The agreement provides for milestone payments of
up to EUR 5 million for product development during the first three
years of the collaboration. Additional revenues are expected to
reach €8 million based on commercial milestones and adoption of
Mallya devices by Merck KGaA’s patients.
- Global agreement with the American company BD (Becton
Dickinson) for the development of Biocorp's proprietary Injay®
technology (NFC technology for pre-filled syringes) combined with
the BD UltraSafePlusTM passive needle guard to help
biopharmaceutical manufacturers capture and transmit data related
to self-administered injections.
- Strengthening of the partnership with the world leader in
insulin, the Danish group Novo Nordisk: commercial launch of
Mallya® for patients with diabetes in Japan, and extension to other
undisclosed therapeutic areas.
- Obtaining of the CE mark for SoloSmart®, a medical
device from the Mallya range for Sanofi's Solostar® pens.
- BIOCORP obtains the EU quality assurance certificate for
production meeting the new regulation for medical devices
(MDR).
Outlook 2023
- Expansion of the Issoire production site: 30% increase in
production area and areas dedicated to connected devices, notably
Mallya and Injay.
- Continuing the partnership dynamic and gradual transition to a
recurring revenue model from the sale of our range of devices.
- Reinforced investments in software and services to offer
complete digital solutions to the pharmaceutical industry and to
accelerate the deployment of our connected devices.
The 2022 annual financial report is available on the Company's
website.
ABOUT BIOCORP Recognized for its expertise in the development
and manufacture of medical devices and delivery systems, BIOCORP
has today acquired a leading position in the connected medical
device market thanks to Mallya. This smart sensor for insulin
injection pens allows reliable monitoring of injected doses and
thus offers better compliance in the treatment of patients with
diabetes. Available for sale from 2020, Mallya spearheads BIOCORP's
product portfolio of innovative connected solutions. The company
has 80 employees.
BIOCORP is listed on Euronext since July 2015 (FR0012788065 –
ALCOR). For more information, please visit www.biocorp.fr.
Disclaimer
This press release is for information purposes only. This press
release does not constitute, and shall not be deemed to constitute,
an offer to the public, an offer to subscribe, an offer to sell or
a solicitation of interest in a transaction by way of public
offering of financial securities in any jurisdiction.
Financial securities may be offered or sold in the United States
only pursuant to registration under the U.S. Securities Act of
1933, as amended (the "Securities Act"), or pursuant to an
exemption from such registration requirement. The securities of the
Company that are the subject of this press release have not been
and will not be registered under the Securities Act, and the
Company does not intend to conduct a public offering of the
securities that are the subject of this press release in the United
States.
The release, publication, or distribution of this press release
in some countries may violate applicable laws. The information
contained in this press release does not constitute an offer of
securities in France, the United States, Canada, Australia, Japan
or any other country. This press release may not be published,
transmitted, or distributed, directly or indirectly, in the United
States, Canada, Australia or Japan.
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version on businesswire.com: https://www.businesswire.com/news/home/20230328005658/en/
BIOCORP
Sylvaine Dessard Marketing & Communication Director
rp@biocorp.fr + 33 (0)6 88 69 72 85
Bruno ARABIAN barabian@ulysse-communication.com +33 (0)6 87 88
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