Genetico performance for 6 months of 2024 according to RAS

GENETICO Center for Genetics and Reproductive Medicine (ticker: GECO) has published the results for 6 months of 2024, prepared in accordance with Russian Accounting Standards (RAS).

Genetico, a resident of Skolkovo and Medtech Moscow Center for Innovations in Healthcare, is part of the Artgen Biotech group (ticker: ABIO). The company operates in the field of medical genetics and genetic research, introducing innovative solutions for the diagnosis, prevention and treatment of genetic and socially significant diseases into healthcare practice.

Key events over the 6 months of 2024:

On April 25, 2024, it was exactly one year since trading in Genetico shares started on the Moscow Stock Exchange. This IPO marked the beginning of a series of initial public offerings of shares on the capital market in Russia.
Genetico shares are included in the new IPO Moscow Stock Exchange index. The index code is MIPO. In July, trading in the first exchange-traded fund for this IPO index began on the Moscow Stock Exchange.
Genetico continues to develop a portfolio of gene therapy mediciness for the treatment of orphan diseases. It is also developing candidate medicines for the treatment of visual organ diseases, hereditary cardiomyopathies and neurodegenerative diseases.
Genetico develops its own test systems for early diagnosis and prevention of various diseases. On June 23, 2023, the Prenetics test system (a noninvasive maternal screening test) obtained the authorization for use as a medical device for detecting fetal chromosomal abnormalities in mother's blood from the Federal Service for Surveillance in Healthcare. The company also expects to receive permits for other test systems in 2024-2025, namely, Embryotest, Onconetics and Ixom.
The company analyzes the profitability of entering new markets and conducts negotiations with Kazakhstan and the UAE to expand its operations to foreign markets.
Genetico continues to work on the inclusion of advanced methods of prevention, diagnosis and treatment of genetic diseases in compulsory health insurance. In February, a conference "Organizational and Regulatory Issues of Introducing NIPT into the System of State Guarantees" was held at Medtech, the Moscow Center for Innovations in Healthcare. In May, leading industry experts discussed the importance of including genetic testing of embryos in the CHI.

In 6 months of 2024, the Company's revenue increased by 14.7% to RUB 181,006 thousand compared to the performance for the same period in 2023. The profit from sales for the first half of 2024 amounted to RUB 294 thousand, compared with the loss from sales of RUB 2,626 thousand in the same period of 2023. EBITDA amounted to RUB 12,555 thousand (6.9% of the revenue). The net loss over the first half of 2024 decreased by 69.2% compared to the first half of 2023.

Key P&L statement indicators

in RUB thousand	January to June 2024	January to June 2023	change, %
Revenue	181 006	157 757	14,7%
Cost of sales	(131 401)	(112 887)	16,4%
Gross profit (loss)	49 605	44 870	10,6%
Business expenses	(24 389)	(24 638)	-1,0%
Administrative expenses	(24 922)	(22 858)	9,0%
Profit (loss) from sales	294	(2 626)	-111,2%
Interest receivable	571	704	-18,9%
Interest payable	(9 850)	(15 604)	-36,9%
Other net income and (expenses)	292	(10 684)	-102,7%
Profit (loss) before tax	(8 693)	(28 210)	-69,2%
Net profit (loss)	(8 693)	(28 210)	-69,2%
EBITDA	12 555	1 307	860,6%
EBITDA, % of the revenue	6,9%	0,8%	-

Key balance sheet indicators

in RUB thousand	June 30, 2024	December 31, 2023	change, %
IA + Fixed assets	649 495	660 268	-1,6%
Inventories	108 268	84 188	28,6%
Accounts receivable	103 869	78 405	32,5%
Cash and cash equivalents	38 481	30 341	26,8%
TOTAL ASSETS	900 447	853 523	5,5%

LIABILITIES
Capital and reserves	606 663	615 356	-1,4%
Non-current liabilities	37 618	87 840	-57,2%
Current liabilities	256 166	150 327	70,4%
TOTAL LIABILITIES	900 447	853 523	5,5%

The financial statements of GENETICO Center for Genetics and Reproductive Medicine, PJSC, for 6 months of 2024 according to RAS are available on the corporate website: https://investors.genetico.ru/