Danish English
Published: 2013-05-06 16:18:10 CEST
Exiqon A/S
Quarterly report

INTERIM REPORT FOR THE PERIOD 1 JANUARY - 31 MARCH 2013 (UNAUDITED)

Exiqon A/S (NASDAQ OMX Copenhagen: “EXQ”) today announced first quarter results for 2013:

In summary (DKK million) Q1 2013 Q1 2012 FY 2012 Outlook 2013
Revenue 31.8 24.0 117.4 ~ 130
Gross profit 18.4 12.9 67.2  
EBITDA -2.0 -4.8 -4.4 > 0
Net profit -4.5 -8.2 -14.6  
Cash Flow From Operating activities -3.2 -0.2 -5.4 > 0
EPS -0.12 -0.23 -0.41  

Financial highlights 

  • Revenue increased 33% to DKK 31.8 million (DKK 24.0 million). Research product sales and services (excluding OEM) increased 34% to DKK 25.7 (DKK 19.2 million), driven primarily by Europe and Rest of World.
  • Total operating expenses increased 11% to DKK 21.8 million (DKK 19.7 million) due to new hiring’s in Sales & Marketing.
  • EBITDA improved to DKK -2.0 million (DKK -4.8 million) including non-cash cost of share-based payment in first three months of 2013 of DKK 0.8 million (DKK 0.3 million).
  • Net result was DKK -4.5 million (DKK -8.2 million). EPS amounted to DKK -0.12 (DKK -0.23).
  • Cash flow from operating activities was DKK -3.2 million (DKK -0.2 million).
  • On 1st March 2013, Exiqon issued corporate bonds in the form of a three year bullet loan in the amount of DKK 15 million at a fixed interest rate of 8.85% p.a.
  • The financial outlook for 2013 is unchanged.

Operational highlights

  • On 19 March 2013, Exiqon launched a novel group of longRNA GapmeR products for functional analysis of mRNA and long non-codingRNA. The products offer an excellent alternative to siRNAs which is the dominant technology applied today. The market for siRNAs is a multi-hundred million dollar market and the products are part of Exiqon’s strategy to expand beyond the miRNA market.
  • After end period, on 15 April 2013, Exiqon launched miRSearch V2.0, which is a database search tool that enables scientists to search across multiple databases. As an integrated part of the tool, customers are guided towards relevant Exiqon products making the ordering process very easy in line with Exiqon’s strategy of strengthening the ecommerce business.
  • After end period, on 18 April 2013, Exiqon launched 3rd generation microRNA qPCR Focus Panels for preclinical toxicology research. The products address a growing double digit million dollar market in line with Exiqon’s strategy of developing highly value-adding products.

In a comment, CEO Lars Kongsbak said: “First quarter sales are sound despite difficult market conditions, and we are particularly pleased with the progress in Rest of World following our change of distributor effective January 1st 2013. Sales in North America have improved and we remain confident about the full year outlook.”

See the full interim report in the attached PDF or at www.exiqon.com/investor/portal.

Additional information
Lars Kongsbak, CEO, tel. +45 4566 0888 (cell: +45 40902101)
Hans Henrik Chrois Christensen, CFO, tel. +45 4566 0888 (cell: +45 40902131)


Announcement_5_2013_Q1_2013.pdf