Genetico’s income increased by 23% in 2024

GENETICO Center for Genetics and Reproductive Medicine (MOEX: GECO) published their operating results for 12 months of 2024 prepared as per the Russian Accounting Standards (RAS).

Genetico Center, a resident of Skolkovo and Medtech Technopark, is part of the Artgen Biotech group (MOEX: ABIO). The company conducts its activities in medical genetics and genetic testing and implements into practical healthcare innovative solutions for diagnostics, prevention and treatment of genetic and socially significant diseases.

In 2024, the Company's revenue grew by 23%. The company is increasing its revenue, while gross profit is growing at a faster rate due to higher sales margins. The total revenue growth has been 36% for the last two years

Control of commercial and administrative expenses also promotes the increase of sales profit and EBITDA. In general, EBITDA increased from negative -0.6 million rubles in 2022 to 56 million rubles in 2024, EBITDA margin increased from 0% in 2022 to 13% of revenue in 2024. The net loss has decreased 7 times over the past 2 years.

As of the end of 2024, the net debt was 170 million rubles, but now the debt burden is about 20 million rubles, which corresponds to the last payment on the bonds, which will take place in June 2025.

The main events in 2024:

Genetico expanded its presence in the Russian Federation through partnerships with clinics and laboratories in regions.
Increase in the number of studies (+38%) and consultations (+13%) due to active work of the new medical center.
Genetico received a patent for Onconetix panel for genetic testing of tumors and selection of target therapy of oncological diseases.
Genetico invests 20 million rubles in Retinostar, the developer of the first-in-class gene therapy drugs for eye treatment.
Genetico continues to create a portfolio of gene therapy drugs for the treatment of orphan and socially significant diseases. And it develops drugs for the treatment of diseases of vision, hereditary cardiomyopathies and neurodegenerative diseases. Models are being tested and designs of candidate drugs are being selected. It is planned to conduct the first Proof of сoncept experiments by the end of 2025.
Events and conferences were organized to include NIPT and PGT studies in the obligatory medical insurance
Genetico shares achieved the new Moscow Exchange IPO index. The index code is MIPO. In July 2024, trading of the first exchange-traded fund for this IPO index started at the Moscow Exchange.
Genetico conducted closed private placement of 7 million shares in favor of companies of Artgen Biotech group. The placement will be completed by the 2nd quarter of 2025.

Income statement main indicators

thousand rubles	January – December 2024	January – December 2023	January – December 2022	Ch., % 2024/2023	Ch., % 2024/2022
Revenue	425 964	346 101	312 602	23,1%	36,3%
Cost of sales	-312 735	-263 357	-265 245	18,7%	17,9%
Gross profit (loss)	113 229	82 744	47 357	36,8%	139,1%
Commercial expenses	-53 063	-49 783	-47 770	6,6%	11,1%
Administrative expenses	-53 580	-48 104	-43 952	11,4%	21,9%
Sales profit (loss)	6 586	-15 143	-44 365	-	-
Interest receivable	1 311	3 281	-	-60,0%	-
Interest payable	-30 917	-28 601	-30 929	8,1%	-
Other net income (loss)	9 728	5 294	-2 674	83,8%	-
Net profit (loss)	-13 292	-35 169	-77 968	-62,2%	-83,0%
EBITDA	56 119	29 048	-648	93,2%	-
EBITDA, % of revenue	13,2%	8,4%	-0,2%	-	-

Balance sheet main indicators

thousand rubles	December 31, 2024	December 31, 2023	Ch., %
ASSETS
ITA + fixed assets	659 520	658 580	0,1%
Reserves	118 628	84 188	40,9%
Accounts receivable	68 522	78 405	-12,6%
Financial investment (except for cash equivalents)	30 500	-	-
Cash and cash equivalents	3 571	30 341	-88,2%
TOTAL ASSETS	881 002	851 834	3,4%

LIABILITIES
Equity and reserves	600 376	613 668	-2,2%
Long-term liabilities	39 552	87 840	-55,0%
Short-term liabilities	241 074	150 326	60,4%
TOTAL LIABILITIES	881 002	851 834	3,4%

The financial statements of CGRM Genetico PJSC for 2024 as per the RAS can be found on the corporate website: www.investors.genetico.ru