Expedeon AG (formerly SYGNIS AG) reports strong revenue growth and successful name change
Heidelberg, Germany and Cambridge, UK –Expedeon AG today reported results for the second quarter of 2018 and six-month period ended 30 June 2018. In addition, the Company has officially completed the change of name to Expedeon AG from SYGNIS AG.
- Strong revenue growth for the first six months of 2018, to € 5.6 million, an increase of 89% compared with H1 2017
- Positive EBITDA reported for the first six months of 2018
- Successful capital increase and debt financing
- Acquisition of TGR Biosciences completed in May 2018
- 2018 financial guidance confirmed: anticipated revenues of € 13-14 million and an overall positive EBITDA
- SYGNIS AG successfully completes change of name to Expedeon AG: New company name reflects unified global positioning after successful integration of the recently acquired companies
“Changing the Company’s name to Expedeon AG completes the full integration of the recently acquired companies, as well as our corporate rebranding, which combines the new structure with our customer focused brands in the genomics, proteomics and immunology markets,” saidDr. Heikki Lanckriet, CEO and CSO of Expedeon. “We have already demonstrated our success with our ‘Grow, Buy and Build’ strategy through the expansion of our product portfolio with new cutting-edge products, services and technologies, by acquiring profitable and innovative companies, and by further increasing our strong organic growth and profitability. We are excited to move forward on our growth path, now as Expedeon AG.”
2018 year-to-date operational highlights:
- February 2018: Extended OEM agreement with leading global research tools supplier to provide customers with improved access to research tools through worldwide sales and distribution channels
- March 2018: Successful integration of products and services of the acquired companies Innova Biosciences, Expedeon Holdings and C.B.S. Scientific under one brand name, Expedeon
- March 2018: Reorganisation of sales and marketing team; with the creation of a separate business development team
- March 2018: Announcement of intention to acquire TGR Biosciences, a profitable Australian reagents company
- March/April 2018: Capital increase closed in March 2018, with gross proceeds of € 4.2 million; debt financing closed in April 2018, with gross proceeds of € 2.0 million, thereby enabling Expedeon to conclude the TGR Biosciences acquisition
- May 2018: Completion of the acquisition of TGR Biosciences, priced in Australian Dollars at approximately € 10.2 million (gross of cash acquired with the business of € 1.1 million)
- May 2018: Introduction of 2view™, a unique detection method optimised for Western blotting
- May 2018: Adjustment of revenue guidance for the financial year 2018 to € 13-14 million (previous guidance: € 11-12 million) after closing the acquisition of TGR Biosciences
- August 2018: Successful change of name to Expedeon AG, defining corporate strategy as united company with broad international sales and distribution networks
David Roth, CFO of Expedeon, commented: “We are pleased with the progress made in our financial performance during the first half of 2018. The strong financial results build on the successful execution of our ‘Grow, Buy and Build’ strategy. We are on track for reaching our full year revenue guidance and for being overall EBITDA positive for the full year.”
SYGNIS AG becomes Expedeon AG
The Company has officially completed the change of name to Expedeon AG from SYGNIS AG with the entry in the Mannheim commercial register on 6 August 2018. The Company's shares continue to be listed on the Regulated Market of the Frankfurt Stock Exchange's Prime Standard under the existing ISIN and German securities identification code (WKN). The ticker symbol has been changed to EXN. The name change reflects the new structure and positioning of the enlarged company and the approval of the Annual General Meeting held on 5 July 2018.
Expedeon will continue to build on its reputation as a leading and fully integrated solutions provider, spanning the complete customer workflow in the genomics, proteomics and immunology markets. Under the “Grow, Buy and Build” strategy, the Company has acquired Expedeon Holdings, Innova Biosciences, C.B.S. Scientific and most recently TGR Biosciences, which has significantly grown the Group’s existing product portfolio, along with sales and marketing capacities.
Expedeon is planning to continue its strong growth path in the coming years, under its Expedeon brand, in line with the corporate vision to further establish a global brand for innovative reagents and services serving the life sciences research and diagnostics industry markets. Expedeon has laboratory facilities and commercial sites in the UK, USA, Singapore, Germany and Spain, and a highly experienced workforce of about 110 employees, worldwide.
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Expedeon is an enabler of exciting advances in medical science and patient care. Applications span the entire workflows in genomics, proteomics and immunology, Expedeon’s technologies both accelerate and simplify research and make new and cost-effective processes available to biopharmaceutical and diagnostic organisations.