BIOCORP Reports Half-year Results as of June 30, 2023
05 September 2023 - 2:00AM
Business Wire
- Operating revenues up 21% to €4.1 million
- Net loss for the first half of the year at
€3.8 million
Regulatory News:
BIOCORP (FR0012788065 – ALCOR / Eligible PEA‐PME) (Paris:ALCOR),
a French company specialized in the design, development, and
manufacturing of innovative medical devices, presents its half-year
financial results as of June 30, 20231.
Éric Dessertenne, CEO of BIOCORP, commented: “The first half of
2023 has been very dynamic for Biocorp with the main event being
the conclusion of discussions with NOVO NORDISK, our commercial
partner of the Mallya platform since 2021. NOVO NORDISK began the
takeover of BIOCORP with the firm intention of preserving the
capacity for innovation, the investment effort and the
entrepreneurial spirit that have always driven us. Given NOVO
NORDISK's global presence, this transaction represents the best
opportunity to develop new connected devices and make them
available to the greatest possible number of patients suffering
from serious chronic diseases such as diabetes. Over the last few
weeks, the work undertaken by our respective teams has confirmed
this desire with great enthusiasm".
Half-year results as of June 30th, 2023
- Turnover for the first half of 2023 amounts to €4,112 K, up
36.5% from €3,011 K a year earlier.
- Sales of manufactured products for €1,297 K – 100% increase
compared to the first half of 2022. Contract manufacturing activity
remains flat.
- Sales of development services: €2,814 K – increase of 19%
compared to the first half of 2022.
- Operating expenses rose by 35% to €8,035 K (vs. €5,948 K in H1
2022) and are explained by the increase in salaries and expenses
related to the recruitments made last year to structure some
departments of the Company (regulatory, R&D, purchasing,
project management), an increase in component consumption, an
increase in certain overheads, and a provision for obsolete
component inventory.
- Taking these elements into account, the Gross Operating Profit
(EBITDA) is negative at (€3,080 K), compared to (€2,145 K) in the
first half of 2022, the operating result for the first six months
of the year came to a loss of €3,905 K compared with a loss of
€2,529 K in the first half of 2022.
- The half-year financial result shows a loss of (€119 K)
compared to (€39 K) a year earlier.
- Exceptional items were positive at €97 K on June 30, 2023,
compared to €156 K in the first half of 2022.
- For tax purposes, BIOCORP estimates that it will have acquired
a Research Tax Credit (CIR) of €129 K by June 30, 2023. CIR and CII
had been estimated at 99 K€ a year earlier.
- Considering the above elements, on June 30, 2023, the net
result is negative at (€3,798 K) compared to a loss of (€2,313 K)
in the first half of 2022. As a consequence, the amount of the
shareholders' equity as at June 30, 2023 is (€1,240 K).
In K€
June 30th, 2023
June 30th, 2022
December 31st, 2022
Sales
4,112
3,011
11,670
Other operating income
18
408
178
Total operating income
4,130
3,419
11,848
Gross operating profit (EBITDA)
-3,080
-2,145
43
Net operating income
-3,905
-2,529
-732
Net financial income
-119
-39
-61
Exceptional income
98
156
-117
Research Tax Credit & Innovation Tax
Credit
-129
-99
259
Net profit
-3,798
-2,313
-651
Cash at bank
2,582
590
2,666
Financial debts
8,786
4,197
5,776
- On June 30, 2023, cash at bank totaled €2,582 K (vs. €590 K in
H1 2022), including €3,000 K received from the issuance of deeply
subordinated bills (billets de trésorerie court terme) which are
due for redemption on September 22, 2023.
- Total financial debt as at 30 June 2023 amounts to €8,786 K
(vs. €4,197 K in H1 2022) and was composed of convertible bonds
(emprunts obligataires convertibles) subscribed by Vatel Capital
for €2,291 K, bank debt (dettes bancaires) for €3,080 K, short-term
commercial paper (concours bancaires court terme) for €3,002 K and
other financial debts (autres dettes financières) for €413 K.
Highlights of the first half of 2023
- Signature of an industrial partnership with the pharmaceutical
company HRA Pharma, a subsidiary of the world leader in
self-medication products Perrigo company plc, for the development
of an innovative medical device for the healing of skin
lesions.
Post-period key factors2
- Completion on August 4, 2023 of the acquisition by Novo Nordisk
of a controlling interest in BIOCORP. The offer price is €35.00 per
share.
- In the context of such acquisition, all the convertible bonds
issued by Biocorp have been reimbursed in cash on August 4, 2023
for an amount of €2,263k and an intra-group loan agreement has been
entered into between Biocorp and Novo Nordisk for the purposes of
this reimbursement and financing of Biocorp’s working capital.
- On August 7, 2023, Novo Nordisk filed with the Autorité des
marchés financiers a draft simplified mandatory tender offer to
purchase the remaining shares of Biocorp at the aforementioned
price of €35.00 per share (the “Offer”), followed by a squeeze-out
of the Company in the event that the conditions required to
implement the squeeze-out are met at the end of the Offer.
Completion of the Offer is subject to a declaration of compliance
from the Autorité des marchés financiers.
- At the date hereof, the ownership of the BIOCORP's share
capital and voting rights is distributed as follows:
Shareholder
Number of shares
% of the share capital
Number of theoretical voting
rights
% of theoretical voting
rights
Novo Nordisk Region Europe A/S3
3,307,836
74.97%
3,307,836
74.68%
Jacques GARDETTE
3,200
0.07%
3,400
0.08%
Jacques GARDETTE family
1,000
0.02%
2,000
0.05%
Treasury shares
9,724
0.22%
9,724
0.22%
Public
1,090,526
24.72%
1,106,108
24.97%
Total
4,412,286
100%
4,429,068
100%
Prospects for the second half of 2023
- Favorable perspectives for the demand of our Mallya platform,
in comparison to the first half of 2023.
- Biocorp expects Mallya production capacities to increase by the
end of the year, thanks to the new assembly zone in the
manufacturing site of Issoire.
- Subject to completion of the Offer, the intentions of Novo
Nordisk with respect to Biocorp are detailed in the draft offeror
information notice. Novo Nordisk notably indicates that it intends
to pursue the main strategies being implemented by the Company and
to support its development as part of its integration into the Novo
Nordisk group.
The half-year financial report for 2023 will be made available
by October 31st on the Company's website, in the "Investors"
section.
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 85 employees. BIOCORP is listed on
Euronext since July 2015 (FR0012788065 – ALCOR).
For more information, please visit www.biocorpsys.com.
1 The Board of Directors of BIOCORP, meeting on September 4,
2023, approved the accounts for the first half of 2023 (not audited
by the statutory auditors). 2 See press releases issued by Biocorp
on June 19, August 4 and August 7, 2023. 3 The shareholding of Novo
Nordisk Region Europe A/S includes 2,838,669 shares resulting from
the acquisition of the controlling block on August 4, 2023, and
469,167 additional shares acquired by Portzamparc on behalf of Novo
Nordisk Region Europe A/S, in accordance with article 231-38 IV of
the AMF General Regulation, since the filing of the draft Offer
with the Autorité des marchés financiers on August 7, 2023.
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version on businesswire.com: https://www.businesswire.com/news/home/20230904784335/en/
CONTACTS BIOCORP Sylvaine Dessard Senior Director Marketing
& Communication rp@biocorp.fr + 33 (0)6 88 69 72 85
Bruno ARABIAN Press Officer barabian@ulysse-communication.com
+33 (0)6 87 88 46 26
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