The Center for Genetics and Reproductive Medicine GENETICO (MOEX: GECO) published its operating results for the 12 months of 2023, prepared in accordance with Russian Accounting Standards (RAS).
The Genetico Center, a resident of Skolkovo and the Medtech Technopark, is part of the Artgen Biotech group (MOEX: ABIO). The company works in the field of medical genetics and genetic research, introducing innovative solutions into healthcare practice for the diagnosis, prevention and treatment of genetic and socially significant diseases.
Key events for 2023:
In 2023, the Company's revenue increased by 10.7% to RUB 346.101 mln compared to the results for 2022. The growth drivers were genetic screening for chromosomal abnormalities (Embryotest), exome sequencing services and an increase in the number of tender sales. The sales loss in 2023 decreased by 2.9 times compared to 2022. At the end of 2023, EBITDA became positive and amounted to RUB 29.092 mln, 8.4% of the Company’s revenue. Net loss in 2023 decreased by 54.9% compared to 2022.
Key Income Statement indicators
in RUB thous. |
January - December |
January - December |
Change, % |
Revenue |
346 101 |
312 602 |
10,7% |
Cost of sales |
(263 357) |
(265 245) |
-0,7% |
Gross profit (loss) |
82 744 |
47 357 |
74,7% |
Selling expenses |
(49 783) |
(47 770) |
4,2% |
Administrative expenses |
(48 104) |
(43 952) |
9,4% |
Profit (loss) from sales |
(15 143) |
(44 365) |
-65,9% |
Interest receivable |
3 281 |
- |
- |
Interest payable |
(28 601) |
(30 929) |
-7,5% |
Other income and (expenses) net |
5 294 |
(2 674) |
298,0% |
Profit (loss) before tax |
(35 169) |
(77 968) |
-54,9% |
Net profit (loss) |
(35 169) |
(77 968) |
-54,9% |
EBITDA |
29 092 |
567 |
5030,9% |
EBITDA, % of revenue |
8,4% |
0,2% |
|
Key balance sheet indicators
Capital and reserves increased by 30.4% as a result of the successful IPO placement on the Moscow Exchange. The debt burden decreased by 44.3%. The Company's net debt decreased by 52.3% and as of December 31, 2023 amounted to RUB 93.9 mln.
in RUB thous. |
31.12.2023 |
31.12.2022 |
Change, % |
ASSETS |
|
|
|
Intangible assets + Fixed assets |
210 818 |
221 709 |
-4,9% |
Research and development results |
449 450 |
408 037 |
10,1% |
Inventories |
84 188 |
92 474 |
-9,0% |
Accounts receivable |
78 405 |
45 187 |
73,5% |
Cash and cash equivalents |
30 341 |
26 257 |
15,6% |
TOTAL ASSETS |
853 523 |
794 496 |
7,4% |
|
|
|
|
LIABILITIES |
|
|
|
Capital and reserves |
615 356 |
471 725 |
30,4% |
Long-term and short-term debt |
124 287 |
223 300 |
-44,3% |
Accounts payable |
48 309 |
35 182 |
37,3% |
TOTAL LIABILITIES |
853 523 |
794 496 |
7,4% |
The financial statements of CGRM Genetico for 2023 according to RAS can be found on the corporate website: https://investors.genetico.ru/