Exiqon A/S
FULL YEAR RESULTS 2014

DGAP-News: Exiqon A/S

2015-01-30 / 08:38

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Copenhagen, 2015-01-30 08:38 CET (GLOBE NEWSWIRE) -- Exiqon ends 2014 on record
fourth quarter sales and full year profitability measured on EBITDA. 

Exiqon A/S today announced full year results for 2014:

In summary (DKK million)  Q4 2014  Q4 2013  FY 2013  FY 2014  Outlook 2015*
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Revenue                    34.4     28.7     123.6    132.4      150-160   
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Gross profit               22.1     16.3     75.5     85.2                 
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EBITDA                     -1.1     -2.6     -4.1      3.1         5-10    
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Net profit                 -3.6     -3.2     -10.7    -2.8                 
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EPS                        -0.10    -0.09    -0.29    -0.08                
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* Based on an average USD/DKK exchange rate of DKK 6.50.

Financial highlights

  -- Fourth quarter revenue increased 20% to DKK 34.4 million (DKK 28.7
     million), driven by record products and services sales (excl. OEM) of DKK
     27 million (DKK 22 million).

  -- Full year revenue increased 7% to DKK 132.4 million (DKK 123.6 million),
     and products and services sales (excl. OEM) increased 6% to DKK 102.8
     million (DKK 96.7 million) driven by 32% organic growth in services sales
     to DKK 20.5 million (DKK15.5 million).

  -- Full year gross profit improved 13% to DKK 85 million (DKK 75.5 million)
     driven by higher volumes and continued optimizations. Exiqon Life Sciences'
     gross profit of DKK 82.4 million (DKK 70.8 million) was realized at
     improved gross margins of 63.9% (59.8%).

  -- Full year operating costs increased 5% to DKK 88.3 million (DKK 84.2
     million), driven by 8% increase in R&D costs to DKK 26.3 million
     (DKK 24.2 million) and 32% increase in depreciations to DKK 6.2 million
     (DKK 4.7 million) following accelerated investments and established
     services for RNA sequencing.

  -- Full year profitability measured on EBITDA of DKK 3.1 million (DKK -4.1
     million) despite increasing non-cash costs of share based payments of DKK
     3.9 million (DKK 2.9 million).

  -- Full year EBIT improved 65% to DKK -3.1million (DKK -8.8 million). 

  -- The net result for 2014 improved 74% to DKK -2.8 million (DKK -10.7
     million).

  -- EPS improved 72% to DKK -0.08 (-0.29) for 2014. 

  -- Cash flow from operating activities amounted to DKK -2.4 million (DKK 3.2
     million) and was affected by high year end receivables as a result of
     record fourth quarter sales of products and services (excl. OEM).

Summarized financial outlook for 2015:

In 2015, Exiqon expects total revenue between DKK 150-160 million and EBITDA
around DKK 5-10 million. 

The outlook for 2015 is based on an average USD/DKK exchange rate of DKK 6.50
and does not include any significant one-time payments or any extraordinary
costs. 

In a comment, CEO Lars Kongsbak said:

'We are excited to have reached the important milestone of full year
profitability measured on EBITDA in 2014, and the prospect of capturing new
market opportunities and returning to double digit growth in 2015 while
continuously improving EBITDA on the back of recent investments. 

We continue to make important progress in our diagnostic programs, particularly
within prostate cancer, and planning to further accelerate these programs
during 2015.' 

Please see the enclosed PDF for the full Annual Report 2014.

Additional information
Lars Kongsbak, CEO, tel. +45 4566 0888 (cell: +45 4090 2101)
Hans Henrik Chrois Christensen, CFO, tel. +45 4566 0888 (cell: +45 4090 2131)
News Source: NASDAQ OMX



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2015-01-30 Dissemination of a Corporate News, transmitted by DGAP - a
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Language:    English       
Company:     Exiqon A/S    
 
 
             Denmark       
ISIN:        DK0060077758  
 
 
End of News    DGAP News-Service  
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