BIOCORP Reports H1 2021 Results

Regulatory News:

BIOCORP (FR0012788065 – ALCOR / Eligible PEA‐PME) (Paris:ALCOR), a French company specialized in the design, development, and manufacturing of innovative medical devices, presents its half-year financial results as of June 30, 2021⁽¹⁾.

Éric Dessertenne, CEO of BIOCORP, commented: “The first six months of the current year are in line with the second half of 2020. Our teams have been very active in business development, technological and commercial partnerships to position our Mallya connected device in high-potential markets, as was the case in Taiwan with Health2Sync and in France with Roche Diabetes Care. On the same time, the uncertainties associated with the prolonged COVID-19 crisis and Big Pharma's priority choices have clearly slowed patients’ adoption of Mallya. Thus, the commercial achievements of our alliances with Sanofi and Roche have only a marginal impact for the time being and should only produce their full effect next year. Despite this, BIOCORP has continued its R&D efforts as evidenced by our partnership with Diabeloop. We have broadly continued to invest heavily in the development of our range of connected solutions, especially in the field of pre-filled syringes with Injay and Mallya variations for new therapeutic areas. The stagnation of our half-year performance must be considered as cyclical. The major partnerships signed for Mallya outside the H1 period, such as our agreement with Merck in the field of growth hormone and the one with Novo Nordisk in diabetes, confirm our technological lead and the quality of the solutions we can ultimately offer to patients. Finally, from a financial point of view, these new alliances allow us to look forward with optimism to the coming months, which, we are convinced, will give BIOCORP a whole new dimension."

Half-year results as of June 30th, 2021

• Turnover for the first half of 2020 amounts to €3.593 K compared to €3,809 K a year earlier. This relative decline is mainly explained by the postponement of milestones to the second half.
• Operating expenses for this semester are up 9.7% year-on-year to €5.214 K (vs. €4.752K during H1 2020) due to the increase in "salaries and expenses". On June 30, 2021, the Company had 67 employees compared to 57 a year earlier.
• Taking these elements into account, the operating result for the first half of the year is negative at (€1.330 K) compared to a negative result of €961 K for the first six months of 2020.
• The financial result shows a reduced loss of (€50 K) compared to (€79 K) a year earlier, mainly resulting from the interest on bonds.
• Exceptional items were positive at €30 K in the first half of the year, compared to €181 K in the first half of 2020.
• For tax purposes, BIOCORP estimates that it has acquired a Research Tax Credit (CIR) of €125,6 K on June 30, 2021. The CIR and CII had been estimated at €80.7 K as of June 30, 2020. As of June 30, 2019, a receivable of €74 K related to corporate income tax has been recognized.
• Considering the above elements, the net result on June 30, 2021, was negative at €-1.224 K compared to €-778 K in the first half of 2020. 

• At the end of the period, BIOCORP shows a free cash-flow of €1.818 K and an equity level of 1.610 K€. 


In K€