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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Genosis | LSE:GNOS | London | Ordinary Share | GB00B0NVFD79 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 1.125 | - | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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Date | Subject | Author | Discuss |
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08/6/2006 13:14 | A disappointing update with the AGM statement. Online sales of 80 units in 10 weeks may be more a sign that there's poor product recognition, but the bare figure is a huge let-down. Cash £5m, might provide a floor. | jonwig | |
21/4/2006 12:00 | RNS Number:7090B Genosis PLC 20 April 2006 For Immediate Release 20 April 2006 GENOSIS PLC Maiden Preliminary Results for the year ended 31 December 2005 Genosis PLC ("Genosis", AIM: GNOS), a UK company focusing on consumer products for reproductive health, is pleased to announce its maiden preliminary results for the year ended 31 December 2005. Highlights * Successful IPO on AIM in December 2005 raised #7 million gross * Move from R&D to commercialisation of developed product Fertell, an at-home fertility testing kit for both men and women * Exclusive retail distribution agreement with The Boots Company plc and first delivery ahead of launch of Fertell on the UK high street January 2006 * Expansion of team to cover operations, sales and marketing, quality and finance * Financial highlights: 2005 2004 Turnover #0.22M - Gross profit #0.08M - Operating loss (#2.57M) (#0.77M) Retained loss (#2.79M) (#1.57M) Loss per share (97.4p) (79.1p) Commenting on the results, Paul Bateman, CEO of Genosis said:"It is with pleasure that we present our first results following the successful admission of Genosis to AIM in December 2005. It was a year in which we achieved many of the long-term goals which Genosis has held since its formation in 1998." For further details, please contact: Today on: Genosis Paul Bateman, CEO +44 (0)20 7466 5000 Buchanan Communications Lisa Baderoon / Rebecca Skye Dietrich +44 (0)20 7466 5000 Evolution Securities Tim Worlledge / Gina Gibson +44 (0)20 7071 4300 Commercial and operations Genosis is a consumer products company focused on reproductive health. Genosis' novel Fertell product, an at-home fertility testing kit for men and women, is now being sold in the UK and Ireland. This marks a significant achievement both for Genosis itself and for the external parties involved in different parts of the development programme. Prior to 2005, Genosis' expertise was focused on designing and developing consumer devices for reproductive health by utilising the services of and managing third-party specialists, as evidenced by the development of Fertell. During 2005 the activities undertaken by key management and staff broadened as Fertell became ready for commercial launch. Nevertheless, the Group has maintained the central philosophy of having a small in-house team which has expertise in external project management. Genosis outsources the functions of manufacturing, assembly and packaging of the Fertell product. In sales and marketing, our primary strategy is to sell through major retailers and directly through our own website. To support this strategy, much of our work has focused on building our retailer support and activities that will generate consumer demand in 2006 and beyond. We have also initiated selling through our own website www.fertell.co.uk. THE FERTELL PRODUCT We believe that the Fertell kit, comprising one male and one female fertility testing device, is the first and currently the only OTC product available on the high street that allows couples to test accurately their fertility quickly and simply in the privacy of their own home. The potential market for Fertell is estimated to be in excess of $500 million per annum (North America, EU and Japan). There are in excess of 500 million couples of reproductive age worldwide, and approximately 1 in 6 of them (some 80 million) have problems conceiving. There is a significant increase in the industrialised world in the number of women deferring childbearing until after 30. This has a marked effect on fertility. Fertell addresses the fact that fertility is a "couple" issue, since successful conception is dependent on both partners. However, since it is usually the woman who leads the family planning efforts, Fertell is positioned as a home-use OTC product, targeting the female-driven nature of the purchase. The positioning is focused on: - Early confirmation - to save valuable time during the process of trying to conceive, in order to take the most appropriate course of action; - Convenience, economy and privacy - enabled by the home use of the test; - Ability to ease the psychological stress and reduce anxiety, prior to the one year timeline typically recommended under National Institute of Clinical Excellence guidelines; and - Control - allowing couples to determine for themselves important decisions about fertility planning. There is significant media appetite for issues concerning fertility. When the announcement of Fertell was made in January 2006, there was widespread UK national and international press, TV and radio coverage generated from a tightly