International Medical Center of Biomaterials Processing and Cryostorage (IMCB, ticker: GEMA) has published its performance results for 6 months of 2024, prepared in accordance with Russian Accounting Standards (RAS).
IMCB (Gemabank) is a biotech company, part of Artgen Biotech group (ticker: ABIO), engaged in personal stem cell storage and development of gene therapy mediciness for the treatment of blood and immune system diseases.
The net profit of Gemabank for the first 6 months of 2024 increased by 27% and amounted to RUB 80,091 thousand. The Company's revenue increased by 18.4% amounting to RUB 164,642 thousand, with the EBITDA of RUB 88,728 thousand (53.9% of the revenue).
Key events over the 6 months of 2024:
Despite the drop in the birth rate, Gemabank managed to increase its revenue by 18.4%. Due to ongoing work with physicians and new clients, the growth potential for the umbilical cord stem cell storage service has been preserved. An increase in the number of examples of practical use of stem cells for the treatment of severe diseases will have a significant positive impact on the growth rate of demand for the preservation of cord blood samples. The development of new gene therapy medicines for the treatment of blood diseases and immunodeficiency will allow the company to diversify its revenues in the future, and in the coming years of 2024-2025, and positively affect the company's image.
Strategic goals that the company sets for itself by the end of 2024
Key P&L statement indicators for 6 months of 2024
RUB thousand |
January to June 2024 |
January to June 2023 |
change, % |
Revenue |
164 642 |
139 027 |
18,4% |
Cost of sales |
(26 675) |
(23 683) |
12,6% |
Business expenses |
(35 228) |
(25 749) |
36,8% |
Administrative expenses |
(17 521) |
(13 444) |
30,3% |
Profit (loss) from sales |
85 218 |
76 151 |
11,9% |
Income from shareholdings |
9 000 |
- |
- |
Interest receivable |
13 641 |
13 960 |
-2,3% |
Interest payable |
(17 034) |
(16 658) |
2,3% |
Other net income (expenses) |
(10 734) |
(10 394) |
3,3% |
Net profit (loss) |
80 091 |
63 059 |
27,0% |
Net profit, % |
48,65% |
45,36% |
- |
EBITDA* |
88 728 |
71 323 |
24,4% |
EBITDA, % |
53,9% |
51,3% |
- |
Key balance sheet indicators for 6 months of 2024
in RUB thousand |
June 30, 2024 |
June 30, 2023 |
change, % |
Assets |
|||
Intangible assets |
81 708 |
87 558 |
-6,7% |
Fixed assets |
60 659 |
51 264 |
18,3% |
Financial investments |
762 590 |
930 150 |
-18,0% |
Total non-current assets |
904 957 |
1 069 323 |
-15,4% |
Accounts receivable |
67 252 |
71 440 |
-5,9% |
Cash and cash equivalents |
231 924 |
98 072 |
136,5% |
Financial investments (excluding cash equivalents) |
50 000 |
5 397 |
826,4% |
Total current assets |
352 775 |
181 198 |
94,7% |
Total assets |
1 257 732 |
1 250 521 |
0,6% |
Liabilities |
|
|
|
Revaluation of non-current assets |
98 400 |
180 150 |
-45,4% |
Add-on capital (without revaluation) |
242 504 |
242 504 |
- |
Retained earnings (uncovered loss) |
80 451 |
63 061 |
27,6% |
Total capital and reserves |
421 512 |
485 872 |
-13,2% |
Borrowings |
228 108 |
228 108 |
- |
Other liabilities |
449 894 |
367 311 |
22,5% |
Total non-current liabilities |
678 002 |
595 419 |
13,9% |
Borrowings |
11 781 |
11 607 |
1,5% |
Accounts payable |
140 983 |
154 406 |
-8,7% |
Other liabilities |
4 359 |
2 127 |
104,9% |
Total current liabilities |
158 218 |
169 230 |
-6,5% |
Total liabilities |
1 257 732 |
1 250 521 |
0,6% |
The accounting statements of IMCB, PJSC, for 6 months of 2024 are available on the corporate website of the Company in the For Investors section.