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Biocartis' First-Half 2016 Total Revenues Dip as Product Sales Rise 63 Percent

NEW YORK (GenomeWeb) – Belgian molecular diagnostics firm Biocartis reported today that its first-half 2016 revenues fell 7 percent year over year on lower collaboration revenues.

The firm reported total revenues of €6.1 million ($6.9 million) versus €6.6 million for the first half of 2015. Its product sales jumped 63 percent to €2.7 million from €1.7 million, due to a 314 percent year-over-jump increase in cartridge sales. Sales for its Idylla molecular diagnostics systems were down 21 percent to €988,000 from €1.2 million.

Biocartis' collaboration revenue fell 31 percent to €3.4 million from €4.9 million, the result of €2 million in milestone payments received during the first half of last year that were not repeated in the first half of 2016.

Biocartis installed 106 Idylla instruments in the first half of 2016, bringing its total installed base to more than 270 instruments. "A key driver behind the new installations was the expansion of the oncology menu by end 2015, which doubled from two to four tests with the launch of the Idylla NRAS-BRAF-EGFR S492R Mutation Assay and the Idylla ctBRAF Mutation Assay," the firm said in a statement.

Biocartis posted a net loss of €23.8 million for the first half of 2016 compared to a loss of €16.9 million for H1 2015.

Its R&D expenses jumped 29 percent to €20.7 million from €16.1 million, while its marketing and distribution expenses increased 63 percent to €5.3 million from €3.2 million, and its general and administrative spending declined 20 percent to €2.9 million from €3.6 million.

As of June 30, Biocartis had €75.8 million in cash and cash equivalents.

The firm expects its installed base of Idylla instruments to reach around 340 by the end of this year. It also expects to launch two liquid biopsy tests for the KRAS mutation and NRAS-BRAF mutation, both for research use only, in the second half of 2016. It also expects to file for US Food and Drug Administration clearance of its Idylla instrument and console and Idylla Respiratory Panel during the back half of the year. The respiratory panel recently completed US clinical studies conducted by Biocartis partner Janssen Diagnostics.