Genetico results for 12 months of 2023

list

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 held an IPO on the Moscow Exchange and raised RUB 178.8 mln. The order book was oversubscribed 2.5 times. Genetico shares are traded in the IIM (Innovation and Investment Market) sector and are included in the list of securities of the high-tech sector of the economy.
  • In 2023, Genetico launched a new biotechnological direction - the development of gene therapy drugs for the treatment of orphan diseases. Research is aimed at the initial stages of developing drug candidates for the treatment of eye diseases, hereditary cardiomyopathies and neurodegenerative diseases.
  • On June 23, the Prenetix test system (NIPT) developed by Genetico received permission from Roszdravnadzor for use as a medical device to detect fetal chromosomal abnormalities using maternal blood. Health care institutions now have the opportunity to provide legally prenatal screening services using Prenetix. The company also expects to receive approvals for other test systems by the end of 2024 - 2025 - Embryotest and Onconetics.
  • A new medical genetics center of Genetico has been opened on the territory of the Technopark of the Moscow Center for Innovative Technologies in Healthcare - Medtech. The center has a capacity of 3,000 patients per year.
  • Roszdravnadzor included the Genetico Center in the list of medical organizations that have the right to conduct laboratory and clinical laboratory studies of medical devices for their registration in the territory of the EAEU countries.
  • The company is analyzing the profitability of entering new markets and is negotiating with Kazakhstan and the UAE to expand its activities in foreign markets.

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
2023

January - December
2022

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/