GenOway: profitability target achieved ahead of schedule
The company's shares on the Paris stock exchange jumped more than 9% following this announcement.
The biotech company reported operating profit (Ebitda) of 2.3 million euros for the first half, compared with 1.4 million euros for the same period in 2022.
The specialist in predictive preclinical solutions reports that its results were driven by the strength of its 'catalog' business, which offers ready-to-use humanized models for immuno-oncology research and immunotherapy.
Thanks to the strength of this business, the company posted half-year sales of 9.3 million euros, up from 7.8 million euros, representing exclusively organic growth of 20%, in line with its annual targets.
The Ebitda margin came in at 25%, validating, 18 months ahead of schedule, the target set at the end of 2018 when the 2019-2024 strategic plan was launched
Net income increased fivefold to just under one million euros at the end of the first half of 2023, compared with 0.2 million in 2022.
In its press release, genOway assures that sales growth should continue in the second half of the year, with the aim of exceeding the 20 million euro threshold this year.
Profitability should remain at a high level, close to that observed in the 1st half of 2023, adds the company, which plans to unveil a new five-year strategic plan at the end of November.
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