DGAP-News

Epigenomics AG Announces 2017 Second Quarter and Six Months Financial Results - Seite 2

- Adjusted for non-cash expenses related to phantom stock programs, EBITDA in Q2 2017 was at EUR -3.4 million (Q2 2016: EUR -3.5 million); adjusted EBITDA for 6M 2017 amounted to EUR -5.8 million (6M 2016: EUR -5.7 million). Net loss amounted to EUR 4.1 million in Q2 2017 compared to EUR 3.3 million in Q2 2016, and EUR 6.5 million for 6M 2017 (6M 2016: EUR 7.6 million).

- Net loss per share for Q2 2017 rose to EUR 0.18 (Q2 2016: EUR 0.16) and decreased for 6M 2016 to EUR 0.28 (6M 2016: EUR 0.39).

- Cash consumption (cash outflow from operating and investing activities) was EUR 4.7 million in 6M 2017 compared to EUR 4.3 million in 6M 2016.

- Liquid assets (including marketable securities) amounted to EUR 7.7 million at the reporting date (December 31, 2016: EUR 12.3 million).

Outlook for 2017

- On July 6, 2017, after the end of the reporting period, we adjusted our outlook for the second half of the year. Due to the fact that revenue remained below expectations in the first half of 2017 (approximately EUR 0.5 million) and the fact that there would be most likely no Medicare reimbursement in the U.S. market over the remainder of the year, we now expect revenue to amount to between EUR 1.0 million and EUR 1.5 million in fiscal year 2017 (previously: approximately EUR 2.5 million).

- Based on the reduced revenue forecast and due to potential additional costs, adjusted EBITDA (excluding expenses in relation to share-based payments) is now expected to range between EUR -12.5 million and EUR -14.0 million at the end of the year (previously: EUR -12.0 to EUR -13.5 million).

- Given that acceptance of Summit Hero's takeover offer to the shareholders of our Company was insufficient, the Company now faces an uncertain situation with respect to its liquidity, as the available liquid funds as of June 30, 2017 are only expected to last until the first quarter of 2018 based on the current cash consumption. The planned issuance of convertible bonds to Cathay Fortune (CFIC) would provide additional cash in the amount of approximately EUR 6.5 million and extend cash reach to Q3/2018 (based on current cash consumption).