2010 OutlookWe expect 2010 to be a year of operational consolidation and organic growth of our Life Sciences business. We will continue to invest in our diagnostic product development. The Life Sciences business will double its growth rate in product sales over last year primarily driven by the new qPCR product series launched in the third quarter of 2009 and other new product launches in 2010. For 2010, Exiqon expects total revenue of DKK 80-90 million excluding discontinued business. The net loss for the year 2010 is expected to be approximately DKK 40 million including non-cash costs of current incentive programs and depreciations expensed in the amount of DKK 15 million. The effect of discontinued business, including any consideration from the sale of Oncotech, Inc. less sales-related costs, is included with DKK 0.00. All of the above expectations are based on an average USD/DKK exchange rate of DKK 5.25 for 2010. |
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Key Figures
| Key figures (DKK million) |
2009 |
2008 |
2007 |
2006 |
2005 |
| Income statement: |
|
|
|
|
|
| Revenue |
82,2 |
84,8 |
49,5 |
43,1 |
16,0 |
| Production costs |
-41,8 |
-40,4 |
-25,2 |
-11,9 |
-5,4 |
| Research and development costs |
-114,0 |
-41,5 |
-29,0 |
-27,6 |
-14,2 |
| Sales and marketing costs |
-44,1 |
-46,7 |
-39,1 |
-19,5 |
-9,6 |
| Administrative expenses |
-30,0 |
-37,2 |
-31,3 |
-9,6 |
-6,8 |
| Operating profit/(loss) |
-147,7 |
-81 |
-75,1 |
-25,5 |
-20,0 |
| Net financials |
1,1 |
11,4 |
7,3 |
0,6 |
-3,2 |
| Profit/(loss) before tax, continuing operations |
-146,6 |
-69,6 |
-67,8 |
-24,9 |
-23,3 |
| Profit/(loss) before tax, discontinuing operations |
-192,1 |
-46,8 |
0 |
0 |
0 |
| Profit/(loss) for the year |
-338,8 |
-116,4 |
-67,8 |
-24,9 |
-23,3 |
|
|
|
|
|
|
| Balance sheet |
|
|
|
|
|
| Assets: |
|
|
|
|
|
| Intangible assets |
63,7 |
211,8 |
11,1 |
8,1 |
0,6 |
| Property, plant and equipment |
18,4 |
82,8 |
21,4 |
10,6 |
7,4 |
| Financial assets |
2,6 |
2,6 |
3,6 |
1,1 |
0,9 |
| Non-current assets |
84,7 |
297,2 |
36,1 |
19,7 |
8,9 |
| Inventories |
11,4 |
14,7 |
7,0 |
4,6 |
2,4 |
| Receivables |
17,7 |
29,7 |
17,3 |
22,2 |
2,3 |
| Cash and cash equivalents |
45,5 |
174,3 |
331,5 |
20,4 |
40,2 |
| Current assets |
74,6 |
218,7 |
355,8 |
47,3 |
44,9 |
| Assets classified as held for sale |
16,0 |
0 |
0 |
0 |
0 |
| Total assets |
175,3 |
515,9 |
392,0 |
67,0 |
53,8 |
|
|
|
|
|
|
| Equity and liabilities: |
|
|
|
|
|
| Equity |
126,1 |
461,8 |
343,4 |
34,0 |
28,0 |
| Non-current liabilities |
7,2 |
13,1 |
7,8 |
5,3 |
2,8 |
| Current liabilities |
46,5 |
41,0 |
40,8 |
27,7 |
23,0 |
| Total liabilities |
53,7 |
54,1 |
48,6 |
33,0 |
25,8 |
| Total equity and liabilities |
175,3 |
515,9 |
392,0 |
67,0 |
53,8 |
|
|
|
|
|
|
| Cash flow statement: |
|
|
|
|
|
| Cash flows from operating income |
-67,4 |
-66,5 |
-38,2 |
-35,6 |
-5,0 |
| Cash flows from investing activities |
-3,7 |
-8,9 |
-16,2 |
-9,9 |
-2,4 |
| Cash flows from financing activities |
-4,1 |
-2,6 |
365,8 |
25,7 |
45,9 |
| Cash and cash equivalents at 31 December |
45,5 |
174,3 |
331,5 |
20,4 |
40,2 |
|
|
|
|
|
| |
|
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