EQS-News

Epigenomics AG publishes financial results for fiscal year 2023 - Seite 2

KEY FIGURES 2023

• With the binding dissolution of Epigenomics Inc., the obligation to prepare consolidated financial statements in accordance with IFRSs no longer applies. The Company therefore reports on the basis of separate financial statements in accordance with the German Commercial Code (HGB).
• Revenue decreased to EUR 0.3 million in the 2023 fiscal year, compared to EUR 0.9 million in the previous year. The main reason for the decline in revenue was the discontinuation of the distribution of Epi proColon as part of the restructuring process.
• Other operating expenses fell from EUR 8.7 million in 2022 to EUR 4.2 million in the reporting year. This was due to lower research and development costs as a result of the restructuring measures introduced.
• Personnel expenses amounted to EUR 4.2 million in the 2023 financial year, an increase of EUR 1.2 million compared to the previous year, which is mainly attributable to restructuring costs (severance payments).
• The increase in other income to EUR 4.7 million (2022: EUR 2.5 million) included the proceeds from the sale of assets to New Day Diagnostics LLC in the amount of EUR 4.0 million and exchange rate gains of EUR 0.4 million (2022: EUR 2.4 million).
• The net loss for the year decreased to EUR -4.5 million (2022: EUR -17.3 million) and was therefore within the forecast range of EUR -4.0 million to EUR -6.0 million in the reporting period.
• Due to the restructuring measures implemented and the sale of almost all assets to New Day Diagnostics LLC, cash consumption fell significantly to EUR 5.6 million after EUR 10.7 million in the previous year. Cash consumption therefore developed in line with the earnings situation and in line with the forecast.
• As of December 31, 2023, the Company had cash and cash equivalents of EUR 2.1 million (December 31, 2022: EUR 7.8 million).

 

OUTLOOK 2024

• For the full year 2024, Epigenomics AG expects a net loss within the range of EUR -0.8 million to EUR -1.2 million.
• Based on the business plan, the Company also expects cash consumption of between EUR -1.3 million and EUR -1.7 million, with cash expenses planned for 2024 relating to the maintenance of proper administrative business operations.