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Biocartis H1 Revenues up 31 Percent

NEW YORK — Belgian molecular diagnostics maker Biocartis on Thursday reported a 31 percent year-over-year increase in revenues for the first half of 2021 on strong sales of its Idylla system and related test cartridges.

For the six-month period ended June 30, Biocartis' revenues rose to €21.9 million ($25.9 million) from €16.7 million a year earlier. Idylla system sales more than doubled to €3.7 million from €1.8 million as the company placed 189 of the systems during the first half of 2021. Meanwhile, Idylla test cartridge revenues climbed 54 percent to €14.8 million from €9.6 million as the company sold approximately 156,000 cartridges — primarily in oncology — during that time.

Separately, Biocartis said it recently received CE-IVD marking for its Idylla SARS-CoV-2/Flu/RSV Panel, with Emergency Use Authorization from the US Food and Drug Administration pending.

Demand for its existing SARS-CoV-2 tests in the US was down significantly during H1 2021 compared with the same period last year, the company noted. Additionally, a fire that occurred at one of its warehouses in Belgium in late July has prompted it to prioritize oncology and partner project test manufacturing, reducing SARS-CoV-2 test volumes.

Collaboration revenue in H1 slipped 45 percent to €2.6 million from €4.7 million, and service revenues rose 41 percent to €748,000 from €530,000.

"After the very strong performance in H1 2021, both in terms of instrument placements as well as commercial cartridge volumes, the fire was obviously an unfortunate setback," Biocartis CEO Herman Verrelst said in a statement. "We currently expect a smooth restart of [the company's high-throughput cartridge manufacturing] line by the second half of September 2021. This is also important considering the recent launch of the Idylla SARS-CoV-2/Flu/RSV Panel, the upgrade of our existing Idylla SARS-CoV-2 Test that now also includes Flu A/B and RSV."

Biocartis' H1 net loss rose to €37.3 million, or €.65 per share, versus a year-ago loss of €31.6 million, or €.56 per share.

R&D spending rose 15 percent to €23.4 million from €20.3 million amid higher laboratory costs and employee benefit expenses, while SG&A costs were up 8 percent to €15.6 million from €14.4 million.

At the end of June, Biocartis had cash and cash equivalents totaling €84.9 million, which included €1.2 million in restricted cash related to a lease financing.

Looking ahead, Biocartis said it anticipates year-over-year commercial cartridge volume growth of 40 percent, or 320,000 commercial cartridges, for full year 2021. The number of newly installed Idylla systems is expected to reach between 300 to 350 for the year.