VolitionRx Limited Announces Full Fiscal Year 2023 Financial Results and Business Update
- Volition reported a successful fiscal year 2023 with notable achievements.
- The Nu.Q® Vet Cancer Test performed well in the companion animal healthcare sector, leading to significant sales and partnerships.
- Volition made progress in its Nu.Q® NETs pillar and introduced a breakthrough cancer detection method, Capture-PCR™.
- The company experienced a 153% increase in revenue in 2023 compared to the previous year.
- Volition received $13.0 million in milestone payments from Heska in December 2023.
- The company's cash and cash equivalents as of December 31, 2023, totaled approximately $20.7 million, showcasing a healthy financial position.
- Volition aims to minimize dilution and achieve profitability by leveraging various revenue streams and funding sources.
- Management is optimistic about future milestones and the potential of their innovative products.
- None.
Insights
The financial results disclosed by VolitionRx Limited represent a significant business development, particularly noting the 153% increase in revenue year-over-year. This uptick in sales, driven by the commercialization of the Nu.Q® Vet Cancer Test, indicates a successful penetration into the companion animal healthcare sector. The financial partnership with Heska Corporation, yielding $13.0 million in milestone payments, is a substantial liquidity event that bolsters the company's cash position, nearly doubling its year-end cash on hand to $20.7 million.
However, the net cash used in operating activities, amounting to $18.1 million, suggests a high burn rate that investors should watch closely. The emphasis on achieving self-sustainability in various business pillars could mitigate future cash outflows. It's important to analyze subsequent quarterly results to assess whether these strategies are effectively reducing the cash burn and setting the stage for profitability.
The strategic collaborations Volition has entered into, such as with Fujifilm Vet Systems and the anticipated in-house diagnostic test through Heska Corporation, are pivotal in expanding the company's market reach. These alliances not only enhance distribution channels but also validate the company's technological offerings within the industry.
The reference to large-scale clinical studies and regulatory progress with the U.S. FDA signals forward momentum in product development and potential market expansion. The introduction of Capture-PCR™, highlighted as a breakthrough in cancer detection, could disrupt the market if clinical efficacy and cost-effectiveness align with current healthcare demands. Investors should monitor peer-reviewed publications and industry reception to these innovations for a clearer assessment of their market potential and impact on the company's growth trajectory.
The advancements in Volition's Nu.Q® NETs and Capture-PCR™ technologies represent significant progress in the field of epigenetics and non-invasive cancer diagnostics. The ability to isolate tumor-derived ctDNA fragments from blood is a notable scientific achievement that could lead to earlier and more precise cancer detection.
It's important to understand the clinical implications of these technologies. The upcoming publications will provide valuable insights into their accuracy, sensitivity and specificity compared to existing diagnostic methods. The FDA's regulatory pathway is also a critical factor in determining the speed at which these products can reach the market and their potential to become standard-of-care in oncology diagnostics.
Conference call to discuss financial and operational results scheduled for Tuesday, March 26 at 8:30 a.m.
Cameron Reynolds, President and Group Chief Executive Officer of Volition said: "2023 was certainly transformational for Volition and a year we can look back on with pride. The commercialization of our Nu.Q® Vet Cancer Test within the companion animal healthcare sector resulted in kits and components for over 58,000 tests being sold in 2023 and has led to agreements with several new global and regional partners including, last week, with Fujifilm Vet Systems,
"I am very happy with the progress made in our Nu.Q® NETs pillar and in particular in determining our regulatory pathway forward with the
"I am also absolutely delighted with our breakthrough cancer detection method, Capture-PCR™, for which we presented a poster at the annual congress of the European Society for Medical Oncology (ESMO) in the fourth quarter of 2023. We believe that this is a true breakthrough moment – the first reported physical isolation of a class of tumor-derived ctDNA fragments from blood.
"We are focused on getting each of our several pillars of focus to support itself, either through product revenues, milestone payments, out-licensing or other non-dilutive funding in the coming year, as we have achieved in our Vet pillar. This is to ensure as little dilution as possible to reach profitability as a company.
"We have had a busy start to 2024 and look forward to delivering on some exciting milestones ahead, in particular publishing new data for Nu.Q® NETs and for our potential breakthrough cancer detection method, Capture-PCR™."
