CENTOGENE Increases Full-Year 2020 Guidance

Rhea-AI Summary

Centogene N.V. (Nasdaq: CNTG) has increased its full-year 2020 revenue guidance, projecting revenues above €80 million, up from a previous range of €60-65 million. This adjustment follows improved performance in their Covid-testing segment and a recovery in core business operations post-Q2 pandemic impacts. CFO Richard Stoffelen noted substantial growth in Covid-testing revenue and expressed optimism about continued business momentum. The company monitors its outlook closely as it aims to support health and safety globally.

Positive

• Increased revenue guidance for 2020 to over €80 million from €60-65 million.
• Significant recovery in core business following pandemic-induced decline.
• Substantial increase in Covid-testing revenue in recent months.

Negative

• None.

CAMBRIDGE, Mass. and ROSTOCK, Germany and BERLIN, Oct. 20, 2020 (GLOBE NEWSWIRE) -- Centogene N.V. (Nasdaq: CNTG), a commercial-stage company focused on rare diseases that transforms real-world clinical and genetic data into actionable information for patients, physicians, and pharmaceutical companies, today announced it is increasing full-year 2020 guidance and now anticipates revenues greater than €80 million. Prior guidance had anticipated revenues of between €60 - €65 million. This update follows the further developments in our commercial Covid-testing and the continued recovery of our core business since Q2.

Richard Stoffelen, Chief Financial Officer of CENTOGENE, said, “Our core business is recovering after the significant pandemic-induced decline in Q2. In addition, we saw a significant increase in our Covid-testing revenue in recent months. We look forward to maintaining this momentum throughout the remainder of 2020, all while helping to ensure the health and safety of our team, customers, and partners around the world.”

The Company will continue to closely monitor the outlook for the remainder of 2020.

About CENTOGENE

CENTOGENE engages in diagnosis and research around rare diseases transforming real-world clinical and genetic data into actionable information for patients, physicians, and pharmaceutical companies. Our goal is to bring rationality to treatment decisions and to accelerate the development of new orphan drugs by using our extensive rare disease knowledge, including epidemiological and clinical data, as well as innovative biomarkers. CENTOGENE has developed a global proprietary rare disease platform based on our real-world data repository with over 3.6 billion weighted data points from approximately 570,000 patients representing over 120 different countries as of August 31, 2020.

The Company’s platform includes epidemiologic, phenotypic, and genetic data that reflects a global population, and also a biobank of these patients’ blood samples. CENTOGENE believes this represents the only platform that comprehensively analyzes multi-level data to improve the understanding of rare hereditary diseases, which can aid in the identification of patients and improve our pharmaceutical partners’ ability to bring orphan drugs to the market. As of August 31, 2020, the Company collaborated with over 40 pharmaceutical partners covering over 45 different rare diseases.

Important Notice and Disclaimer

This press release contains statements that constitute “forward looking statements” as that term is defined in the United States Private Securities Litigation Reform Act of 1995, including statements that express the Company’s opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results, in contrast with statements that reflect historical facts. Examples include discussion of our strategies, financing plans, growth opportunities and market growth. In some cases, you can identify such forward-looking statements by terminology such as “anticipate,” “intend,” “believe,” “estimate,” “plan,” “seek,” “project” or “expect,” “may,” “will,” “would,” “could” or “should,” the negative of these terms or similar expressions. Forward looking statements are based on management’s current beliefs and assumptions and on information currently available to the Company. However, these forward-looking statements are not a guarantee of our performance, and you should not place undue reliance on such statements. Forward-looking statements are subject to many risks, uncertainties and other variable circumstances, such as negative worldwide economic conditions and ongoing instability and volatility in the worldwide financial markets, the effects of the COVID-19 pandemic on our business and results of operations, possible changes in current and proposed legislation, regulations and govern-mental policies, pressures from increasing competition and consolidation in our industry, the expense and uncertainty of regulatory approval, including from the U.S. Food and Drug Administration, our reliance on third parties and collaboration partners, including our ability to manage growth and enter into new client relationships, our dependency on the rare disease industry, our ability to manage international expansion, our reliance on key personnel, our reliance on intellectual property protection, fluctuations of our operating results due to the effect of exchange rates or other factors. Such risks and uncertainties may cause the statements to be inaccurate and readers are cautioned not to place undue reliance on such statements. Many of these risks are outside of the Company’s control and could cause its actual results to differ materially from those it thought would occur. The forward-looking statements included in this press release are made only as of the date hereof. The Company does not undertake, and specifically declines, any obligation to update any such statements or to publicly announce the results of any revisions to any such statements to reflect future events or developments, except as required by law.

For further information, please refer to the Risk Factors section in our Annual Report for the year ended December 31, 2019 on Form 20-F filed with the SEC on April 23, 2020, Form 6-K containing our financial results for the three months ended March 31, 2020, filed with the SEC on June 15, 2020 and other current reports and documents filed with the U.S. Securities and Exchange Commission (SEC). You may get these documents by visiting EDGAR on the SEC website at www.sec.gov.

FAQ

What is Centogene's updated revenue guidance for 2020?

Centogene has increased its guidance for 2020, now anticipating revenues greater than €80 million.

What was Centogene's previous revenue guidance for 2020?

The previous guidance anticipated revenues between €60 and €65 million.

What factors contributed to Centogene's revenue guidance change?

The change was due to improved performance in Covid-testing and recovery in the core business since Q2.

Who is the CFO of Centogene?

Richard Stoffelen is the Chief Financial Officer of Centogene.

How did the pandemic affect Centogene's business?

Centogene experienced a significant decline in core business during Q2 but has shown recovery since.