focused PR campaign. Genosis has also engaged a contract telephone support service to ensure that it can provide a helpline staffed with trained nurses who are fully briefed about the Fertell product. This is particularly important for a product where there may be emotional issues as well as pure product use issues to address. DISTRIBUTION THROUGH BOOTS Genosis' first retail distribution agreement for the sale of Fertell is with The Boots Company plc ("Boots"), the UK's biggest healthcare retailer with more than 1,200 stores nationwide. The Boots distribution agreement is exclusive for the UK until 2008. Boots received its first stocking order from Genosis in November 2005 which represents the Group's turnover for 2005. INTERNATIONAL EXPANSION It is Genosis' stated intention to launch Fertell in the North American and other major markets. THE GENOSIS TEAM With the intital development phase of Genosis completed, recruitment during 2005 concentrated on the transition from development to manufacture and operations and included staff with a focus on production and quality. Most recently, the Chairman Joe Blaker is applying his specialist operational skills in this area on a part-time basis to assist Genosis in establishing a scalable and robust supply chain. Recruitment in the sales and marketing area during 2005 included direct brand management and the expertise for commercial launch while Robert Thompson's move from a non-executive role to President, Genosis, Inc. reflects the strategy of expanding Fertell into the North American market. In addition, the appointment of a Chief Financial Officer and Financial Controller (both part time) has underpinned the growth of the Group and its move to full commercial operation while at the same time enabling the changes in financial processes and reporting necessary for a listed company. Further staff appointments over 2006 will concentrate on the operations area and on strengthening the US team to ensure success in that major market. CURRENT TRADING AND OUTLOOK Fertell went on sale in Boots stores on the UK high street in January 2006. During the current year, two deliveries of Fertell have been made to Boots. Consequently the current financial year started with encouraging sales. However Boots has recently notified Genosis that it has modified its long-term order forecasts downwards over the coming months and we now believe that it will take longer to achieve Genosis' UK sales aspirations. The Company and Boots are working together closely to ensure that the overall fertility market can be exploited efficiently around the Fertell brand. In March 2006, Boots encouragingly extended the distribution of Fertell from the 500 larger stores contracted in the Boots agreement to around 1200 of its stores - essentially the entire chain, with the exception of a limited number of atypical shops. Boots has also accelerated their launch of Fertell into the Republic of Ireland. As well as the UK high street, Fertell is now on sale on-line both through Genosis' own website www.fertell.co.uk and through www.boots.com. Genosis is currently in discussions with a number of major retailers in order to establish potential US retail partners. Genosis is also in discussions with a pan-European healthcare retailer which may enable it to accelerate its European rollout and, at the same time, achieve coverage of more countries in continental Europe than originally planned. Since January 2006 Genosis has received more than 50 unsolicited proposals to distribute Fertell internationally in different markets. A key pre-requisite for international expansion is a sufficiently robust supply chain to service additional markets. In conjunction with suppliers and advisers, Genosis continues to improve aspects of the manufacturing process consistent with addressing the issues typically associated with scale-up. To this end we have placed an order for the construction of semi-automated assembly equipment for the Fertell male test. Genosis has also exercised its manufacturing option with Inverness Medical which facilitates access to the North American markets. GOALS FOR 2006 Genosis' goals for 2006 are: - To build on the initial UK sales through Boots and through the www.fertell.co.uk website, including refining the marketing and positioning of Fertell in order to maximise opportunity; - To establish the Fertell brand as trusted and recognised in the area of human fertility; - To secure at least one major retail distribution partner in the North American market; - To strengthen Genosis' supply chain, including scale-up through increased automation, the shift to higher volume suppliers for some components and the start of the introduction of multi cavity moulding; - To expand and strengthen the organisation, particularly to support the expansion into the North American market and to further develop production and supply capabilities; and - To identify other potential areas which might be appropriate for the long-term expansion of the Fertell brand. We aim to become a leading reproductive healthcare business and to maximise the potential of our innovative Fertell product. There is excellent potential for our business in the coming year and we are working to ensure that we realise the opportunities