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Preliminary Results for the Year Ended 31 December 2015

26 Apr 2016 | Press release

  • Horizon reports strong full year 2015 results with revenue and EBITDA ahead of consensus
  • Revenues grow by 69%
  • Research milestone portfolio increased 32%
  • Delivery of investments in line with strategic plan is driving financial and operational growth

Cambridge, UK 26 April 2016: Horizon Discovery Group plc (LSE: HZD) ("Horizon" or “the Company”), the world leader in the application of gene editing technologies, is pleased to announce its preliminary results for the year ended 31 December 2015.

Financial highlights

  • Total Group revenue increased by 69% to £20.2m (2014: £11.9m)
  • Product revenues increased by 124% to £7.8m (2014: £3.5m)
  • Services revenues increased by 69% to £12.2m (2014: £7.2m)
  • Research milestone portfolio increased 32% to approximately £208m (2014: £158m) plus royalties
  • EBITDA loss of £6.6m (2014: £4.0m) ahead of market expectations (see note 2)
  • Closing cash and cash equivalents of £25.1m (2014: £18.5m)

Corporate highlights

  • Rapid expansion of the product catalogue to over 23,000 genetically-defined cell line and in vivo models, and molecular diagnostic reagents at the end of 2015 (2014: 2,750 products)
  • Creation of a fully-integrated life science gene editing services company through the successful integration of recent acquisitions, delivering synergies for our business and customers
  • Share placing to raise gross proceeds of £25.0 million for the Company being deployed in targeted investments in scalable infrastructure improvements and scientific leadership
  • High profile partnerships signed with leading partners, improving channels to market in product development, research biotech and services businesses
  • Board strengthened through the appointment of Grahame Cook as a Non-Executive Director and Chairman of the Audit Committee

Post-period highlights

  • Formation of a joint venture, Avvinity Therapeutics, with Centauri Therapeutics Ltd, to explore the development and discovery of novel therapeutics for immuno-oncology

Dr. Darrin Disley, CEO of Horizon Discovery Group plc, commented: “2015 has been characterised by continued strong growth for Horizon by strengthening our core capabilities in the application of gene editing technologies to ‘build cells’. This solid foundation has allowed for the rapid expansion of our catalogue to over 23,000 products, including many belonging to our high-growth diagnostic reagents business, and the broadening of our service capabilities with the launch of new drug combination, in vivo and CRISPR screening offers.

“This year has also seen Horizon reinforce our business engine through targeted investments in our internal infrastructure including investment in ecommerce and ERP systems, the successful integration of our acquisitions, and by establishing new channels to market with partnerships with leading organisations such as ThermoFisher and Abcam for our cell lines and through an increasing number of OEM deals for our molecular reference standards.

“Success in the new era of Personalised and Genomic Medicine depends on a precise and deep understanding of patient genetics and an unparalleled expertise in precision gene editing. Horizon is at the forefront of these game-changing areas of medicine, and we remain committed to continuing to deliver our strategy of supplying innovative products, services and research that impact the development of personalised medicines through 2016 and beyond. We are excited about our prospects for the future as we continue to build a world class business.”