IntegraGen reports revenue drop, eyes growth in genomics

PARIS - IntegraGen, a member of the OncoDNA Group specializing in genomics for cancer and rare genetic diseases, has reported a 27% decrease in its unaudited revenue for the year 2024 compared to the previous year. The decline primarily stems from the discontinuation of services for the SeqOIA platform in February 2024.

The company's unaudited revenue for 2024 totaled €8.489 million, a significant drop from the €11.6 million reported in 2023. This reduction was largely due to the cessation of the SeqOIA platform, which had contributed €4.365 million in 2023 but only €858k in 2024. Excluding the SeqOIA platform's revenues, IntegraGen experienced a 5% growth over the period.

Despite the overall decline, IntegraGen saw an 8% increase in genomic services at its Évry location, excluding SeqOIA's contributions. Microbiology activities, conducted in collaboration with the Institut Pasteur's P2M platform, showed stability with a 1% increase.

The company's cash position at the end of December 2024 was €1.895 million, down by €1 million from the end of December 2023. The decrease is attributed to the loss of SeqOIA-related revenues, variations in customer payment timelines, and loan repayments, including the State Guaranteed Loan (PGE) obtained during the pandemic.

Looking ahead, IntegraGen is optimistic about its growth prospects, bolstered by a strong order book at the end of 2024 and the January 2024 award of CLIA certification. The certification enables the company to conduct studies for pharmaceutical companies and has already led to a €2.4 million contract for a Phase II clinical trial over the next two years.

Bernard Courtieu, CEO of IntegraGen, stated that excluding the SeqOIA platform, the company's sales continued to grow, reaching €8.5 million. He emphasized the robustness of IntegraGen's business model and its potential to attract pharmaceutical industrial customers, which could significantly enhance the company's business and profitability.

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Source: Investing.com