available to Genosis. FINANCIALS RESULTS Group turnover was #0.22 million (2004: #nil) resulting entirely from the sale of the Fertell product to Boots in 2005 Q4 ahead of the launch in the UK high street in January 2006. The Group's gross margin for the period was 38%. The margin reflects the relatively high costs of a first-off delivery. Margin was also impacted by some write-off of out of date components and stock as the Group switched from R&D to commercial supply. Gross R&D expenditure was #0.58 million (2004: #0.38 million). Net interest costs were #0.22 million (2004: #0.87 million) reflecting particularly the interest payments and provision for the redemption amounts on the various loan stocks issued by Genosis, Inc. prior to their conversion on 13 April 2005 and the costs of servicing the venture loan taken out on 31 March 2005. The Group received payment of a tax credit during the year (relating to the 2004 trading year) of #0.07 million in respect of the UK government's R&D tax credit scheme and intends to apply for a repayment in respect of 2005, however the Directors have been prudent in not recognising this in the current year prior to submission to and agreement by HM Revenue and Customs (2004: amount claimed #0.07 million included in the profit and loss account). Basic loss per share was 97.4p (2004: loss of 79.1p) based on a weighted average number of shares in issue of 2.86 million (2004: 1.98 million). The Group employed 11 people at 31 December 2005 (including the 2 Non-Executive Directors) (2004: 5, of whom 3 were Non-Executive Directors). CASH FLOW The Group generated net cash of #7.58 million of which the main elements were: * Cash outflow from operating activities: #2.73 million (2004: #0.63 million); * Acquisition of fixed assets #0.44 million (2004: #0.01 million) including #0.29 million relating to licence payments; and * Cash raised from external funding #10.91 million including the placing on the Company's admission to AIM in December 2005 (2004: #0.38 million) . Working capital rose from a deficit of #3.17 million (2004) to a level of #7.53 million (2005) as Genosis raised cash. In addition, it has built up stock and work in progress as it progressed from being focused predominantly on R&D to include manufacture and supply of product. Cash at the year end was #7.76 million (2004: #0.18 million). EXCHANGE RATES The #/$ exchange rate for translation of the results was #1 = $1.7214 (2004: $1.9260). The Group has no forward exchange contracts. ANNUAL GENERAL MEETING The Annual General Meeting of the Company will be held on Thursday 8th June 2006 and it is expected that the Annual Report and Accounts will be posted to shareholders on or around 8th May 2006. Consolidated profit and loss account for the year ended 31 December 2005 2005 2004 Note # # Turnover 219,240 - Cost of sales (135,484) - Gross profit 83,756 - Selling expenses (563,673) - Manufacturing (303,677) - Research and development (579,450) (382,797) Administrative expenses (1,202,348) (384,379) Operating expenses (2,649,148) (767,176) Operating loss (2,565,392) (767,176) Interest receivable and similar income 74,858 9,515 Interest payable and similar charges (296,086) (877,136) Loss on ordinary activities before taxation (2,786,620) (1,634,797) Tax credit on loss on ordinary activities - 65,596 Loss on ordinary activities after taxation (2,786,620) (1,569,201) and retained loss for the year Loss per share Basic 3 (97.4p) (79.1p) Diluted 3 (97.4p) (79.1p) All amounts derive from continuing operations. Consolidated statement of total recognised gains and losses for the year ended 31 December 2005 2005 2004 # # Loss for the financial year (2,786,620) (1,569,201) Foreign currency translation difference (317,484) 136,439 Total recognised loss for the year (3,104,104) (1,432,762) Group balance sheet as at 31 December 2005 Note 2005 2004 # # # # Fixed assets Tangible fixed assets 155,938 76,544 Investments - - Intangible fixed assets 216,020 - _______ 371,958 76,544 Current assets Stock and work in progress 273,164 - Debtors 796,983 80,861 Cash at bank and in hand 7,757,227 177,427 8,827,374 258,288 Creditors: amounts falling due within one year (1,293,392) (3,428,292) Net current assets /(liabilities) 7,533,982 (3,170,004) Total assets less current liabilities 7,905,940 (3,093,460) Creditors: amounts falling due after more (696,256) - than a year Provisions for liabilities and charges (4,385) - Net assets/(liabilities) 7,205,299 (3,093,460) Capital and reserves Called up share capital 4 1,549,378 6,035 Share premium account 5 8,430,162 4,840,240 Other reserve 5 8,269,598 - Profit and loss account 5 (11,043,839) (7,939,735) Equity shareholders' funds/(deficit) 5 7,205,299 (3,093,460) Consolidated cash flow for the year ended 31 December 2005 Note 2005 2004 # # Net cash outflow from operating activities 6 (2,733,713) (634,084) Returns on investments and servicing of finance (221,228) 9,515 Taxation 65,596 95,562 Capital expenditure and financial investment (444,138) (12,645) Net cash outflow before financing (3,333,483) (541,652) Financing 10,912,997 384,216 Increase/(decrease) in cash in the year 7,579,514 (157,436) Reconciliation of net cash flow to movement in net funds/(debt) for the year ended 31 December 2005 