updated 5/19/2011 2:45:43 AM ET 2011-05-19T06:45:43

VEDBAEK, Denmark, May 19, 2011 (GLOBE NEWSWIRE) -- Reported numbers are for the full reporting period unless otherwise stated. Numbers for the comparable reporting period last year is stated in parenthesis after realized figures. Comparative numbers in the statement of comprehensive income and the statement of financial position does not include numbers from discontinued operations.

Exiqon posts strong first quarter growth in product sales and improved EBITDA

Exiqon A/S (Copenhagen:EXQ) today announced results for the first quarter of 2011 ending 31 March 2011. Revenue increased 33% to DKK 27.6 million. Total operating expenses decreased 16% to DKK 18.4 million in the first quarter and EBITDA improved 81% to DKK -1.6 million.

Financial highlights

  • Revenue increased 33% to DKK 27.6 million (DKK 20.7 million).
  • Organic growth in research product sales was 34% when excluding OEM sales and reagent sales associated with license agreements.
  • Total operating expenses decreased 16% to DKK 18.4 million (DKK 21.9 million) and was adversely affected by one-time costs.
  • Gross profit improved 30% to DKK 14.5 million (DKK 11.1 million).
  • EBITDA improved 81% to DKK -1.6 million (DKK -8.3 million) including non-cash cost of share-based payment of DKK 1.2 million.
  • Net loss was DKK 4.9 million (DKK 11.1 million). EPS amounted to DKK -0.15 (DKK -0.37).

Operational highlights

  • Additional research products were launched during the first quarter, including the 2nd generation of miRCURY LNA™ microRNA Inhibitor libraries, the 3rd generation of miRCURY LNA™ microRNA Power Labelling Kit and additional 235 pre-validated miRCURY LNA™ Universal RT microRNA qPCR assays.
  • After end period, on 4 April 2011, Exiqon reported positive results on early detection of colorectal cancer in blood generated on the company's proprietary miRCURY LNA™ Universal RT microRNA PCR platform.
  • After end period, on 3 May 2011, Exiqon announced the expansion of its qPCR product offer by launch of its highly flexible Pick & Mix microRNA PCR Panels for sensitive and specific quantification of custom selected microRNAs in both 96 and 384 well array formats.

In a comment, CEO Lars Kongsbak said: "We are on track to deliver another year with strong organic revenue growth at reduced cost with our new organization now in place. The first quarter results represent another significant step towards profitability for the year 2011 which remains our goal for EBITDA."

Please see the full interim report in the enclosed PDF.




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