BIOCORP publishes its results for the first half of 2021

  • Operating income remains stable at 3.88 million euros

  • Half-year result – € 1.2 million

  • Commercial launch of Mallya in pharmacies with Roche Diabetes Care France

  • Technology partnerships for Mallya with Health2Sync and SocialDiabetes

  • Post-period: signature of a major partnership with Novo Nordisk for Mallya and collaboration with Merck in the field of growth hormone

ISSOIRE, France, September 27, 2021– (BUSINESS WIRE) – Regulatory news:

BIOCORP (FR0012788065 – ALCOR / Eligible PEA ‐ PME) (Paris: ALCOR), a French company specializing in the design, development and manufacture of innovative medical devices, presents its half-year financial results as of June 30, 2021(1).

Éric Dessertenne, CEO of BIOCORP, declared: “The the first six months of the current year are in line with the second half of 2020. Our teams have been very active in commercial development, technological and commercial partnerships to position our Mallya connected object on high potential markets, such as this was the case in Taiwan with Health2Sync and in France with Roche Diabetes Care. At the same time, uncertainties over the protracted COVID-19 crisis and Big Pharma’s priority choices have clearly slowed patient uptake of Mallya. Thus, the commercial achievements of our alliances with Sanofi and Roche have for the moment only a marginal impact and should not produce their full effect until next year. Despite this, BIOCORP continued its R&D efforts as evidenced by our partnership with Diabeloop. Overall, we have continued to invest heavily in the development of our range of connected solutions, particularly in the field of pre-filled syringes available in Injay and Mallya for new therapeutic areas. The stagnation of our half-year performance should be viewed as cyclical. The major partnerships signed for Mallya outside the first half of the year, such as our agreement with Merck in the field of growth hormone and that with Novo Nordisk in diabetes, confirm our technological advance and the quality of the solutions that we can eventually offer. to patients. Finally, from a financial point of view, these new alliances allow us to look forward with optimism to the months to come which, we are convinced, will give BIOCORP a whole new dimension. “

Half-year results at June 30, 2021

  • Sales for the first half of 2020 amounted to € 3.593K compared to € 3,809K a year earlier. This relative decrease is mainly explained by the postponement of stages in the second half of the year.

  • Operating expenses for this half-year were up 9.7% over one year to € 5.214k (vs. € 4.752k in H1 2020) due to the increase in “salaries and charges”. As of June 30, 2021, the Company had 67 employees compared to 57 a year earlier.

  • Taking these elements into account, the operating result for the first half of the year is negative at (1.330 K €) against a negative result of 961 K € in the first half of 2020.

  • The financial result shows a reduced loss of (50 K €) compared to (79 K €) a year earlier, resulting mainly from interest on bonds.

  • Exceptional items are positive at € 30K in the first half of the year, compared to € 181K in the first half of 2020.

  • From a tax standpoint, BIOCORP estimates that it has acquired a Research Tax Credit (CIR) of 125.6 K € as of June 30, 2021. The CIR and CII had been estimated at 80.7 K € as of June 30, 2020. As of June 30, 2020 As of June 30, 2019, a receivable of € 74,000 in respect of corporation tax has been recorded.

  • Taking into account the above elements, the net result at June 30, 2021 is negative at – € 1.224 K compared to € 778 K in the first half of 2020.

  • At the end of the period, BIOCORP posted free cash flow of € 1.818K and a level of equity of € 1.610K.

In K €

June 30the, 2021

June 30the, 2020

Sales

3,593

3,809

Other exploitation products

291

-19

Total of exploitation products

3 884

3 791

Net operating income

-1 330

-961

Net financial income

-50

-79

Exceptional item

30

181

Research Tax Credit & Innovation Tax Credit

-126

-81

Net profit

-1 224

-778

Highlights of the first half of 2021

  • Technological integration of Mallya with digital applications developed by the Spanish company SocialDiabetes and the Taiwanese company Heath2Sync: opening of new high potential markets with more than 850,000 users.

  • Co-development agreement with Diabeloop in personalized diabetes management: integration of automated solutions with the smart insulin pen market.

  • Launch of Mallya in pharmacies by Roche Diabetes Care France: solution to improve the daily life of diabetic patients.

Key post-period factors

  • Partnership agreement with Merck for the development of a specific version of the Mallya device in the field of Human Growth Hormone (upfront of € 3 million).

  • Major global contract with Novo Nordisk, a major player in diabetes worldwide, to develop a specific version of Mallya for their pens.

Objectives & outlook for the second half of 2021

After a first half of 2021 still marked by the COVID context and during which the first sales of Mallya have not yet produced their effects, the announcements of September 2021 show an acceleration of BIOCORP’s activities, both in terms of research and expansion. of its product line.

  • Connected objects: BIOCORP is stepping up the development of new generations of Mallya for all of its industrial partners (Sanofi, Roche and Novo Nordisk). The favorable impact of Mallya’s sales on the Company’s sales will take full effect in 2022. At the same time, BIOCORP is actively preparing the first applications of Injay, a pre-filled syringe that automatically collects injection data.

  • Traditional packaging activity: the Company intends to pursue its opportunistic strategy of small and medium series across its entire range of packaging products (cannulas, bottles, caps, pipettes, etc.).

(1) BIOCORP’s Board of Directors, which met on September 24, 2021, approved the accounts for the first half of 2021. During this meeting, Émilie Gardette resigned from her mandate as director. Éric Dessertenne, CEO of BIOCORP, was co-opted as a replacement. His co-option will be subject to ratification at the next General Meeting of the Company.

The 2021 half-year financial report is available on the Company’s website.

ABOUT BIOCORP
Recognized for its expertise in the development and manufacture of medical devices and delivery systems, BIOCORP has today acquired a leading position in the connected medical devices market thanks to Mallya. This intelligent sensor for insulin injection pens allows reliable monitoring of the injected doses and thus offers better compliance in the treatment of diabetic patients. Available for sale from 2020, Mallya is the spearhead of BIOCORP’s product portfolio in terms of innovative connected solutions. The company has 70 employees. BIOCORP has been listed on Euronext since July 2015 (FR0012788065 – ALCOR).
For more information, please visit www.biocorpsys.com.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20210926005004/en/

Contacts

BIOCORP
Sylvaine Dessard
Senior Director of Marketing and Communication
[email protected]
+ 33 (0) 6 88 69 72 85

Bruno ARAB
Press officer
[email protected]
+33 (0) 6 87 88 46 26


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