2005 2004 # # Increase/(decrease) in cash in the year 7,579,514 (157,436) Cash inflow from increase in debt financing (1,177,665) (384,216) Change in net funds/(debt) resulting from cash 6,401,849 (541,652) flows Other non cash movements 1,675,090 - Exchange movement (177,660) 84,350 _________ _________ Movement in net funds/(debt) in the year 7,899,279 (457,302) Net debt at start of year (1,319,717) (862,415) Net funds/(debt) at end of year 6,579,562 (1,319,717) 1. Nature of financial information These financial results do not constitute the Group's full statutory financial statements for the year ended 31 December 2005 however they have been extracted from those statutory financial statements. The full statutory financial statements will be posted to shareholders and filed with the Registrar of Companies following approval at the Annual General Meeting. The financial information for 2004 is a consolidation of financial information extracted from the audited financial statements for Genosis Limited for the year ended 31 December 2004 (which have been filed with the Registrar of Companies) and the audited non-statutory financial statements for Genosis, Inc. for the year ended 31 December 2004. The auditors have reported on these accounts and the audit reports for Genosis PLC for the year ended 31 December 2005 and for Genosis Ltd for the year ended 31 December 2004 were unqualified and did not contain statements under 237(2) of the Companies Act 1985 (regarding adequacy of accounting records and returns) or under section 237(3) (regarding provision of necessary information and explanations). The financial results are prepared in accordance with applicable United Kingdom law and accounting standards. The accounting policies have been applied consistently during the current and preceding year. 2. Corporate restructuring During 2005 the Group carried out a corporate restructuring that put a UK company as the holding company for the companies in existence up to that point: Genosis, Inc. and its wholly owned subsidiary Genosis (UK) Ltd. Due to the fact that the transactions involved represented a group reconstruction as defined by FRS6 "Acquisitions and mergers" rather than an acquisition of a business, the restructuring has been accounted for using merger accounting principles in accordance with UK Generally Accepted Accounting Principles ("UK GAAP"). The use of merger accounting requires the consolidated 2004 comparatives to be restated to a position as if the Group had been in existence throughout. Share capital and reserves in the prior year consolidated balance sheet have been restated. Differences between these amounts and also the difference between the nominal value of the shares issued as consideration and the nominal value of the shares of Genosis, Inc. held by Genosis PLC have been reflected in a separate reserve. 3. Loss per share In accordance with FRS 22, loss per share has been stated as if the share capital including the subdivision of shares in September 2005 had been organised in this way since incorporation. Fully diluted loss per share is calculated after showing the effective of outstanding options in issue. The calculation of loss per share is based on the following loss and numbers of shares: 2005 2004 # # Loss on ordinary activities after taxation and total (2,786,620) (1,569,201) recognised loss for the year Weighted average number of shares ('000): For basic earnings per share 2,862 1,983 Dilutive effect of share options - - For fully diluted earnings per share 2,862 1,983 4. Share capital AUTHORISED ISSUED Ordinary shares of #1 Ordinary shares of #1 Number Nominal Number Nominal On incorporation 1 March 2005 50,000 #50,000 2 #2 At year end Ordinary shares of #0.10 Ordinary shares of #0.10 Number Nominal Number Nominal 31 December 2005 20,000,000 #2,000,000 15,493,780 #1,549,378 5. Reconciliation of movements in reserves and in shareholders' funds/(deficit) Group Called Share Other Profit up share premium reserve and loss capital reserve account Total # # # # # Opening shareholders' deficit 6,035 4,840,240 - (7,939,735) (3,093,460) Issue of share capital 1,549,378 12,434,687 - - 13,984,065 Loss for the period - - - (2,786,620) (2,786,620) Exchange adjustment - - - (317,484) (317,484) Acquisition of Genosis, Inc (6,035) - (575,167) - (581,202) Transfer of Genosis, Inc. share premium account - (8,844,765) 8,844,765 - - Closing shareholders' funds 1,549,378 8,430,162 8,269,598 (11,043,839) 7,205,299 6. Reconciliation of operating loss to operating cash flows 2005 2004 # # Operating loss (2,565,392) (767,176) Depreciation 79,282 74,996 Amortisation 69,442 - Increase in stock (273,164) - (Increase)/decrease in debtors (781,718) 4,111 Increase in creditors 661,586 70,754 Increase in provisions 4,385 - Foreign exchange 71,866 (16,769) Net cash outflow from operating activities (2,733,713) (634,084) 7. Analysis of cash flows for headings netted in the cash flow statement 2005 2004 # # Returns on investment and servicing of finance Interest received 74,858 9,515 Interest paid (296,086) - Net cash (outflow)/inflow for returns on investment and 9,515 servicing of finance (221,228) Taxation UK corporation tax receipt 65,596 95,562 Capital expenditure and financial investment Purchase of tangible fixed assets (158,676) (12,645) Purchase of intangible fixed assets (285,462) - Net cash outflow for capital expenditure and fiancial (444,138) (12,645) investment Financing Issue of ordinary share capital 9,735,332 - Issue of redeemable preference shares 12,499 - Redemption of redeemable shares (12,499) - Debt due within one year - net loans drawn down 481,409 384,216 Debt due beyond one year - net loans drawn down 696,256 - Net cash inflow from financing 10,912,997 | vantheman | |
