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Biocartis Reports 15 Percent Rise in 2020 Revenues

NEW YORK – Belgian molecular diagnostics firm Biocartis reported on Thursday that its full-year 2020 revenues rose 15 percent year over year.

For the 12 months ended Dec. 31, 2020, Biocartis' revenues rose to €43.1 million ($52.7 million) from €37.4 million in 2019.

Product sales rose 32 percent to €31.9 million from €24.2 million, including €24.8 million from Idylla cartridge sales, up about 38 percent from €18.0 million in 2019, and €7.1 million from Idylla system sales, up about 15 percent from €6.2 million in 2019.

Within total product sales, commercial revenues rose 34 percent to €30.7 million from €22.9 million a year earlier, while R&D revenues fell 14 percent to €1.2 million from €1.4 million in 2019.

Collaborative revenues fell 20 percent to €10.0 million in 2020 from €12.5 million in 2019, which Biocartis attributed to the reallocation of resources to prioritize Idylla SARS-CoV-2 test development and the termination of its agreement with Genomic Health in November. Service revenues rose 56 percent to €1.2 million from €769,000 in 2019.

Biocartis installed 335 Idylla instruments during the year, bringing its total installed base to 1,581.

"Oncology volumes continued to grow, mostly in the US, but also in Europe, and the versatility of Idylla allowed the rapid rollout of a pandemic response test menu that alleviated the pressure on oncology testing volumes," Herman Verrelst, CEO of Biocartis, said in a statement. "We continued to expand our global Idylla ecosystem, attracted new partners, and made significant operational progress on our path towards continued growth." 

During a call with investors after the release of its earnings, Verrelst said that Biocartis has identified multiple trends in oncology that it believes "can make an important contribution" to its top line in the future. These trends include applying targeting therapy selection in the pan-tumor setting, developing tests for COVID-19 detection, as well as playing a role in the immunotherapy testing and liquid biopsy markets.  

Verrelst also highlighted that Biocartis completed compliance testing of its Idylla instrument and console with the China National Medical Products Administration in January.

The company said it sold about 230,000 Idylla cartridges in 2020, about a 31 percent year-over-year increase. To minimize the impact and respond to its customers' need for COVD-19 testing, the firm developed the Idylla SARS-CoV-2 test, which saw strong demand in Q4, especially in the US, enabling the firm to meet its pre-pandemic guidance in Idylla instruments and cartridges.

In December, Biocartis signed an agreement with a holder of its outstanding €150 million 4 percent senior unsecured convertible bonds due 2024 regarding the exercise of conversion rights in relation to €15 million aggregate principle amount of bonds

Biocartis' net loss for the year decreased to €62.9 million, or €1.11 per share, from a net loss of €64.1 million, or €1.14 per share, in 2019.

R&D spending during the year rose 15 percent to €45.8 million from €39.8 million in 2019. The firm's sales, marketing, general, and administrative costs fell about 6 percent year over year to €30.3 million from €32.2 million.

At the end of 2020, Biocartis had cash and cash equivalents of €123.7 million.

In 2021, Biocartis expects new installations of around 300 to 350 instruments, which would bring the total installed base to about 1,900. The firm is also targeting a commercial cartridge volume of 320,000 to 370,000 Idylla cartridges.