Financial Highlights
- Cash and cash equivalents as of December 31, 2023, totaled approximately
$20.7 million $10.9 million - Recorded approximately
$775,000 153% over the prior year. - Received
$13.0 million - Net cash used in operating activities was
$18.1 million
Event: | VolitionRx Limited Fourth Quarter and Full Year 2023 Earnings and Business Update Conference Call |
Date: | Tuesday, March 26, 2024 |
Time: | 8:30 a.m. |
1-877-407-9716 (toll free) | |
0 800 756 3429 (toll free) | |
Toll/International: | 1-201-493-6779 |
Conference ID: | 13745274 |
Cameron Reynolds, President and Group Chief Executive Officer of Volition, will host the call along with Terig Hughes, Group Chief Financial Officer, Dr. Tom Butera, Chief Executive Officer of Volition Veterinary Diagnostics Development LLC, Dr. Andrew Retter, Chief Medical Officer of Volition and Louise Batchelor, Group Chief Marketing & Communications Officer. The call will provide an update on important events which have taken place in the fourth quarter and full year of 2023 and upcoming milestones.
A live audio webcast of the conference call will also be available on the investor relations page of Volition's corporate website at https://ir.volition.com. In addition, a telephone replay of the call will be available until April 9, 2024. The replay dial-in numbers are 1-844-512-2921 (toll-free) in the
About Volition
Volition is a multi-national epigenetics company focused on advancing the science of epigenetics. Volition is dedicated to saving lives and improving outcomes for people and animals with life-altering diseases through earlier detection, as well as disease and treatment monitoring.
Through its subsidiaries, Volition is developing and commercializing simple, easy to use, cost-effective blood tests to help diagnose and monitor a range of diseases, including some cancers and diseases associated with NETosis, such as sepsis. Early diagnosis and monitoring have the potential not only to prolong the life of patients, but also improve their quality of life.
Volition's research and development activities are centered in
The contents found at Volition's website address are not incorporated by reference into this document and should not be considered part of this document. Such website address is included in this document as an inactive textual reference only.
Media Enquiries:
Louise Batchelor/Debra Daglish, Volition, mediarelations@volition.com, +44 (0)7557 774620
Safe Harbor Statement
Statements in this press release may be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that concern matters that involve risks and uncertainties that could cause actual results to differ materially from those anticipated or projected in the forward-looking statements. Words such as "expects," "anticipates," "intends," "plans," "aims," "targets," "believes," "seeks," "estimates," "optimizing," "potential," "goal," "suggests," "could," "would," "should," "may," "will" and similar expressions identify forward-looking statements. These forward-looking statements relate to, among other topics, the timing, completion and delivery of data from clinical studies, the timing of publications, the effectiveness and availability of Volition's blood-based diagnostic, prognostic and disease monitoring tests, and Volition's ability to develop and successfully commercialize such test platforms for early detection of cancer and other diseases as well as serving as a diagnostic, prognostic or disease monitoring tools for such diseases. Volition's actual results may differ materially from those indicated in these forward-looking statements due to numerous risks and uncertainties, including, without limitation, results of studies testing the efficacy of its tests. For instance, if Volition fails to develop and commercialize diagnostic, prognostic or disease monitoring products, it may be unable to execute its plan of operations. Other risks and uncertainties include Volition's failure to obtain necessary regulatory clearances or approvals to distribute and market future products; a failure by the marketplace to accept the products in Volition's development pipeline or any other diagnostic, prognostic or disease monitoring products Volition might develop; Volition's failure to secure adequate intellectual property protection; Volition will face fierce competition and Volition's intended products may become obsolete due to the highly competitive nature of the diagnostics and disease monitoring market and its rapid technological change; downturns in domestic and foreign economies; and other risks identified in Volition's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as well as other documents that Volition files with the Securities and Exchange Commission. These statements are based on current expectations, estimates and projections about Volition's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Forward-looking statements are made as of the date of this release, and, except as required by law, Volition does not undertake an obligation to update its forward-looking statements to reflect future events or circumstances.
Pursuant to the disclosure requirements of the NYSE American Company Guide Section 610(b), Volition is reporting that its audited consolidated financial statements for the fiscal year ended December 31, 2023, included in Volition's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 25, 2024, contains an audit opinion from its independent registered public accounting firm that includes an explanatory paragraph related to Volition's ability to continue as a going concern. This announcement does not represent any change or amendment to Volition's financial statements or to its Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
Nucleosomics™, Capture-PCR™ and Nu.Q® and their respective logos are trademarks and/or service marks of VolitionRx Limited and its subsidiaries. All other trademarks, service marks and trade names referred to in this press release are the property of their respective owners. Additionally, unless otherwise specified, all references to "$" refer to the legal currency of
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SOURCE VolitionRx Limited
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