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Biocartis H1 2017 Revenues Drop 3 Percent

NEW YORK (GenomeWeb) – Belgian molecular diagnostics firm Biocartis reported today that its total revenues for the first half of 2017 fell 3 percent year over year, as higher product sales were offset by a drop in collaboration revenues.

For the six months ended June 30, Biocartis' revenues fell to €5.9 million ($7.1 million) versus €6.1 million for the H1 2016. Product sales jumped 88 percent to €5.1 million from €2.7 million, driven by an 84 percent rise in Idylla system sales to €1.8 million from €988,000, and a 90 percent jump in cartridge sales to €3.3 million from €1.7 million a year earlier. Service revenues rose 411 percent to €104,000 from €20,000 a year earlier. Collaboration revenues, however, fell 79 percent to €716,000 from €3.4 million.

The company installed 108 Idylla instruments during H1, bringing its total installed base to 497,and sold approximately 27,000 cartridges. Biocartis attributed this growth to increased commercial cartridge consumption and strong placements in both European and other markets.  

Earlier this month, the company secured a 510(k) clearance from the US Food and Drug Administration for the Idylla system and the respiratory IFV-RSV panel test, which expanded its oncology menu to include a number of new tests including a liquid biopsy version of the Idylla EGFR mutation assay. In June, Biocartis also received a CE Mark for its EGFR mutation test.

The company's H1 net loss widened slightly to €24.0 million from €23.8 million for H1 2016.

Biocartis' H1 R&D expenses fell 7 percent to €19.3 million from €20.7 million in H1 2016. Its H1 SG&A costs dipped 1 percent to €8.1 million from €8.2 million. 

As of June 30, Biocartis had cash and cash equivalents totaling €59.0 million.

For full-year 2017, the firm expects its installed base of Idylla instruments to reach 640, and to grow its commercial cartridge consumption by more than three times the 2016 volume. Biocartis also expects to launch a liquid biopsy version of the Idylla ctEGFR mutation assay before the end of the year.