20/4/2006 15:21 | the results arn't to pleasing but i still think it's a great concept and with time will become more popular, it's just a case of been patient! | tinovl | |
20/4/2006 06:28 | This bit in the results won't be received happily (unless, of course, it's the reason for the share price drop to date: However Boots has recently notified Genosis that it has modified its long-term order forecasts downwards over the coming months and we now believe that it will take longer to achieve Genosis' UK sales aspirations. Will see how things develop across the pond before considering a purchase. EDIT at 9am: GULP! | jonwig | |
14/4/2006 09:43 | vantheman, many thanks - the Oxford article in particular has a lot of further links and diagrams - very helpful. One bit of me is sorely tempted to buy these shares, but another says "Will I make any money?" At the moment, the second is winning, but we'll see what transpires with the results and any forward-looking statements. The share price fall from issue price will be annoying for holders, but isn't particularly unusual. | jonwig | |
13/4/2006 13:09 | vantheman, would welcome links for posts #40,41. | jonwig | |
10/4/2006 15:52 | alf mate your wife comes to me when she wants sperm anyway! | tinovl | |
07/4/2006 09:05 | alf - well, I don't need to buy their kit (past all that stuff ...) | jonwig | |
07/4/2006 08:58 | jonwig Save your money | alftupper | |
29/3/2006 17:53 | Suffering a typical post-IPO fate with its share price FY Results April 20. See what they have to say - may buy a few then. | jonwig | |
24/2/2006 12:23 | International Biotechnology Trust By Ellen Kelleher in London Unlisted biotechnology companies offer opportunities for investors simply because they might be acquired or go public, Andy Smith, manager of the International Biotechnology Trust, says. His fund's exposure to unquoted companies distinguishes it from similar funds in the biotechnology sector. "One of the key drivers of performance is pharmaceutical companies buying smaller ones," Smith says. The fund targets undervalued companies with strong management, interest from investors and solid pipelines of products. But Mr Smith shies away from investing in smaller private companies. "We won't do every investment. We'll only do later-stage investments," he says. About 70 per cent of the trust, which has a portfolio of just 46 companies, is invested in public companies and about 30 per cent in private ones. About 60 per cent of its exposure is in US stocks. In Mr Smith's opinion, it is more important to figure out how to avoid investing in losers than picking winners. "The failure or success of biotechnology companies rests on clinical trials or drugs in the pipeline," he says. "If the company doesn't deliver a product, its fortunes suffer radically. Every time we make an investment, we have to look at where the pipeline is." Though Mr Smith is willing to invest anywhere in the world, the trust's top quoted investments at present are US biotech groups: Solexa, Genosis, Progenics Pharmaceuticals, ANorMed, Cambridge Antibody Tech, OSI Pharmaceuticals, Alexion Pharmaceuticals, Sunesis, Barr Pharmaceuticals and the Austrian biotech group CSL. | vantheman | |
23/2/2006 12:27 | Jonwig, I agree trading update does look very encouraging, especially the interest from abroad. Regards Z | zapherz | |
23/2/2006 07:40 | Trading Update, just issued is pretty encouraging, but with no comparatives, it's not easy to form an opinion. Anyway, results on 20 April. I've studied the prospectus, but haven't bought the shares - still might do. | jonwig | |
15/2/2006 20:43 | how long before we start seeing results with our shares then | tinovl | |
15/2/2006 10:27 | Mad4it, Sorry you are missing the point. Fertell is a completely different product aimed at couples not only men as fertility score is. Your price comparison is therefore incorrect as you are comparing the price for two tests (Fertell) against one test (Fertilityscore). IS fertilityscore available throughout the country in Boots? Does Fertilityscore have FDA approval for the USA? Fertell does and I believe it is planned to launch in the USA, the largest market for these products in the western world.... Which company would you rather be a shareholder of? One that sells with a slim margin (Fertilityscore) and isn;t available on the high street or Fertell with a good margin, nationwide high street availability, FDA approvl and plans to launch in the USA? Best Wishes Regards Z | zapherz | |
02/2/2006 17:10 | The main difference is that fertilitySCORE sells mainly online and is available in only one pharmacy in London full stop. | vantheman | |
01/2/2006 18:36 | Yes...as far as you're concerned. | mad4it |
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