Expedeon Posts 68 Percent Rise in 2018 Revenues

Expedeon today posted a 68 percent increase in revenues for full-year 2018 as the company benefited from sales generated by recent acquisitions.
 
For the 12-month period ended Dec. 31, Expedeon's revenues climbed to €13.1 million ($14.6 million) from €7.8 million. The Heidelberg, Germany-based company — formerly known as Sygnis — attributed the higher revenues in part to the impact of recent acquisitions including Australian reagent maker TGR Biosciences about a year ago.
 
Expedeon's net loss for the year fell sharply to €301,000, or €.01 per share, from €3.7 million, or €.09 per share, in 2017.
 
"The financial year 2018 has been very successful for Expedeon with continued growth, both organically and through acquisition, driving profound improvement in our bottom-line performance with our first ever positive EBITDA," Expedeon CFO David Roth said in a statement. "We are focused on driving ongoing profitability with our objective of more than doubling adjusted EBITDA [to over €2 million] off the back of ongoing double-digit revenue growth in 2019."
 
Expedeon's R&D spending in 2018 rose 26 percent percent to €1.0 million from €794,000, while SG&A costs climbed 20 percent to €10.3 million from €8.6 million, as the company scaled up its business operations.
 
At the end of 2018, Expedeon had cash and cash equivalents totaling €6.2 million.